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Syn Mun Kong cancels COVID insurance

THAILAND: Syn Mun Kong Insurance today (July 16) announced it was cancelling its COVID-19 insurance policies with customers, saying the rapidly deteriorating situation made the risk unmanageable.

CoronavirusCOVID-19
By Bangkok Post

Friday 16 July 2021, 04:26PM


People flock to Siriraj Hospital in Bangkok today (July 16) for a free Sinopharm vaccine dose, donated by the Chulabhorn Royal Academy. The deteriorating COVID-19 situation was cited by Syn Mun Kong Insurance in terminating its clients’ coronavirus insurance policies. Photo: Apichart Jinakul.

People flock to Siriraj Hospital in Bangkok today (July 16) for a free Sinopharm vaccine dose, donated by the Chulabhorn Royal Academy. The deteriorating COVID-19 situation was cited by Syn Mun Kong Insurance in terminating its clients’ coronavirus insurance policies. Photo: Apichart Jinakul.

In a message on its Facebook page, the SET-listed insurance firm said COVID 2-1 insurance policies for all clients would be terminated 30 days after they receive a letter from the company officially notifying them of the change.

The company would return any insurance premium insurers paid in the 15 days after the policy being cancelled, but would not give them back the money they had paid before the decision to terminate the product, the announcement said.

The Syn Mun Kong announcement said the decision to cancel the insurance was due to the worsening COVID-19 situation in Thailand. The number of new infections continued to surge and put pressure on the public health system.

The crisis made it impossible for the company to forecast an end to the problem and the pandemic affected its risk management, the company said.

Customers rapidly aired their anger at the decision, both on the company’s Facebook page and other social media platforms, with the Syn Mun Kong hashtag in Thailand topping Twitter.

Many customers said they felt cheated by the company and had lost trust in the firm.

Thai Residential

“How could you do that? Don’t expect people to buy other insurance from you from now,” one said.

“You are irresponsible and you should return all our money plus interest to us,” another said.

Syn Mun Kong is the first insurance company to stop selling COVID-19 insurance.

The Office of Insurance Commission was reportedly holding talks with the company after the shock announcement.

Syn Mun Kong shares plunged B1.75, or 4.70%, to B35.50 when the afternoon trading began.

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Kurt | 17 July 2021 - 02:43:30

Is there no law in Thailand that insurances oblige to insure the by both parties agreed complete insurance contract time? The cancellations of this firm is pure cheating and scamming. It makes you say: Never trust a Thai insurance firm as they are allowed to change face and become overnight steeling mafia.

Xi_Virus | 16 July 2021 - 20:02:52

"..the decision to cancel the insurance was due to the WORSENING COVID-19 situation in Thailand. The number of new infections continued to surge .."

"The crisis made it impossible for the company to forecast an END to the problem.."

Humm, but Phuket had ONLY 6 cases and all of 'em recovered in less than an hour and discharged from Hospitals !#%&

Fascinated | 16 July 2021 - 19:28:09

Cancelling policies and not refunding the money- typical shylock insurance company practice around the world. They love collecting premiums but hate paying out. It's all in the small print.

 

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