The Thailand Office of Insurance Commission has published details of a meeting with the Metropolitan Police Bureau to strengthen protection against robbery and other crimes targeting gold shops in Bangkok. The main outcome is that the authority may revise gold shop insurance policy wording and coverage conditions so security measures are applied more concretely through insurance requirements. The discussion followed police concerns that sustained increases in global gold prices are raising incentives for theft and robbery. The Metropolitan Police Bureau proposed nine risk reduction measures for gold shops, covering reinforced security doors, metal bars, alarm systems, high quality closed circuit television, refusal of customers whose faces are covered, limited product display, minimal cash holdings, employee emergency exits, and secure storage of goods after closing. Existing gold shop insurance wording already provides premium discounts where insureds implement specified safety measures such as alarm systems and protective glass or metal grilles, but the Office of Insurance Commission indicated that the terms may need to be strengthened because surveys found many shops still do not comply. The authority will take the risk management measures discussed at the meeting into further discussions with the General Insurance Association and the insurance sector as it considers the form and wording of gold shop insurance policies.

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