Thai Floods cost Lloyds $2.2bn

Thailand’s worst flooding in 50 years caused major disruption costing insurers $20bn. The floods which took place last October cost Lloyds $2.2bn in insurance claims. The taxpayer owned bank reported that these costs were within the normal course of business.

800 people died in the floods and a number of factories were destroyed. The flooding caused a world shortage in consumer electronics with a resounding increase in the price of memory cards and other electronic goods.