Thailand Office of Insurance Commission and insurance associations set earthquake insurance relief measures and press insurers to accelerate claims

The Thailand Office of Insurance Commission (OIC) held a joint press briefing with the Thai General Insurance Association and the Thai Life Assurance Association to set an assistance framework for people affected by the earthquake, including steps to speed up claim handling and improve access to insurance information and support. OIC has coordinated with Italian-Thai Development Public Company Limited to facilitate site inspection and obtain information on missing or trapped persons and supporting evidence to prepare for insurance remediation. An initial review found that the damaged State Audit Office building is covered under a Construction All Risk policy shared by four non-life insurers, with participation of 40%, 25%, 25% and 10% respectively, and total coverage of THB 2,241,000,000. OIC assessed that payments should not undermine insurer stability given reinsurance arrangements and sector-wide capital adequacy near 300% against a 100% legal minimum, and it asked insurers to closely track developments and settle claims quickly. The Thai General Insurance Association also set up a coordination centre and reiterated key earthquake cover points across policy types, including residential fire insurance providing earthquake cover up to THB 20,000 per year (with options to buy more) and condominium coverage typically split between common-area cover under Industrial All Risk policies and unit-owner contents cover under residential fire policies. OIC will continue to provide round-the-clock support channels, publish Q&A and infographics on relevant policy coverage, and coordinate with insurers and the two associations as the situation develops.