Briefs

Central Pattana (CPN) won two major awards from the International Council of Shopping Centres (ICSC) at a presentation ceremony in Shanghai.
CPN received the Gold Award in Marketing – Grand Opening, Expansion and Renovation Marketing Campaign for the reopening of CentralWorld in September 2010 after the political crisis and the Silver Award in Innovative Design and Development of a New Retail Project for CentralFestival Pattaya Beach.
Wallaya Chirathivat, CPN senior executive vice president for business development and construction, said: “Winning the awards will emphasise the success of Thai retail business operators and the industry itself at a regional level, and will make Thailand the central shopping destination of Asia.” – The Nation

Industry claims to hit hardest
Insurance rating agency A.M. Best Co reports that the vast majority of insurance losses stemming from the massive flooding in Thailand will come from the impact to manufacturing and supply chains, as discussed in the recently published analytical briefing “Thai Flooding Brings Industrial, Business Interruption Claims”.
Just 1 per cent of residential properties in Thailand have flood insurance. However, the country plays a significant role in the global supply chain, so business-interruption claims are likely to be significant. In addition, auto manufacturers through captive or third-party insurance will likely be affected, as will electronics manufacturers amid peak holiday-season demand. Japanese companies that shifted production to Thailand after the March earthquake and tsunami to mitigate losses are also likely to suffer extensive losses, the agency said. – The Nation

Forbes honours CP Group head
Forbes Asia named Dhanin Chearavanont, Charoen Pokphand Group chairman, as its Businessman of the Year for transforming the company and raising rural incomes, according to a Forbes statement.
Dhanin was ranked as Thailand’s richest man with a net worth of US$7.4 billion (Bt230 billion) in Forbes Asia’s 2011 Thailand Rich List, according to the statement. – Bloomberg

S&P adjusts insurers’ ratings
Standard & Poor’s Rating Services has placed its “A-” long-term counterparty credit and insurer financial-strength rating on Thailand-based insurers Bangkok Insurance Public Co and Dhipaya Insurance on credit watch with negative implications. It also placed the “axAA” Asean scale rating of the companies on credit watch with negative implications.
The action reflects S&P’s view that the earnings and capital positions of Bangkok Insurance and Dhipaya Insurance could materially weaken because of large losses following the flooding in Thailand. – The Nation