OIC to quicken claim payment process
The Office of Insurance Commission (OIC) is speeding up the damage claim payment process, through help from outside experts in damage valuation.
After the discussion with the Federation of Thai Industries, Pravej Ongartsittigul, secretary-general of the OIC, said that evaluation delay is one of two top concerns among industrialists, due to the huge number of affected factories. The other concern was about possible hikes in insurance premiums.
Pravej said that to fasten the evaluation speed, the OIC will seek assistance from experts of educational institutions and professional organisations like the Association of Siamese Architects. They will work with those already registered with the OIC. Then, the OIC will seek a discussion with the non-life industry over the deployment of valuers.
On higher insurance premiums, he said that the premiums will stop rising with clarity on the government and the insured' floods-prevention plans.
