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COVID policy holders crowd compensation claims office

COVID policy holders crowd compensation claims office

BANGKOK: Many hundreds of people showed up at the General Insurance Fund office yesterday (Apr 25) to claim lump-sum payments for COVID-19 policies with two bankrupt insurers, greatly exceeding the number the office could handle.

CoronavirusCOVID-19
By Bangkok Post

Tuesday 26 April 2022, 08:56AM


Hundreds of holders of COVID-19 policies with two bankrupt insurance companies wait to files claims with the Office of the General Insurance Fund on Ratchadaphisek Road in Bangkok yesterday (Apr 25). Photo: Pornprom Satrabhaya

Hundreds of holders of COVID-19 policies with two bankrupt insurance companies wait to files claims with the Office of the General Insurance Fund on Ratchadaphisek Road in Bangkok yesterday (Apr 25). Photo: Pornprom Satrabhaya

Claimants had started to queue on Sunday night outside the claims office in Suan Lum Nite Bazar shopping arcade on Ratchadaphisek Road, reports the Bangkok Post.

They wanted compensation due from COVID-19 policies taken out with Thai Insurance and Southeast Insurance. The Office of the General Insurance Fund is their liquidator.

Affected policy holders can file their documents in person at the office and at nationwide branches of the Office of the Insurance Commission (OIC), or online at https://rps-sev.gif.or.th/Login

until July 15.

Sinea Phuket

The Office of the General Insurance Fund can accept 500 compensation claims a day at its premises, and some peple were left hanging yesterday.

According to the OIC, the accumulated value of COVID insurance claims with lump-sum payments reached nearly B60 billion at the end of March. Total premiums received from COVID insurance were B11bn as of Mar 15.

Sixteen insurance companies, of a total of 52, offered COVID insurance with lump-sum payment.

Six or seven of the 16 firms recorded massive policy sales and four of them - Asia Insurance, The One Insurance, Southeast Insurance and Thai Insurance - were forced to shut down because they did not have sufficient premiums and capital reserves to pay out the claims.

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Kurt | 26 April 2022 - 10:26:12

Are Thai Insurance firms not obligated to have enough funds/capital reserves to keep their license valid? This is a very bad time for image of Thai Insurances. Can't trust them.

 

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