Disasters > Tsunami > Economic impact: Countries Compared

DEFINITION: The tsunami that has devastated parts of Asia and killed more than 28,400 has affected companies, economies and markets across the globe.

Here is a snapshot of some of the financial effects of the disaster (as of Saturday, Jan 22nd, 2005 - 06:30 PM GMT).

Australia Australian investors are expected to wipe millions off the value of insurance companies when the market reopens today, but analysts say losses for insurers could be less than$5 billion. Insurance Australia Group Ltd., Australasia
India Leading industry chambers, Confederation of Indian Industry and Federation of Indian Chamber of Commerce and Industry on Tuesday said the loss caused by Tsunami disaster was limited to shipping, tourism and marine products export sectors but refused to guess the quantum of economic damage at this point of time. However, based on feedback from its affiliated chambers in Chennai, Cochin, Karnataka and Andhra Pradesh, Assocham said that infrastructure worth more than Rs 3,000 crore (Rs 20 billion) was destroyed by the wall of waves but the manufacturing sector remained leargely unaffected. ($1=Rs43.00 approx)
Indonesia Indonesia's economy counts on tourists to generate 2 percent of gross domestic product, but resort areas such as Bali were unaffected by the earthquake. It is quite difficult to predict at the moment as tourists go by perceived sentiment and not ground realities. Thai Reinsurance Pcl expects losses of as much as 100 million baht ($2.6 million), it said in a statement to the stock exchange. It didn't give an estimate for the cost of total damage.
Japan Japanese non-life insurers Millea Holdings Inc., Aioi Insurance Co. Ltd. and Mitsui Sumitomo Insurance Co. Ltd. say they have not heard damages from clients yet. Sompo Japan Insurance Inc. says too early to assess impact. (Dec 28).
Malaysia Malaysian Deputy Prime Minister Najib Razak on Tuesday said that the country's economy has not been adversely affected by the tsunami although there will be a temporary setback in its tourism industry.
Maldives "We have 87 resorts and 20 have been completely destroyed," said presidential spokesman Mohamed Shareef. "We estimate the damage to property and infrastructure to be over $1 billion. This is a big hit on the economy".
Sri Lanka In Sri Lanka, some observers have said that as much as 1% of annual growth may be lost. Tsunami destroyed transport links in Sri Lanka from Colombo to tourist locations in south. Credit Suisse economist Arjuna Mahendran, former head of Sri Lanka investment board, says disaster would set back country
Thailand Thai Prime Minister Thaksin Shinawatra estimates cost of damage at 20 billion baht ($510 million) and says government will seek additional funds from parliament (Dec 28).
United Kingdom Lloyds of London told the Financial Times it expected its exposure to be limited to "holiday resorts, personal accident, travel insurance and marine risks".
United States Not much of an effect as most US insurers have little exposure to Asia and those that do lay off risk to reinsurers, officials and industry watchers say (Dec 27)


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