Thailand picks up broken pieces

Thailand’s consumer confidence slumped to the lowest level in more than a decade in November because of huge losses to the manufacturing sector, leading to massive layoffs and a possible drop in the Kingdom’s investment attractiveness.

Standard & Poor’s Ratings Services, while downgrading Thai Reinsurance and threatening another cut by one notch on a weakening financial profile, said yesterday that based on information collected from its rated insurers and market data, market gross loss estimates have already exceeded US$10 billion (Bt308 billion). Also yesterday, Munich Re, the world’s leading reinsurer, said the floods might cost it about €500 million (Bt20.6 billion).

Read more in The Nation

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