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Hua Hin
Tuesday, May 21, 2024

Finance Ministry Says Insurance Industry Remains Robust

The Ministry of Finance has affirmed that insurance companies in Thailand are still capable of handling the current crisis, following the recent revocation of licenses for some firms.

Finance Minister Arkhom Termpittayapaisith said the Thai insurance industry has sufficient financial reserves to manage the situation, while urging companies to better meet the changing lifestyles of customers.

In a speech delivered at the opening ceremony of the Thailand Insurance Super Leadership Program’s course, the minister said Thai insurance companies have passed stress tests carried out by the Office of Insurance Commission. He indicated that this demonstrated their ability to cope with financial challenges. 

Insurance companies have become reluctant to offer Covid-19 coverage to foreign tourists as the industry was beset by a liquidity crunch after issuing many policies and experiencing a high number of cases the past year.

Many insurance companies are facing losses from Covid-19 claims from local cases and are unsure about offering policies to foreign tourists, particularly in terms of reimbursement based on possible scenarios, he said.

Arkhom also urged insurance companies to integrate modern technologies as part of their services, and to provide a wider variety of insurance packages that meet people’s needs.

The Public Health Ministry is dealing with insufficient or expensive hospital beds in major provinces by allowing each provincial communicable disease committee to grant permission to hotel operators to establish isolation rooms on their properties to host asymptomatic guests.

Concerns over the stability of insurance companies have intensified following the closure of Southeast Insurance. The company is now in the process of issuing refunds to its clients and transferring its insurance policies to partner companies

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