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Four Thai insurers shut down on COVID lump-sum claims

The COVID-19 pandemic took a toll on Thailand’s insurance industry as at least four insurance companies shut down due to a huge number of COVID-19 insurance lump-sum claims, according to reports. The four insurers - Asia Insurance, The One Insurance, Southeast Asia Insurance, and Thai Insurance - shut down during the peak of the pandemic in 2021 and early this year due to lack of sufficient capital reserves to pay out on the claims. Covid-19 lump-sum insurance has no longer been available since the middle of this year, while the insurance business has started to improve and stabilise. According to the OIC, non-life insurance premiums are expected to grow by up to 2.5% with estimated premiums of THB271m, while life insurance premiums are set to increase by 2.25% to 4.25%, compared with growth of 3.5% to 4.50% according to a forecast made by the Thai General Insurance Association.

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