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More insurance firms face bankruptcy if COVID-19 insurance claims are not scrapped

14 Sept 00:54 Key points summarised by AI

Thai insurance firms face imminent bankruptcy due to escalating COVID-19 compensation claims, with losses projected to reach 40 billion baht by year-end.
The Omicron variant's potential spread could inflate claims to 180 billion baht next year, threatening widespread insolvency among insurers.
The Thai General Insurance Association urges the Insurance Commission to rescind an order, allowing firms to scrap "Find, Pay, End" policies to avert further collapses.
Two non-life insurers have already lost licenses for defaulting on claims, underscoring the crisis's severity and potential impact on millions of policyholders.

Today 11:38 Key points summarised by AI

The Cabinet approved a new Bt50-billion 'A House for Each PLUS' home loan scheme from the Government Housing Bank, offering up to Bt3 million with 40-year repayment terms for low- and middle-income earners.
This initiative aims to significantly boost the property sector and national economy, projecting to generate Bt125 billion in economic activity and create jobs.