Thursday, July 29, 2021

in-focus

Syn Mun Kong cancels Covid insurance


Syn Mun Kong Insurance Plc (SMK) on Friday announced it was cancelling its previously sold “Covid 2 in 1” insurance policies, with coverage ending in 30 days.

The “Covid 2 in 1” programme is also known as “Jer Jai Job” insurance, which means it pays out immediately if the policyholder tests positive.

The company explained that the rapidly escalating Covid-19 situation in Thailand meant it was no longer able to manage the risk. Thailand logged 9,692 new infections and 67 fatalities on Friday.

Syn Mun Kong said the premium for the coverage remaining on the policy would be returned to customers within 15 days of the cancellation.

The announcement drew thousands of complaints from netizens, who accused the company of abandoning its customers in time of crisis.

The Office of the Insurance Commission (OIC) said it would meet with the company to discuss the policy cancellation.

“The office does not agree with the company’s decision as we have been instructing insurers to evaluate the outbreak situation thoroughly before accepting new customers,” said OIC secretary-general Suthipol Taweechaikarn.

“Initially, we will try to persuade the company to reverse its decision. If that fails we will consider using more intensive measures, such as ordering a change of policy conditions.”

He added that people affected by the cancellation of their insurance can file a complaint at the OIC website, http://oiceservice.oic.or.th/, or call the 1186 hotline.

Published : July 16, 2021

By : THE NATION