"insurance"

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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.

Thailand’s non-life insurance industry has asked customers to be patient over delayed Covid-19 payments, saying insurers are being overwhelmed by claims.

The Office of the Insurance Commission (OIC) has warned insurance companies after complaints of late payments on Covid-19 policies.

The Office of Insurance Commission (OIC) has ordered insurance firms to compensate Covid-19 policyholders 15 days after receiving all documents. This order is effective as of September 1.

Two insurance firms are being pulled up by the Thailand Consumers Council (TCC) for being slow in reimbursing Covid-19 policyholders.

Insurance companies should use Covid-19 documents that can verify the identity of those who have been tested by RT-PCR method for the virus from a laboratory accredited by the Department of Science instead of a report or certificate from a doctor for the payment of benefits under the Covid-19 insurance policy, the Office of Insurance Commission has said.

The government, the Office of Insurance Commission and insurance companies have together provided 250,120 insurance policies to medical staff working closely with Covid-19 patients.

Syn Mun Kong Insurance Plc (SMK), which came under fire for trying to renege on its Covid-19 policy commitments, on Saturday apologised for its actions.

Insurance companies have been prohibited from cancelling Covid-19 insurance policies before the contract ends, except in cases where the company has evidence of insurance fraud committed by policyholders.

From March last year to May this year, people purchased 18.3 million Covid-19 insurance policies worth 7.6 billion baht in premiums, according to the Thai General Insurance Association.

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.