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Thai insurance commission to tighten supervision

The Office of the Insurance Commission (OIC) in Thailand has vowed to tighten its supervision to restore public confidence in the industry that is reeling from the Covid-19 pandemic. Reports said that the country's non-life insurance industry has been heavily tested by a continual surge in lump-sum claims for Covid insurance, threatening to bankrupt many local non-life insurers. In 2021, Asia Insurance and The One Insurance were forced to close and the Finance Ministry withdrew their business licences after finding the two companies were incapable of reimbursing claims for their customers. Other non-life insurance giants also faced liquidity problems. The Commission said it has done everything in its power to sustain the industry by providing financial support and waivers on the calculation of capital reserves to help sustain insurance companies facing liquidity issues from the surge in Covid claims.

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