OIC Prohibits Early Termination of COVID Insurance Policies

[snoop1130]

 

BANGKOK, Nov15 (TNA) – The Office of the Insurance Commission (OIC) prohibited insurance firms from early terminating their COVID-19 insurance policies which offered lump sum compensation because that would affect insured people.

 

OIC secretary-general Suthipol Thaweechaikarn said he discussed issues concerning lump sum COVID-19 compensation with the president of the Thai General Insurance Association. The discussion followed the association’s report that insurance firms had paid 30 billion baht worth of lump sum compensation to their customers who had been infected with the disease and the cost was growing.

 

Full Story: https://tna.mcot.net/english-news-823929

 

-- © Copyright TNA 2021-11-15

 

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[soi3eddie]

Curious to know under what terms the "lump sums" are paid out and how much per claim. That is a hell of a lot of money. Can those figures be true? That's about 1 Billion US Dollars. An enormous sum. Assume these policies are for incoming travellers only? Not much detail. What is missing from this story? (other than Thai insurance companies trying to weasel out of paying valid claims).

[tomazbodner]

22 minutes ago, soi3eddie said:

Curious to know under what terms the "lump sums" are paid out and how much per claim. That is a hell of a lot of money. Can those figures be true? That's about 1 Billion US Dollars. An enormous sum. Assume these policies are for incoming travellers only? Not much detail. What is missing from this story? (other than Thai insurance companies trying to weasel out of paying valid claims).

I thought that was for locals. I have one of these policies. Usually they were offered when few people got infected so it looked like easy money for insurance companies, but when figures started rising, it turned badly against them. Some tried to get out of it and refuse payouts, some tried to terminate insurance policies, etc. I agree with the government to stop the insurance companies from avoiding payment or just return part of insurance cost.

 

To illustrate... imagine you paid 5,000 baht this year for accident insurance covering expenses to 2 million baht. And then you had accident, costing you 1+ million in hospital fees. When time to pay comes, insurance company gives you 5000 baht back and walks out, letting you pay the bill by yourself. That should surely not be allowed.

[Cleareye]

I heard people were deliberately getting covid in order to get lump sum payments in the neighborhood of 200,000 baht.

[Albert Zweistein]

Nothing but uniforms except one...........................

[Tonypandy]

This is a great advert for those being forced to take a 50,000 usd insurance policy when insurance companies are trying to weasel out of paying claims. How stupid are these people? 

[realfunster]

19 hours ago, Cleareye said:

I heard people were deliberately getting covid in order to get lump sum payments in the neighborhood of 200,000 baht.

 

I have heard similar with even infected personal items being sold to ensure an infection.

Not that surprising really as 100-200k for many Thais is a handsome payout and worth the risk if you are under 40 and without other conditions. 

 

Some insurance companies were unbelievably stupid and greedy in issuing these policies for less than 1,000 and offering 100,000+ cash payment for being infected. No medical bills or expenses required. Just hand over the damn cash.

 

The reality is that some of these companies are now near financial ruin, beware celebrating that too much, as that will only leave the big boys around….

 

 

 

[zzaa09]

15 hours ago, Albert Zweistein said:

Nothing but uniforms except one...........................

The sole civilian in a world of creepy military driven officialdom. 

The real overall problem that most dismiss, as we've all become accustomed to it. 

What's wrong with this picture?

[unblocktheplanet]

On 11/16/2021 at 5:29 PM, zzaa09 said:

The sole civilian in a world of creepy military driven officialdom. 

The real overall problem that most dismiss, as we've all become accustomed to it. 

What's wrong with this picture?

Not sure any of them have a soul, really...

[In Full Agreement]

On 11/16/2021 at 2:18 AM, Albert Zweistein said:

Nothing but uniforms except one...........................

 

Her uniform at the cleaners..