Many hundreds of people showed up at the General Insurance Fund office on Monday to claim lump-sum payments for Covid-19 policies with two bankrupt insurers, greatly exceeding the number the office could handle.
Claimants had started to queue on Sunday night outside the claims office in Suan Lum Nite Bazar shopping arcade on Ratchadaphisek Road.
They wanted compensation due from Covid-19 policies taken out with Thai Insurance and Southeast Insurance. The Office of the General Insurance Fund is their liquidator.
Affected policy holders can file their documents in person at the office and at nationwide branches of the Office of the Insurance Commission (OIC), or online at https://rps-sev.gif.or.th/Login until July 15.
The Office of the General Insurance Fund can accept 500 compensation claims a day at its premises, and some peple were left hanging on Monday.
According to the OIC, the accumulated value of Covid insurance claims with lump-sum payments reached nearly 60 billion baht at the end of March. Total premiums received from Covid insurance were 11 billion baht as of March 15.
Sixteen insurance companies, of a total of 52, offered Covid insurance with lump-sum payment.
Six or seven of the 16 firms recorded massive policy sales and four of them – Asia Insurance, The One Insurance, Southeast Insurance and Thai Insurance – were forced to shut down because they did not have sufficient premiums and capital reserves to pay out the claims.