GH says termination of non-life insurance license will not affect other operations

[webfact]

 

By Panithan Onthaworn

 

Insurance giant Thai Group Holdings Plc (TGH), the parent firm of Southeast Insurance and Thai Insurance, said on Monday that its other core businesses will continue despite the revocation of its non-life insurance business.

 

As a result of financial woes caused by the unprofitable Covid-19 insurance policies, Thailand’s Finance Ministry has revoked the non-life insurance business license for Southeast Insurance and Thai Insurance. 

 

Keep up to date with all things Thailand - Join our daily ASEAN NOW Thailand Newsletter - Click to subscribe

 

The Office of the Insurance Commission (OIC) said those two insurance companies have more liabilities than assets after paying out huge amounts of Covid-19 claims, and their shareholders have refused to raise the capital.

 

Full story: https://www.thaienquirer.com/39153/tgh-says-termination-of-non-life-insurance-license-will-not-affect-other-operations/

 

-- © Copyright Thai Enquirer 2022-04-05

 

- Aetna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

[ChrisY1]

In other words...they don't give a rats ass about losing an insurance license....and they managed to keep the premiums!

[RichardColeman]

4 hours ago, webfact said:

and their shareholders have refused to raise the capital.

Personally I think that if you OWN shares in a company you should be FORCED to cough up in times of drought

[jacko45k]

32 minutes ago, RichardColeman said:

Personally I think that if you OWN shares in a company you should be FORCED to cough up in times of drought

A bit like the Lloyd's of London 'names'.....?

[jippytum]

said on Monday that its other core businesses will continue despite the revocation of its non-life insurance business

 

This company tried to renege on its customers by cancelling covid policies that where purchased in good faith .The authorities refused to allow the cancellation of the policies but the huge deficit on outstanding claims led to the revocation of its non life policies .

Although this company is still in business would you really want to insure your car or property with these people . Buyer beware!!

[MrJ2U]

Definitely not going to help.

 

 

Edited April 5, 2022 by MrJ2U