Syn Mun Kong insurance revokes its Covid-19 insurance due to worsening infections in Thailand, encountering public backlash and insurance commission disapproval

[topt]

32 minutes ago, mikebell said:

Two companies have gone bust today.  There will be more.

Insurance companies?

If so a link would be good........

[Moonlover]

33 minutes ago, mikebell said:

Two companies have gone bust today.  There will be more.

Let's see some evidence of that please.

[SomchaiCNX]

4 hours ago, BritManToo said:

Full refund for all policy holders?

According to my wife , NO refund. They legalize theft now?

[SomchaiCNX]

21 minutes ago, Etaoin Shrdlu said:

From what I can gather from the poorly-written articles in the press, SMK initially said that they would cancel their Covid policies after notifying their policyholders thirty days in advance and would refund unearned premium pro-rata. This is probably in accordance with the policy terms and conditions as most policies allow insurers to cancel for any reason as long as they give prior notification. Thirty days cancellation notice is typical, as is pro-rata refund if the insurer cancels. I am not sure on what basis the OIC could order SMK to forego their rights under their insurance policies, but I suspect the OIC can by citing damage to society or something similar.

 

SMK could have announced that they would no longer offer this product and would not renew any existing policies instead of cancelling mid-term. This would have helped them avoid some of the reputational damage that they've now incurred, albeit at a higher cost in terms of claims paid.

 

I have no sympathy for SMK since this product was put together and marketed specifically in response to the pandemic. It was not the case that Covid was unknown and caused unanticipated losses to a long-standing product that wasn't intended to address this situation.

 

Whatever the outcome, SMK will have a difficult time overcoming the public's ire and restoring any reputation they had. It is also a reminder to the public that an insurance company can cancel at any time as long as they give notice as stipulated in their policy.

 

 

Why just not put the CEO in jail (to start with) and then each shareholder, oh wait a minute, this in THailand. ????

 

[BritManToo]

3 hours ago, hotandsticky said:

After half an hour I walked out with a cheque for 11,000 Baht.

10 stitches on my  leg (spurting blood) cost 250bht ........ another 100bht to take them out. Included cleaning, local pain killing injections, and a bag of pills.

11,000bh they seen you coming.

Edited July 17, 2021 by BritManToo

[Caldera]

Any insurance company that cancels valid policies needs to have its license revoked. If their risk assessment is that bad that they couldn't see a major outbreak coming, they're in the wrong business. Not selling new (or not renewing existing) policies is another matter of course. 

[connda]

Insurance companies who offer insurance and then pull the policies when they lose their bet and have to pay out should lose their insurance licenses.  The regulators should not allow this to stand. 

Insurance is a scam - this instance proves it.  Watch the "regulators" do nothing. 

[Saltire]

The insurance companies more than likely believed the government party line a year ago that it would 'all be over soon' and saw an opportunity to cash in for a year. Then they got caught out.

 

I have the Roojai policy waiting to see if they cancel or fail to renw in December.

 

Bit of a giveaway they employ people with the job title 'Loss Adjustor'

 

 

 

 

[connda]

1 hour ago, SomchaiCNX said:

Why just not put the CEO in jail (to start with) and then each shareholder, oh wait a minute, this in THailand. ????

 

We're just about to find out if the insurance commission is above board or not.  Keep watching.  If this is allowed by the insurance commission than you'll have your answer.

[BritManToo]

29 minutes ago, connda said:

We're just about to find out if the insurance commission is above board or not.  Keep watching.  If this is allowed by the insurance commission than you'll have your answer.

I already know the answer.

[hotandsticky]

2 hours ago, BritManToo said:

10 stitches on my  leg (spurting blood) cost 250bht ........ another 100bht to take them out. Included cleaning, local pain killing injections, and a bag of pills.

11,000bh they seen you coming.

 

 

You think...

 

You use Memorial a lot do you?

 

 

Mind you it was handy that I had a few unrelated receipts from a few months earlier.

Edited July 17, 2021 by hotandsticky

[BritManToo]

2 minutes ago, hotandsticky said:

You think...

You use memorial a lot do you?

Mind you it was handy that I had a few unrelated receipts from a few months earlier.

I try to use medical facilities that don't steal from foreigners (or their insurance companies).

[RocketDog]

6 hours ago, Albert Zweistein said:

Two weeks ago my car which I bought  2,5 years ago for € 29,750 was stolen. The other day my insurance informed me that 30 days after the date of the theft they wil pay me € 27,280 plus they provided me a car from that date for a period of 30 days plus a taxi to drop me at the place where I had to collect the car. Without any hassle.

So allow me to say that your statement is BS.

Post again after they pay you.

[rabas]

Syn Mun Kong is nastier than reported.

 

To date, insurance companies have made 5 billion baht profit on these policies. Now, SMK wants to cancel just as current payouts approach current premiums received. IOW, they want to hang on to all their profits.

 

This flies in the face of the pooled risk concept.

[Albert Zweistein]

1 hour ago, RocketDog said:

Post again after they pay you.

Want to bet ?

[J Town]

36 minutes ago, rabas said:

Syn Mun Kong is nastier than reported.

 

To date, insurance companies have made 5 billion baht profit on these policies. Now, SMK wants to cancel just as current payouts approach current premiums received. IOW, they want to hang on to all their profits.

 

This flies in the face of the pooled risk concept.

To anyone who ever read "Huckleberry Finn," this will remind you of "The Royal Nonesuch." I hope the same ending occurs with this insurance company.

[RocketDog]

10 minutes ago, Albert Zweistein said:

Want to bet ?

No, but you sure are!

Good luck.

[topt]

2 hours ago, Saltire said:

I have the Roojai policy waiting to see if they cancel or fail to renw in December.

Roojai is only the broker so which actual Insurer - Dhipaya?

They are within their rights to stop issuing the policies, or up the renewal premium, at any time unfortunately.

[gk10012001]

8 hours ago, Laughing Gravy said:

When the insurers start saying this you know the country is a dire state. I wonder how the government will fudge this news.

Not necessarily. Insurance companies are notorious for taking premiums in, but not paying out.  Many types of insurance companies stop or cancel.  In the USA, many insurance companies left certain states for various reasons, over head, profit margin, etc.  They just chose to not deal with it and moved on

[Moonlover]

Here is the latest article that I've just seen on the NTB World Facebook page . (do read the sidebar comments) I think we can all relax.

 

Cancelling Covid 19 insurance policies prohibited

 

 

Edited July 17, 2021 by Moonlover

[ukrules]

I certainly hope they're not an insurance company any more by sometime Monday afternoon.

 

[kimamey]

10 hours ago, pegman said:

If anyone here has shares in this or any other Thai insurance company SELL, SELL, SELL!!!

I would have thought wait unless you're heavily invested into this company. The shares are likely to stabilise after the initial shock assuming this practice is stopped. The only problem would be if this company has based its premiums on underrated risks resulting in claims outstripping premiums and this being a major part of its business. 

[Scott Tracy]

8 hours ago, Sqoop said:

am in my 50’s now I always remember that my grand parents ( who struggled through the 30’s ) hated the banks. They would rather hide the cash at home. 

 

I always seemed to have a stack of £20 notes in my wardrobe when I was paid I  cash. When we had to get paid to a bank, seemed I was always broke.

Insurance companies, banks, used car salesmen and double glazing companies...oh, estate agents and solicitors. Hate them all. But needs must I guess.

[Snoopax]

Nice bunch of bas.tards.
"Give us your money, but we do not accept any risk".
I hope they run out of business soon.

 

[Scott]

Troll post removed.  

 

[metisdead]

Posts with links or content from Bangkok Post have been removed:

 

26) The Bangkok Post and Phuketwan do not allow quotes from their news articles or other material to appear on ASEANNOW.com. Neither do they allow links to their publications. Posts from members containing quotes from or links to Bangkok Post or Phuketwan publications will be deleted from the forum.

 

A troll post has been removed.

[mikebell]

20 hours ago, Moonlover said:

Let's see some evidence of that please.

https://aseannow.com/topic/1224388-another-major-thai-insurance-company-stops-offering-covid-19-cover/

 

[mikebell]

20 hours ago, topt said:

Insurance companies?

If so a link would be good........

https://aseannow.com/topic/1224388-another-major-thai-insurance-company-stops-offering-covid-19-cover/

 

[Moonlover]

21 hours ago, Moonlover said:

22 hours ago, mikebell said:

Two companies have gone bust today.  There will be more.

 

52 minutes ago, mikebell said:

21 hours ago, Moonlover said:

Let's see some evidence of that please.

 

52 minutes ago, mikebell said:

https://aseannow.com/topic/1224388-another-major-thai-insurance-company-stops-offering-covid-19-cover/

 

This so called evidence says they have stopped selling Covid 19 cover. That's hardly the same as 'gone bust' is it.

[Stargeezr]

So what will SMK be saying when all of their clients switch to some other company, after their present

insurance contracts finish.  Oops.  Sorry,  please come back, All a big misunderstanding.

  Things like that?

Geezer