Moody’s Investors Service has warned last year’s Thai flooding disaster could cost insurers between $US10 billion ($9.25 billion) and $US20 billion ($18.5 billion) in claims.

Floods devastated Thailand last November, putting Bangkok’s suburbs underwater and stopping production at hundreds of electronics and car components factories in the industrial parks to the city’s north.

Moody’s VP and Senior Credit Officer Kevin Lee says the agency views the Thailand flood losses “as a credit negative for reinsurers”.

He says the reinsurance industry does not have standard models for flooding in Thailand.

The “future upside” for reinsurers in Thailand may be limited because the country is considering a national catastrophe fund that would give reinsurers only the highest and most volatile layer of losses, he says.

The warning came as Bermuda reinsurer Amlin said claims will cost it $US50 million to $US70 million ($46.25 million-$64.72 million).

Renaissance Re has put its losses from the floods at $US45 million ($41.6 million).