Thailand’s Office of the Insurance Commission (OIC) has stated that there is no risk in the insurance system, even though COVID-19 insurance claims are likely to rise.
OIC secretary-general Dr. Suthiphon Thaveechaiyagarn said that, from the start of 2020 to August 2021, people in Thailand have bought 39.86 million baht’s worth of COVID-19 insurance policies, paying premiums totaling 11.25 billion baht. Then, COVID-19 insurance claims between April and August rose exponentially, especially in August, when the local COVID-19 infection rate surged.
He noted that insurance companies paid 308.96 million baht in compensation in April, 1.14 billion baht in May, 2.05 billion baht in July and 9.42 billion baht in August. Meanwhile, premiums paid between March 2020 and June 2021 stood at more than 1.1 trillion baht, of which 794.50 billion baht was for life insurance and 340.23 baht for non-life cover.
Dr. Suthiphon said the OIC will oversee insurance companies to ensure none of them face liquidity problems and will launch short and long term measures to protect insurers. (NNT)
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