Guy Carpenter Extends Coverage of Industrial Park Database to Include Vietnam, Malaysia and South Korea
In 2011, Thailand experienced its worst flooding in years with insured losses estimated at around USD15 billion,(1) of which the Thai General Insurance Association attributed more than 90 percent arising from commercial risks located within industrial parks. As industrial parks are common in several countries in the region, Guy Carpenter developed a database of digitized boundaries of these parks to support its clients’ ability to analyze the potential for catastrophic losses arising from exposures located within park boundaries.
The first database was completed in 2012 and included industrial parks in China, Taiwan, Thailand and Indonesia. In addition to expanding the list of parks within these countries, due to the overwhelmingly positive response from its clients, Guy Carpenter recently extended the database to include Vietnam, Malaysia and South Korea.
David Lightfoot, Head of GC Analytics® International, said, ”With the shifting of major global manufacturing operations to Asian countries which are affected by various catastrophe perils, it is imperative that our clients are aware of areas of high exposure concentration in these countries. The extension of the database to cover three new countries signifies the commitment to develop innovative capabilities for additional regions within Asia.”
1. Swiss Re Sigma No 2/2013 report