Surge in demand for Covid-19 insurance

[rooster59]

Surge in demand for Covid-19 insurance

By THE NATION

 

 

There has been increase in demand for insurance that covers the new coronavirus or Covid-19, Suthiphon Thaweechaiyagarn, Office of Insurance Commission (OIC) secretary-general, said.

 

 

“As of March 18, more than 2 million insurance policies have been sold with total premium of over Bt1 billion by 25 insurance companies,” he said. “However, some companies have halted the selling of insurance that pays immediately when customers test positive for Covid-19 due to the higher rate of infection in Thailand.”

 

“We have advised insurance companies to evaluate the risk and their reimbursement capability closely to make sure that increasing numbers of infected won’t affect payout of benefits to customers and their financial status in the future,” he added.

 

Suthiphon also added that the OIC has received reports about some people buying Covid-19 insurance and intentionally going to areas with high risk of infection to get themselves infected. “This action is considered an insurance fraud under the Civil and Commercial Code and an insurance company can refuse to pay if a customer's claim is based on fraudulent intent, carelessness or negligence,” he said.

 

When asked if insurance companies could refuse to pay claims on Covid-19 insurance bought earlier if the government now declares phase three of the pandemic, Suthiphon said the OIC has already prohibited insurance companies from doing so.

 

“On March 17, the OIC issued an announcement that all Covid-19 insurers must honour their compensation agreement even when the situation is raised to phase 3,” he said. “However, we urge customers to study the insurance conditions carefully and make sure that you are not infected with Covid-19 prior to buying the insurance.”

 

Suthiphon also added that Covid-19 insurance will not cover those who travelled to risky countries 14 days prior to buying the insurance, as well as those who are in quarantine or suspected of infection and are under monitoring by medical staff.

 

“The OIC will soon propose to the Ministry of Finance a plan for Covid-19 insurance for low income earners,” said Suthiphon. “Under this plan, the insurance premium could go as low as Bt99 per year, with benefits of up to Bt100,000 in case of infection, and daily compensation at Bt300 for a maximum period of 30 days in case customers are in quarantine or hospital care and cannot work.”

 

Source: https://www.nationthailand.com/news/30384561

 

-- © Copyright The Nation Thailand 2020-03-22

Follow Thaivisa on LINE for breaking COVID-19 updates

 

[ukrules]

What I think is needed is an insurance policy that covers up to about 30 days in ICU, never mind any cash payouts, I'm talking about insurance for treatment only.

 

Sum insured? How about US$100k, the exact same coverage that the government seems to have deemed necessary for travelers to be able to enter the country from today.

 

I'm looking for a policy that covers me for just coronavirus infection, something that supplements my existing comprehensive policy that excludes epidemics and pandemics.

 

[Number 6]

I bought insurance for myself and family but thought occurred you will need to be admitted to overflowing hospitals lacking beds to use it so maybe money in bin.

 

Is the promise of free treatment for farang and Thai only at government hospitals?

 

[ukrules]

16 minutes ago, Number 6 said:

Is the promise of free treatment for farang

I have not seen that mentioned at all, perhaps for the first stages which are about to end.

 

Once it goes 'critical' then all bets are off.

[Tayaout]

1 minute ago, ukrules said:

I have not seen that mentioned at all, perhaps for the first stages which are about to end.

 

Once it goes 'critical' then all bets are off.

No it's only for foreigners who pay social security via their employment. 

[scorecard]

A bit surprised that there is any such policy available at all.

 

Here in Australia for the last few days I've been searching for a travel/health policy which includes any/all scenarios of the Covid 19 virus.

 

I've called / e.mailed many mainstream and small insurance providers. I get the same answer every time:

 

- 'Covid 19 is specifically and totally excluded in our policies, for any cover or any claims'

 

- The above is now an agreed industry approach/policy.

 

 

[tifino]

things will get worse for policy holders, when the Insurers reInsert the Clauses;

 -that would require a 12 month 'new customer qualifying period' to elapse before any instant claims can be made

 

[unamazedloso]

Just more ways to make money during hardship. Of course insurance doesnt want to cover covid19 but they dam well want the money. They will stop issuing it, wont be covered, etc as soon as numbers rise and the government will backflip.

People only need to go to hospital for use of respirators and such. If antivirals were readily available most people would be better in a few days which can be done at home. Im quite sure most people that can afford inssurance could affford the medication so the governments gone about this wrong in my opinion. My friend in china sells 3minute self tests for the virus and the antivirals. Not to the public but these things are available and could have been organized already. I know the government bought antivirals but it wont be enough. 

[smedly]

1 hour ago, rooster59 said:

There has been increase in demand for insurance that covers the new coronavirus or Covid-19, Suthiphon Thaweechaiyagarn, Office of Insurance Commission (OIC) secretary-general, said.

yes charge people in the midst of a global lethal pandemic 

 

make as much money as you can 

 

very helpful

 

lets give it a couple more weeks and see were we're at

 

absolute disgrace 

 

are you sick - can you pay for test - go home and spread it

 

we need submarines 

 

money No1 

 

China No2 

 

speaking to a couple of Thai people tonight - they think this virus started in the US, that is what they are being told I kid you not

 

You not think it came from China - no, some (deleted) about the USA and Iran, I couldn't believe what nonsense they were saying

 

The whole world knows where it came from but evidently - that is not what the thai government are telling people 

 

My answer  - ask someone from China where it started and they will tell you - China

[smedly]

21 minutes ago, scorecard said:

A bit surprised that there is any such policy available at all.

 

Here in Australia for the last few days I've been searching for a travel/health policy which includes any/all scenarios of the Covid 19 virus.

 

I've called / e.mailed many mainstream and small insurance providers. I get the same answer every time:

 

- 'Covid 19 is specifically and totally excluded in our policies, for any cover or any claims'

 

- The above is now an agreed industry approach/policy.

 

 

There is a very long idiotic thread about that and it is idiotic mostly contributed to by - idiots

[Tayaout]

2 minutes ago, smedly said:

yes charge people in the midst of a global lethal pandemic 

 

make as much money as you can 

 

very helpful

 

lets give it a couple more weeks and see were we're at

 

absolute disgrace 

 

are you sick - can you pay for test - go home and spread it

 

we need submarines 

 

money No1 

 

China No2 

 

speaking to a couple of Thai people tonight - they think this virus started in the US, that is what they are being told I kid you not

 

You not think it came from China - no, some (deleted) about the USA and Iran, I couldn't believe what nonsense they were saying

 

The whole world knows where it came from but evidently - that is not what the thai government are telling people 

 

My answer  - ask someone from China where it started and they will tell you - China

There is currently a fake news campaign in China that say the virus originated in the US. The chinese government is not censoring it for some reason. 

 

https://www.bloomberg.com/news/articles/2020-03-13/chinese-official-pushes-conspiracy-theory-u-s-army-behind-virus

[gk10002000]

so travelers/foreigners to Thailand at the moment required to have such policies.

[RichardColeman]

Anyone else noticed the sudden rise of funeral plans on Youtube ! Disgraceful 

[bkkatl]

It's funny that already having insurance one needs more insurance. You'd think no matter the sickness you'd be covered. Granted there are certain things you can't do that keep you from being covered but needing to buy add-on insurance to cover getting the devil's flu should be fraud. If my wife goes to work as the government is demanding of her and she gets covid those <deleted> should pay for it. 

[atyclb]

there is/was a thai insurance for corona that paid out if you contracted the virus. people were actively trying to catch it so they could receive money.  not sure if this insurance was stopped.

[legend49]

companies have halted the selling of insurance that pays immediately when customers test positive for Covid-19 due to the higher rate of infection in Thailand.”

 

They have  been in denial for weeks about higher infection rates.

 

We have advised insurance companies to evaluate the risk and their reimbursement capability

 

Insurance talk on how to deny a claim!!

 

 

[8OA8]

2 hours ago, legend49 said:

companies have halted the selling of insurance that pays immediately when customers test positive for Covid-19 due to the higher rate of infection in Thailand.”

 

They have  been in denial for weeks about higher infection rates.

 

We have advised insurance companies to evaluate the risk and their reimbursement capability

 

Insurance talk on how to deny a claim!!

 

 

My medical insurance company e-mailed me a week or so ago, to advise that I'm covered, but not for quarantine if not infected or something like that. Text as follows;

"Dear.,........

“Everything will be alright.”

We know that you are worried about the Covid-19 outbreak in Thailand at the moment. So, we would like you to make sure that you stay vigilant and take crucial steps such as washing hands, staying away from crowded places, and wearing a mask. Here below you can find some information about the medical expense coverage for Covid-19 (or Coronavirus) infections.

For any claims received relating to the Coronavirus (COVID-19), under the medical benefits of the LUMA ASIA CARE INSURANCE policy , our insurers will pay for the treatment of anyone confirmed to have the virus and also the initial necessary treatment of someone with viral infection symptoms who subsequently was issued the all clear for the coronavirus.

Our insurers will pay all necessary treatment as would be covered for any other patient with a viral infection. All claims are based on LUMA ASIA CARE INSURANCE policy’s Terms & Conditions, exclusions, and details in the benefit table. Where an Insured Member is Quarantined with no symptoms or treatment, the insurers do not provide any benefits as this is not a medical claim."
 

[Eibot]

Got my insurance sorted last week with Regency. 1 Million dollar impatient. It covers fallen ill from Covid-19 and there is no exclusion clause for pandemic or epidemic.

 

Get it sorted people, money talks and especially with limited beds available in the upcoming months.

[Krataiboy]

Funny. They'll sell you an insurance policy against a "killer virus" sweeping the world, but not from "safe" 5G.

 

Time to put on our thinking caps.

Edited March 22, 2020 by Krataiboy

[bkk6060]

It is sad and typical of foreigners here always looking for "cheap".  Now, they have lousy or no insurance in a foreign country that won't cover them. Scrambling for coverage.

Hey, it is only your health and life we may be talking about.

Buy from a solid company with good reputations and coverage they will pay for this virus sickness.  At least my Aetna plan will 100%.

Edited March 22, 2020 by bkk6060

[Morty T]

No doubt just like a regular policy, pay in full, all claims denied.

[Lancashirelad]

On 3/22/2020 at 6:01 AM, RichardColeman said:

Anyone else noticed the sudden rise of funeral plans on Youtube ! Disgraceful 

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