Thai nonlife insurers Southeast Insurance Co. Ltd. and Thai Insurance PLC announced their plans to cease operations amid mounting COVID-19 claims, sending shockwaves across the insurance industry, Bangkok Post reported. The decision by the insurers – subsidiaries of Thailand’s richest man Charoen Sirivadhanabhakdi-owned Thai Group Holdings PLC – stoked fears among policyholders, forcing the government to step in and assure policyholders that other insurers in Thailand had sufficient capital to honor their claims.
