Bangkok: The Secretary-General of the Office of the Insurance Commission, along with the Presidents of the Thai General Insurance Association and the Thai Life Insurance Association, confirmed their readiness to pay compensation for earthquake-related claims. They have established a center to receive complaints and offer advice on insurance claims. Once an agreement on compensation is reached, they are prepared to make payments within 15 days.
According to Thai News Agency, Mr. Chuchat Pramulpol, Secretary-General of the Office of Insurance Commission (OIC), Mr. Somporn Suebthavilkul, President of the Thai General Insurance Association, and Mrs. Nusara (Assakul) Banyatpiyaphon, President of the Thai Life Assurance Association, held a press conference to confirm their readiness to process compensation in the event of an earthquake. The OIC has established a center dedicated to receiving complaints and providing coordination and advice, similar to the 24-hour coordination centers set up by both associations.
The President of the Thai Life Insurance Association stated that in cases of injury or death of an insured individual due to the earthquake, all member companies of the association are prepared to disburse compensation in accordance with policy terms.
The President of the General Insurance Association emphasized that all general insurance companies are financially stable and prepared to fulfill compensation obligations as per their policies. They manage risks by securing reinsurance agreements.
Regarding the collapse of the State Audit Office building, the insurance coverage was provided by four companies. The assessment of compensation will consider the construction progress before the collapse to determine the value of the completed portions of the building.
Additionally, earthquake coverage is included in home fire insurance policies. If the insured agrees to the compensation terms set by the company, payments must be processed within 15 days.