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Crawford & Company (Thailand) Limited
3 Rajanakarn Building, 10th Floor
South Sathorn Road, Yannawa
Sathorn, Bangkok 10120
T: +66 2 676 5353
F: +66 2 676 5454
Patipan Soodarram
Chief Executive Officer, Thailand
T: +66 2 676 5353 ext 112
M: +66 81 837 0125
Phillip Fong
Chief Executive Officer, Asia
T: +65 8876 1282
F: +65 6632 8600
Ian Baxter
Regional Director, GTS Asia Pacific
M: +65 9834 7667
Global Markets & London Market
Benedict Burke
Chief Client Officer, International
T: +44 207 265 4041
M: +44 7919 552624
Magnitude 6.8 Earthquake, MyanmarCrawford & Company Asia Pacific has readied its teams in Bangkok
for mobilisation following the 6.8 earthquake which struck the
Mandalay region of Myanmar on Wednesday 24 August.
The U.S. Geological Survey® (USGS) said the earthquake struck
near the town of Chauk, on the Ayeyarwaddy River south of Bagan
and about 175 km (110 miles) south-west of the country's second
city Mandalay, just after 17.00 (1030 GMT).
At the time of writing, damage reports were being submitted
largely in relation to the country’s tourist industry, with hundreds
of ancient temples in the city of Bagan damaged. The extent of the
damage has yet to be ascertained but tourism is undoubtedly one
of the most important growth sectors in this country’s economy,
with Myanmar’s 8.4% forecast growth making it the fastest
growing destination over the next ten years according to the World
Travel and Tourism Council®.
Aside from tourism, the region is largely agricultural, but the
neighbouring Magway Region is much more heavily industrialised,
with petroleum, mining and rare earth operations widespread.
Patipan Soodarram, CEO Thailand, said: “This is the second major
earthquake inside six months in Myanmar. In April 2016, a 6.9
earthquake took place in Mawlaik, a town in north-west of the
country and as we know this is a seismically active area. We are
also aware that insurance penetration remains very low and losses
are likely to be spread quite thinly across the affected areas.”
“Nevertheless, we have resources on standby for clients with
potential exposures and encourage carriers to contact Crawford at
the earliest opportunity to begin the claims process.”
www.crawfordandcompany.com
Market Update
25 August 2016