Amid a surge in cases, several insurance companies have cancelled their COVID-19 insurance policies, which promised payment upon the discovery of infection, dubbed “Found, Paid, Done” policies.
They have now been replaced by new products, which exclude medical personnel and cover medical treatments, comas and allergic reactions to COVID-19 vaccines instead.
With an average of 2,000 new COVID-19 a day in recent weeks, the Thai General Insurance Association (TGIA) said the insurance providers may be liable for up to one billion Baht in claims, as opposed to 200 million Baht being claimed currently.
20% of all infected people have made insurance claims since last year, higher than 10-15% reported in the first quarter of this year, thanks to the new COVID-19 wave, said TGIA President Anon Vangvasu.
Viriyah Insurance has revoked its “Found, Paid, Done” insurance from May 1st and launched a new program, which reduces protection coverage of 100,000 Baht, to tens of thousands, while increasing medical treatment coverage in “hospitels”, in case of a lack of hospital beds, comas and allergic reactions to vaccination.
Syn Mun Kong Insurance has suspended its four similar insurance programs since April 22nd, while Bangkok Insurance will suspend most of its COVID Complete insurance offerings from 10pm today (Monday), except for the plan with the 259 Baht premium.