Low Demand For Thai Govt Disaster Cover Suggests Increased Confidence In Anti-Flood Plan

[webfact]

Low Demand for Govt Disaster Cover Suggests Increased Confidence in Anti-flood Plan

BANGKOK: -- The state disaster insurance program has reported a small number of applications a month after it was launched, which implies increased confidence in the government's long-term flood prevention plan.

Chairman of the Disaster Insurance Promotion Fund Committee Payungsak Chartsuthipol revealed a small number of applications since the scheme was launched a month ago, which suggests growing confidence among individuals and business operators in the government's flood-response plan.

He added that the fund has also helped bring down average premiums from a range of eight to ten percent to between five and seven percent.

To further boost investors' confidence, the committee will consider reducing premiums by half a percent for individuals, and by one percent for SMEs and large businesses in its meeting scheduled for May 17.

In addition, the panel is planning to increase sub-limit insurance claims from 30 percent to 50 percent.

Payungsak also noted that it will take between one and three years for the insurance sector to return to its normal state during the pre-flood period, and once everything is resolved, the fund may be wound up, which means that the allocated 50-billion-baht budget may not even be used.

-- Tan Network 2012-05-03

[OzMick]

The alternative implication is that the people don't trust the government insurance scheme not to be a total cock-up (as with most things they do) which takes their money and fails to return any benefit (as with most things they do.)

[peterdk]

The alternative implication is that the people don't trust the government insurance scheme not to be a total cock-up (as with most things they do) which takes their money and fails to return any benefit (as with most things they do.)

Similar story with the flood relief money promised.

My gf's family was not hit super hard, however crops died obviously.

So they got promised a 10.000 baht compensation, that they obviously never recieved..

And that is instilling confidence... Or not...

Edit: Well they got compensated enough to plant new crops.. The mighty bank known as the white foreigner paid, obviously...

Edited May 3, 2012 by peterdk

[CHANGOVER]

So were we. We lost all our furniture downstairs and had to rebuild the kitchen, redecorate, fumigate etc.

We were promised 40,000 even though we'd lost and spent about 400,000 including replacements.

Didn't expect to see any money at all but last week we were given 12,000!

Not a lot but at least something - puyai baan and orbator seem to have shiny new cars though

EDIT to add we have also changed our house insurance as the last one didn't cover flood damage. Our new one covers floods, windstorm AND earthquakes...can't be too careful eh!

Edited May 3, 2012 by CHANGOVER

[mijan24]

The alternative implication is that the people don't trust the government insurance scheme not to be a total cock-up (as with most things they do) which takes their money and fails to return any benefit (as with most things they do.)

+1

[peterdk]

So were we. We lost all our furniture downstairs and had to rebuild the kitchen, redecorate, fumigate etc.

We were promised 40,000 even though we'd lost and spent about 400,000 including replacements.

Didn't expect to see any money at all but last week we were given 12,000!

Not a lot but at least something - puyai baan and orbator seem to have shiny new cars though

EDIT to add we have also changed our house insurance as the last one didn't cover flood damage. Our new one covers floods, windstorm AND earthquakes...can't be too careful eh!

How much more was it, to get the additional coverage ?

[CHANGOVER]

3000 p/a extra, 8300 total a year.

So well worth it. It's with Viriyah insurance.

[LuckyLew]

The alternative implication is that the people don't trust the government insurance scheme not to be a total cock-up (as with most things they do) which takes their money and fails to return any benefit (as with most things they do.)

+1

+2

Beat me to it

[gregb]

I have an idea. Why don't they simply take the 20,000 baht they promised everyone in Pathumthani for last year's flood, and just give us free flood insurance for several years. The simple fact is, nobody believes we are ever going to see the money they promised us last year, and nobody believes we would ever see anything from their "insurance" scam either.

Since it is highly unlikely they will ever deliver the money they promised to the people, they could simply embezzle it, and call their insurance program a raving success.

Meanwhile, the victims of last year's flood will always know the government for the fraudulent scum they truly are. My expenses so far from the flood total 520,000 baht, and I have yet to touch the kitchen. I am still trying to get in on the next round of lawsuits.

[whybother]

Maybe people don't think there will be "once in a lifetime" floods ... two years in a row.

There most likely won't be nearly as much rain as last year ... which will mean the government's flood plans and preparations will be a raging success.

[CHANGOVER]

I am still trying to get in on the next round of lawsuits.

Lawsuits by whom and for whom?

As I said our promised 40,000 turned out to be 12,000 but if there are opportunities to sue to get more

we will happily join the throng!