August 2, 2021
Markets

Covid claims snowball in last 45 days

Total claims for Covid insurance ballooned to 1.77 billion baht in the first half of the year from 588 million baht as of May 15, says the Office of the Insurance Commission (OIC) secretary-general Suthiphon Thaveechaiyagarn.

The increase in insurance claims was in line with records for daily new infections and emerging clusters.

The claim loss ratio climbed to 36% of Covid insurance premiums of 4.93 billion baht at the end of June, said the OIC.

Sales of Covid insurance from May 16 to June 30 increased by 962 million baht.

Mr Suthiphon said the insurance industry has enough excess reserves to handle even the direst scenario, in which the pandemic and new variants are not controlled this year, with vaccines successfully developed and distributed in 2022 and 2023, respectively.

“The OIC requested cooperation from non-life insurance companies in being cautious in…

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