Crisis at Thai billionaire’s insurance firms rattles industry

Thailand’s richest man, Charoen Sirivadhanabhakdi, built a $15.9 billion fortune mostly from liquor and retailing. He’s had a tougher ride in the financial sector.

Southeast Insurance Co. and Thai Insurance Pcl, controlled by Sirivadhanabhakdi’s Thai Group Holdings Pcl, last month sought to cease operations of their non-life divisions, saying they could no longer cover mounting costs related to COVID-19 claims by policyholders.

The requests for liquidation, still being assessed by regulators, have already sent jitters through the industry and prompted government officials to assure policyholders that most of the nation’s other insurers have sufficient capital.

“High COVID-19 cases will continue to raise concern about the financial health of some insurers that face large potential claims,”…