Ms Warangkana says small businesses that ship overseas often self-insure, trusting their relationships with traders.
The pandemic is a once-in-a-century crisis that will leave scars in the form of persistent economic damage, and some insurance companies see the risks as a ticking time bomb.
Business operators plying their trade in the shipping industry may feel unease during this prolonged crisis. This is because they are still operational as they have sufficient liquidity, but their sales have not been good, said Warangkana Wongkhaluang, senior executive vice-president of the Export-Import Bank of Thailand (Exim Bank).
“We will eventually see a result from this situation. Our insurance partner’s analysis is the remaining shipping businesses are insolvency time bombs, meaning every business that has not…
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