Flooding in Thailand is affecting industrial estates north of Bangkok and claims are likely to amount to more than the current estimate of $US3.3 billion ($3.1 billion), according to estimates by Guy Carpenter & Co.

Extensive damage has been reported to at least 1300 factories located in 61 of Thailand’s 77 provinces. Economic damage in the area is estimated at $US5 billion ($4.7 billion).

Flooding in the industrial estates has severely affected production for global companies like Toyota, Nissan, Sony, Nikon, Honda and Toshiba. Resumption of work in some cases may take months.

Thailand’s General Insurance Association (GIA) says most large multinational businesses are insured with foreign insurers.

Residential losses are expected to be limited, as GIA says less than 1% of households in Thailand have flood cover.