Thai insurers release affordable policies for Songkran

Insurance policies with low premiums to be available during accident-prone season

Thai insurers release affordable policies for Songkran

Insurance News

By Gabriel Olano

Eighteen non-life insurance companies in Thailand are offering accident insurance products priced at THB222 (US$6.40) during the Songkran festival, reports the Bangkok Post.

The insurance policies will reimburse up to THB100,000 (US$2,900) in case of death, permanent disability, or loss of body parts, according to Suthipol Taweechaikarn, secretary-general of the Office of Insurance Commission. An additional THB5,000 (US$144) will be paid out for funeral assistance.

Customers can purchase up to two policies in the period between March 15 to April 30, and each policy is valid for a one-year period.

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According to Suthipol, when a similar campaign was held last year, around 104,000 policies were sold, but only THB2.09 million (US$60,300), or 22.6% of total premiums, were claimed.

The insurance firms participating in this year’s campaign include Bangkok Insurance, Krungthai Panich Insurance, Mittare Insurance, Muang Thai Insurance, Dhipaya Insurance, Viriyah Insurance, and Syn Mun Kong Insurance.

Songkran, which is held on the days surrounding April 13, is the celebration of the Thai New Year and is one of the country’s top festivals. The death toll from road accidents usually spikes during Songkran season, most commonly due to drunk driving.

Last year, there were 3,447 road accidents leading to 3,656 injuries and 442 fatalities during the “seven dangerous days” of Songkran. Drunk driving was the most cited cause of accidents at 34%, followed by speeding at 33%.

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