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Thai Group Holdings (TGH), the mother or father firm of Southeast Insurance coverage and Thai Insurance coverage, has reported a web lack of THB3,360m ($103m) for the monetary yr ended 31 December 2021.
The loss is attributed to COVID-19 insurance coverage claims. Southeast Insurance coverage and Thai Insurance coverage paid compensation on these claims which totalled THB10,907m in 2021, reported Prachachat.
Weighed down by these claims, each insurers have utilized to the insurance coverage regulator, the Workplace of Insurance coverage Fee (OIC), for approval to be liquidated.
TGH, managed by Thailand’s richest man, Mr Charoen Sirivadhanabhakdi, acquired funds of THB9,600m in 2021 to pay the COVID-19 claims. It acquired extra monetary assist in January 2022 of THB300m.
The group is engaged in life insurance coverage, non-life insurance coverage, leasing, rent buy providers, lending and leasing. Insurance coverage enterprise accounts for round 80% of the group’s whole income.
The 2 TGH insurers and 14 different native insurers began promoting insurance policies for COVID-19 an infection in 2020. Claims piled up following a surge in infections of the Delta variant in 2021. Mr Anon Vangvasu, president of the Thai Common Insurance coverage Affiliation, stated that as COVID-19 was a brand new improvement, the insurers had underestimated the publicity danger.
There are greater than 50 non-life insurers and over 20 life insurers working in Thailand.
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