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Under-fire insurance company pledges to honour Covid policy commitments


Under-fire insurance company pledges to honour Covid policy commitments
Under-fire insurance company pledge.
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.
The company also scrapped its announcement on Friday to end the “Covid 2 in 1” policy, also known as “Jer Jai Job”. Under the policy, a policyholder who tests positive for Covid is paid out immediately.
On Friday the company had said that the rapidly escalating Covid-19 situation in Thailand meant it was no longer able to manage the risk.
Syn Mun Kong said the premium for the coverage remaining on the policy would be returned to customers within 15 days of the cancellation. ....

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SMK lashed over Covid termination


SMK lashed over Covid termination
Insurance regulator to block termination of contracts with lump-sump payments
published :
17 Jul 2021 at 06:11
People flock to the Central Plaza Westgate in Nonthaburi on Friday for vaccination. (Photo: Chanat Katanyu)
Thailand s regulator warned Syn Mun Kong Insurance (SMK) on Friday that it cannot arbitrarily terminate Covid-19 insurance contracts with lump-sum payments, threatening legal action or fines if the insurer moves forward with its plan.
The Office of the Insurance Commission (OIC) said it will block the terminations if SMK fails to strictly adhere to all conditions stated in the contracts, according to OIC secretary-general Suthiphon Thaveechaiyagarn. ....

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Covid claims snowball in last 45 days


Covid claims snowball in last 45 days
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published :
7 Jul 2021 at 07:33
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Total claims for Covid insurance ballooned to 1.77 billion baht in the first half of the year from 588 million baht as of May 15, says the Office of the Insurance Commission (OIC) secretary-general Suthiphon Thaveechaiyagarn.
The increase in insurance claims was in line with records for daily new infections and emerging clusters.
The claim loss ratio climbed to 36% of Covid insurance premiums of 4.93 billion baht at the end of June, said the OIC.
Sales of Covid insurance from May 16 to June 30 increased by 962 million baht.
Mr Suthiphon said the insurance industry has enough excess reserves to handle even the direst scenario, in which the pandemic and new variants are not controlled this year, with vaccines successfully developed and distributed in 2022 and 2023, respectively. ....

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