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More Thailand Insurance Companies File for Bankruptcy, Suffered Losses from Selling COVID-19 Insurance Policies

17th June 2022 | Singapore

Thailand insurance companies are filing for bankruptcy after suffering losses from selling low-cost COVID-19 insurance policies.  In May 2022, SET-listed Syn Mun Kong Insurance (SMK) had filed for a rehabilitation petition with the Central Bankruptcy Court (Thailand) and was reported to have sold 1.95 million Covid-19 insurance policies.  16 of 52 Thailand insurance companies had offered COVID-19 insurance with 4 insurer (Asia Insurance, The One Insurance, Southeast Insurance, Thai Insurance) already shut down due to insufficient premiums and capital reserves to pay out the claims.  In December 2021, the Thai General Insurance Association had predicted that more insurance companies will collapse in 2022. 

“ More Thailand Insurance Companies File for Bankruptcy, Suffered Losses from Selling COVID-19 Insurance Policies “

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