SINGAPORE - Insurers may have to increase prices for flood properties in Singapore because a flood caused the great waste and affect to luxury stores being wall with sandbags, a report said Friday. "Three floods within a one-month has never happen before in Singapore," General Insurance Association president Derek Teo told the Straits Times as businesses and homeowners in the city-state supported for more rains. The daily estimated that claims for damage to property and car since mid-June is more than 10 million Singapore dollars (7.28 million US). Among the flood areas under review is the fashionable Orchard Road shopping belt, home to some of Singapore's richest people. Some ground-floor establishment in the area and the Hermes luxury chain are now protected by sandbags. Teo, who could not be reached for comment on Friday, was mentioned that the damage resulting from heavy rains and a lot of water in drains "is of concern to insurers, and they are checking the situation closely".
For me, it is very difficult to solve this problem because both group their requirement. Sufferers want insurance for their waste while insurers find the way to escape the problem. In my opinion, members of government should participate to solve this problem. For example, making equal for both or distributing money. I have seen situation like this. About 5 years ago, there is Tsunami in Thailand. It is terrible wave. It killed many people and destroyed many home. For the aftereffect, It will be the problem between hotel owner and insurers.
yes, i do agree with you, it is difficult to solve this problem, so what is the cause of such problems? (2)
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