People wait for Covid-19 vaccination certificates at Simummuang market in Pathum Thani province on Wednesday. Rising claims for Covid-19 payouts by policyholders were cited as the reason for the closure of Southeast Insurance. (Photo: Pattarapong Chatpattarasil)
Thai Group Holdings (TGH) Plc told the Stock Exchange of Thailand on Wednesday it had shut down its Southeast Insurance Co because of rising claims for Covid-19 insurance payouts, but will be able to pay customers and stakeholders.
The TGH announcement said Southeast Insurance had 1.8 billion baht worth of net assets left as of Jan 1, enough to pay policyholders and stakeholders and compensation to employees.
TGH’s letter to SET said its major shareholder, TCC Group, gave about 8.06 billion baht for Southeast Insurance to pay Covid-19 infection…
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