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Loss-ridden insurance providers get licenses revoked after massive COVID claims


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2 minutes ago, Paul Henry said:

Why isn't it manditory for insurance companies in Thailand to reinsure?. Good business practice and manditory in many countries. This way the risk is spread and less chance of this happening.

You've answered your own question...

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Next step should be the criminal prosecution of the scammers in charge of designing and selling those insurance policies. Not holding my breath though!

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So the insurance commission decided they were "Found" to be unable to be "Paid" and therefore they were "Done", kind of matches with the insurance scheme they believe they would make money on.  One has to wonder if the insurers believed the Governments claim that they had Covid under control and this was a no brainer.....however, the ones who found it was a no brainer were those that bought the policies and were lucky to cash out....

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An off topic post about car insurers and a reply has been removed.  This topic is about the closure of some insurance companies due to a massive amount of COVID-19 claims.

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Directors and officers of a Thai company can be held personally liable for their errors and omissions that end up causing financial harm to others.

 

It would be fitting if the outside shareholders of Southeast and Thai Insurance filed suit against the members of the board of directors of these firms for their roles in allowing the Covid product to be developed and sold.

 

Same for the OIC who may wish to sue those same directors on behalf of the policyholders who are getting stiffed.

 

Should be some deep pockets among the BoD members.

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These  “Found, Paid, Done” COVID-19 insurance policies were just about the most ridiculous policies anyone could have conceived.

 

All one had to do was to catch Covid, get a doctor's certificate and they could claim 100,000 THB. And given that, for Thais treatment was free it was money in their back pocket. Folks were buying a policy, waiting the mandatory 14 days and then going out and deliberately catching Covid.

 

It was 'money for old rope' as the saying goes. No wonder the insurance companies took a massive hit. They dangled a 'scammers carrot' under the noses of a nation of scammers!

 

Edited by Moonlover
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I bought a Dhipaya Covid policy for wife & myself. Will expire in May. Wonder if they're still in business, wonder if they really payout, wonder if they'll renew. Any ideas?

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34 minutes ago, unblocktheplanet said:

I bought a Dhipaya Covid policy for wife & myself. Will expire in May. Wonder if they're still in business, wonder if they really payout, wonder if they'll renew. Any ideas?

They're definitely are still in business but they stopped selling this product a long time ago, not long after you purchased in fact. Their Covid policy is quite different now.

 

I looked at Roojai's website a while back and they won't accept anyone over 60 now. It was all comers this time last year.

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2 hours ago, unblocktheplanet said:

I bought a Dhipaya Covid policy for wife & myself. Will expire in May. Wonder if they're still in business, wonder if they really payout, wonder if they'll renew. Any ideas?

I insured with them and was able to download the app called Tip Insure from there you can check your current policy. I found that they are only offering covid insurance for Thais. now.

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