Hundreds swarm Bangkok claims office for COVID-19 compensation

Claimants started queuing the night before.

Hundreds of people showed up at the General Insurance Fund office last 25 April to claim their lump-sum payments for COVID-19 policies taken from two bankrupt insurers in Thailand, a report by the Bangkok Post said.

The policies were initially taken out with Thai Insurance and Southeast Insurance, which both declared bankruptcy due to insufficient money to pay out claims. The Office of the General Insurance Fund served as liquidator for the bankrupt insurance firms.

According to the Office of the Insurance Commission of Thailand, COVID-19 insurance claims with lump-sum payments reached $1.76b at the end of March, with total premiums received from COVID-19 insurance at $320m as of 15 March.

Sixteen of Thailand’s 52 insurance firms had initially offered COVID-19 insurance with lump-sum payments. Four of them, namely Asia Insurance, The One Insurance, Southeast Insurance, and Thai Insurance, were forced to close due to insufficient premiums and capital reserves to pay out claims.

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