In October, water was released from the Chao Phraya River network of dams as they reached full capacity. Flood waters from this course of action threatened Bangkok, the nation's capital, but measures to hold back the water from the center of the city were successful.

However, water did reach the nation's industrial zones, which contain nearly 10,000 factories, JLT says. Thousands of factories closed, as access was impossible.

JLT says Thailand's Office of Insurance Commission estimates insured losses for the entire disaster will total close to $5 billion. Japanese insurers will assume 80 percent of the loss.

Some reports put insured losses up to $13 billion, says JLT. A report from Aon Benfield says Deutsche Bank puts the insured-loss figure for Japan insurers at $2.5 billion.

JLT says government officials believe it will be about three months before waters recede. The entire flood crisis could cost the nation $30 billion.

Aon Benfield notes the flooding is not confined to Thailand. Cambodia, Vietnam, Laos and Myanmar have experienced extensive flooding and hundreds of deaths.

Close to 400 people in Thailand have died from the floods. In the other four Asian countries, the death toll could number close to 450 or more.