Thailand’s Office of Insurance Commission (OIC) published an update confirming that the insurance sector remains financially stable and sufficiently liquid to meet claims linked to the recent flooding, alongside measures aimed at supporting affected policyholders and speeding up payouts. The OIC has established an insurance operations centre to coordinate disaster assistance, including a 24-hour contact channel and provincial OIC channels. For cases where insurance policies have been lost, policyholders can use their name and national identification number to check which insurers hold their policies via the OIC’s Insurance Bureau System. Coordination is also under way with provincial authorities in Songkhla and the Royal Thai Police to obtain verified death records, verify coverage and facilitate faster payments to heirs, while engagement with the Thai General Insurance Association is being used to press insurers to accelerate claim assessments and apply published guidance on compensation and supporting documentation. The update also referenced a climate stress test assessing the impact of natural disasters on insurers’ capital adequacy and liquidity, noting that sector-wide capital ratios remain above legal minima and that liquid assets are sufficient, with flood risk managed through routine risk management and reinsurance. Ongoing monitoring of insurers’ stability and liquidity will continue through the disaster response.

Original source View in tracker