Insurance firms cheated out of ฿500m in fake COVID-19 insurance claims

[snoop1130]

 

Thousands of people who had taken out COVID-19 insurance coverage, under the “Found, Paid, Done” scheme, have been discovered to have used false documents to claim compensation, worth an estimated 500 million baht, according to the Thai General Insurance Association.

 

Association president, Anon Vangvasu, said today (Tuesday) that he has received complaints from several association members about the false claims.

 

He disclosed that, during the peak of the pandemic, a number of insurance companies rushed to pay compensation to their clients, in order to ease their financial burdens, and examination of the documents filed for compensation was, therefore, more cursory than usual.

 

Full Story: https://www.thaipbsworld.com/insurance-firms-cheated-out-of-500m-in-fake-covid-19-insurance-claims/

 

-- © Copyright Thai PBS 2022-07-05

 

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[ThailandRyan]

Not the only country. When you have one side looking to save money (Ins. Co.) and one side trying to make money (Consumers), it appears few restrictions were put in place due to greed.

[internationalism]

that's fault of insurance companies that they didn't do their job properly. Still, they can re-asses all claims and take money back, prosecute.

They will have money to pay for so many claims which were declined 

[RichardColeman]

500 Million baht ? Seems incredibly low to me. I'd put it at least 10-100 times that going by the rest of the world, but that would scare the share holders

[ifmu]

13 hours ago, ThailandRyan said:

Not the only country. When you have one side looking to save money (Ins. Co.) and one side trying to make money (Consumers), it appears few restrictions were put in place due to greed.

the usa  was rife with corruption     

[Mac Mickmanus]

11 minutes ago, ifmu said:

the usa  was rife with corruption     

Well done, got the obligatory USA comparison in nice and early 

[mikebell]

No sympathy.  How much did these companies make by forcing worthless policies on tourists?

[poskat]

It will soon be determined that all these otherwise virtuous thais involved in this did so under the control  or influence of a foreigner.

[JonnyF]

What goes around comes around. Insurance companies are the biggest cheats out there.

 

I had a genuine claim, but the insurance company I had the policy with had already gone bankrupt, or so the story went...

 

[thailand49]

1 hour ago, Mac Mickmanus said:

Well done, got the obligatory USA comparison in nice and early 

Shouldn't be surprise by  ????

[phetphet]

GF tried to claim for her and daughter from their insurance. They made it impossible. Never answered phone calls, insisted on real rather than copies of documents, posted to them, not emailed. Then sent email claiming they never received them.

In the end she gave up as she no longer had the original documents to prove anything and could never get through to them.

[EricTh]

That's why the reported Covid cases must be lower that it actually is due to these false claims.

[SOTIRIOS]

....Cheated Seems Like A Pretty Strong Term.....(?)

 

...Are They Saying Their Profits Were Not As High As Expected....(?)

[HaoleBoy]

Insurance companies as bad as used car salesmen.

Willing take your money, then look for any way possible not to pay a claim be it some bullsh*t  "pre-existing condition" or some other reason.

[wn2c]

The cheated cheaters....

 

[hotchilli]

20 hours ago, snoop1130 said:

He disclosed that, during the peak of the pandemic, a number of insurance companies rushed to pay compensation to their clients, in order to ease their financial burdens, and examination of the documents filed for compensation was, therefore, more cursory than usual.

Surely the claims would have been backed up by a hospital/doctors stamp verifying infection?

[hotchilli]

19 hours ago, ThailandRyan said:

Not the only country. When you have one side looking to save money (Ins. Co.) and one side trying to make money (Consumers), it appears few restrictions were put in place due to greed.

Robbers robbing the robbers blind?

[madmitch]

He disclosed that, during the peak of the pandemic, a number of insurance companies rushed to pay compensation to their clients, in order to ease their financial burdens, and examination of the documents filed for compensation was, therefore, more cursory than usual.

 

I read this initially as to ease the insurance companies' financial burdens but now realise it mean the Insured Persons.

 

This is odd, considering the type of insurance, which didn't pay out based on expenses incurred but a fixed amount to anyone who had proof of developing covid-19.

 

And, having worked in insurance most of my life, I don't know any insurers who have ever rushed to pay claims without doing a proper assessment.....up until now!!

[RocketDog]

The other side of that same coin is the thousands of people who were cheated by Thai Covid insurance policies they refused to honor.

 

 

[ozz1]

insurance companies all around the world are the same they love taking your money but try to get a payout and y wait for ever Thailand is no different        By the way I just had my gold necklace stolen by a ladyboy  when can I get my money haha