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International

Insurers to cease operations after suffering huge COVID losses

February 25, 2022 Reprints

Thai nonlife insurers Southeast Insurance Co. Ltd. and Thai Insurance PLC announced their plans to cease operations amid mounting COVID-19 claims, sending shockwaves across the insurance industry, Bangkok Post reported. The decision by the insurers – subsidiaries of Thailand’s richest man Charoen Sirivadhanabhakdi-owned Thai Group Holdings PLC – stoked fears among policyholders, forcing the government to step in and assure policyholders that other insurers in Thailand had sufficient capital to honor their claims.

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Insurers to cease operations after suffering huge COVID losses

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