Bangkok –
Thailand’s insurance company, Syn Mun Kong Insurance, this morning, July 16th, announced the sudden cancelation of its Covid-19 insurance policies following the worsening Covid-19 situation in Thailand. However, the Office of Insurance Commission immediately banned the practice by this afternoon.
According to their statement, the decision had been made as the outbreak of the Covid-19 Coronavirus in Thailand continues to escalate and the number of new daily infections has significantly increased at a high rate and put pressure on the public health system, causing the risk and the situation in the near future to become unforecastable.
Syn Mun Kong Insurance, therefore, has to effectively manage the risk effectively and needs to cancel the “Covid 2 in 1” insurance policy and end its entire coverage 30 days after the insurers received the official letter notifying the change.
The company would return the insurance premium paid in the 15 days after the policy was canceled, excluding the money they had paid in the decision to terminate the product, according to the announcement.
The shocking announcement has widely sparked anger and backlash on social media at the beginning of the day, complaining that the cancellation was an irresponsible act of the insurance company that none had ever done before. It also caused the Syn Mun Kong shares to plunge to 1.75 baht, or 4.70%, from 35.50 baht during the share trading this afternoon.
Shortly after that, Suthiphon Thaveechaiyagarn, Secretary-General of the Office of Insurance Commission (OIC), signed an order prohibiting any insurance companies from using the right to cancel their Covid-19 insurance policies, in response to the insurance’s harsh decision.
The OIC spontaneous order would result from any insurance companies’ cancellation of their covid-19 policies issued before Friday to be ineffective unless any customer was found to be fraudulent or cheated to receive benefits from the insurance.
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