Two domestic insurance companies quitting the business after paying out too many policies are offering full refunds this week.
Tomorrow through Friday, Southeast Life Insurance and Thai Insurance customers can head online to scan QR codes from 9am to midnight at their respective websites in order to obtain a refund of the full amount of their premiums.
The decision came after both companies announced they would become the latest insurance firm to cease operations due to a staggering number of COVID-19 claims paid out.
Policies from either company will end on the refund application date – holders who don’t apply by Friday are S.O.L.
Southeast Life Insurance reportedly paid out approximately THB10 billion (US$300 million) in compensation.
Both companies cited flawed forecasts that the pandemic would end more quickly as a part of their bankruptcy.
The two companies have also filed suit against Insurance Commission Sec-Gen Suttipol Taweechaikarn for forbidding insurance firms from canceling policies with a lump sum payment, a move which hit both companies big.
The companies join the already-shuttered The One and Asia Insurance companies, both of which went under due to corona claim losses.
Despite the COVID task force remaining confident that the worst has passed of the latest, Omicron-fed wave, hospitals continue to be strained. More than 84,000 patients are currently being treated at medical facilities.
The rate of infection, as measured in confirmed daily cases, continues to hover above 8,000. Sixteen more deaths were reported today.
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