Hundreds swarmed the Office of the General Insurance Fund in Bangkok on Monday, claiming lump-sum payments for COVID-19 policies with two bankrupt insurers, Thai Insurance and Southeast Insurance. The Office of the General Insurance Fund was their liquidator.
The queues started as early as Sunday night outside the claims office on Ratchadaphisek Road, the Bangkok Post reported. But the Office of the General Insurance Fund could only accept 500 compensation claims a day at its premises, leaving many of those who had lined up all night hanging.
The Office of the Insurance Commission of Thailand (OIC) reported that COVID insurance claims with lump-sum payments had reached THB60bn at the end of March, with total premiums received from COVID insurance at BHT11bn as of March 15.
Sixteen of 52 Thai insurance companies offered COVID insurance with lump-sum payments, the Bangkok Post reported. Four – Asia Insurance, The One Insurance, Southeast Insurance, and Thai Insurance – were forced to shut down due to insufficient premiums and capital reserves to pay out the claims.
