Sun, October 17, 2021

in-focus

Thai insurance system not at risk despite surge in claims: OIC


From the start of 2020 to August 2021, people in Thailand have bought 39.86 million Covid-19 insurance policies, paying premiums totalling 11.25 billion baht, the Office of Insurance Commission (OIC) said on Tuesday.

Dr Suthiphon Thaveechaiyagarn, OIC secretary-general, said Covid-19 insurance claims between April and August rose exponentially, especially in August when the local Covid-19 infection rate had surged.

Insurance companies paid 308.96 million baht as compensation in April, 1.14 billion baht in May, 2.05 billion baht in July and 9.42 billion baht in August, he explained.

“Even though Covid-19 insurance claims are likely to rise, there is no risk in the insurance system as premiums paid between March 2020 and June 2021 stood at more than 1.1 trillion baht, of which 794.50 billion baht accounted for life insurance and 340.23 baht for non-life insurance,” he said.

He said OIC will oversee insurance companies to ensure none of them face liquidity problems and will launch short- and long-term measures to protect insurers.

People can call the 1186 OIC hotline for more information.

Published : September 22, 2021