MSCI acquires First Street to expand physical climate risk modeling

The Ministry of Digital Economy and Society, or DE, is testing the feasibility, or POC, of technology from the company Tomorrow.io, which uses low Earth orbit, or LEO, satellites equipped with Microwave Sounder instruments to measure water mass in the atmosphere, with AI helping to process the data so that updates can be issued more frequently than once per hour, approaching real-time reporting. Mr. Chaichanok Chidchob, Minister of Digital Economy and Society, said that after the POC period ends, the ministry is still studying and comparing technologies and the cost-effectiveness of the project, since it takes the form of annual service fees rather than an outright purchase, and the ministry is open to other companies with similar technology coming forward to propose solutions, for transparency and to prevent accusations of locking in specifications. The project will be carried out within the agency's annual budget framework and does not need to be submitted to the Cabinet for approval. At the same time, the Ministry of Digital Economy and Society is also adjusting its disaster warning criteria, from previously waiting for confidence of more than 90% to issuing warnings once the system assesses a risk of about 60-70%, and it is cooperating with the Ministry of Higher Education, Science, Research and Innovation to push forward the One Map project and to push for data from the Meteorological Department to become open data, as well as designating the spokesperson of the Prime Minister's Office as the main person to make announcements during crises.

The Office of the Insurance Commission, or OIC, estimates that damage from the current flooding is not comparable to 2011, when insurers paid out more than 480 billion baht in claims. Most of the damage this time has hit individuals, unlike 2011, when it was concentrated in the industrial sector. Apakorn Panlert, Deputy Secretary-General for Insurance Business Supervision at the OIC, said insurance companies conduct stress testing of capital adequacy every quarter, and the latest results pass the criteria for handling the risks and claims that will arise. The claims ratio that allows companies to remain profitable stands at 60-65%, and there has been no immediate effect on insurance premium adjustments. Somporn Suebthawilkul, president of the Thai General Insurance Association, said the insurance sector has discussed with the OIC preparations to set up a special assistance center to care for affected members of the public. Meanwhile, a source from Viriyah Insurance Public Company Limited, which has the largest auto insurance portfolio in the business, said it has not yet assessed the value of the damage. Initially, 4,000 damage reports have come in, but no figures have been finalized because the situation is not over. The OIC has issued relief measures providing preliminary claim payments for microinsurance economy residential fire policies for retail customers at the full sum insured of 10,000 baht, for residential homes at the full sum insured of 20,000 baht, and if additional flood coverage was purchased, an extra preliminary payment of 10,000 baht. For shops holding fire policies or property risk insurance policies that purchased additional flood coverage, preliminary claim payments of 30,000 baht will be made.