The Thailand Office of Insurance Commission has directed insurers to provide complete, accurate and current flood loss data, set claim reserves close to expected actual losses and improve oversight of claims through final settlement or repair. The measures follow a second industry review as flooding eased in several areas and insurers gained a clearer view of claims, damaged property and assessment progress. Insurers must track each stage from notification and loss assessment to payment, while separately reporting vehicles awaiting repair, under repair and completed. They should also allocate surveyors and loss assessors across affected areas to maintain claims processing capacity. The commission reiterated the approach discussed at its first meeting on Sept. 28, including settlement within seven days where losses can be clearly established and assessment of flood damaged vehicles according to the extent of damage. The commission will continue collecting claims and assistance data and hold periodic follow-up meetings. It will coordinate with relevant agencies on obstacles insurers cannot resolve alone, including vehicle removal, towing capacity and cases involving vehicles subject to financing arrangements.
Thailand Office of Insurance Commission directs insurers to improve flood loss reporting and claims handling
The Thailand Office of Insurance Commission directed insurers to improve flood loss reporting, align claim reserves with expected losses and track claims through final payment or vehicle repair. Insurers should deploy sufficient assessors and settle clearly established claims within seven days, while the commission coordinates solutions to towing and vehicle financing obstacles.