COVID-19 insurance claims expected to exceed US$300m this year

Insurers in Thailand are expected to pay out COVID-19-related insurance claims of over THB10bn ($300m) this year.

Thai General Insurance Association president Anon Vangvasu, said that COVID-19-related insurance claims payments are on an upward trend. In the first seven months of this year, insurers paid THB4bn in such claims.

By the end of this month, the amount of COVID-19-related insurance claims payments is estimated to reach THB8bn given that the number of new infected people is 1,700-1,800 a day and based on an insurance coverage rate of 10%, according to a report by Bangkok Business.

Last year, when the pandemic started, the COVID-19 insurance line of business was profitable for insurers. However, this year, the pandemic has been more severe with more insurance claims lodged. Insurers suffer a net loss when the financial results for these two years are…