News Forum - More than 2,000 locals queue up to claim Covid-19 insurance after companies go broke

[Thaiger]

More than 2,000 Thais queued up at Suan Lum Night Bazaar Ratchdapisek in Bangkok to claim money from their Covid-19 insurance. Thais use the phrase “Found-Paid-Done” for the collection of insurance monies owed to them. The office of the Thai Insurance Commission is adjacent to the Suan Lum Night Bazaar. Some people had slept in front of the building for a day, in order to be at the front of the queue. The “found-paid-done” Covid-19 insurance was very popular among Thai people as it was offered at an affordable price starting from 500 baht. Almost every insurance company offered the […]

The story More than 2,000 locals queue up to claim Covid-19 insurance after companies go broke as seen on Thaiger News.

Read the full story

[Shade_Wilder]

"“I lost a lot of money on an PCR tests, travel expenses and preparation of documents. I paid for the insurance immediately with cash, but why couldn’t I get what I should get.”"

I couldn't agree more with this guy; a contract is a contract is a contract. I hope that as well as paying out on the contracts, the Office of Insurance Commission provides the home address and photos of the board members responsible for running the company.

I am very much a Capitalist for the simple reason that it works, but the death of Capitalism occurs when government regularly allows for the Privatization of profits but the Socialization of losses without consequence.

I hope that the Shareholders lost their shirts and that the Board they installed and supported gets chucked out on the street; anything less is systemic failure.

[JackMeOff]

About 8 months ago, a Thai friend of my Thai girlfriend had this insurance and intentionally infected herself with covid after getting 1st vaccine.  

Her symptoms were mild and she collected on this cheap covid insurance.  I would think thousands of other Thais who got this insurance did same thing to collect on 150K baht. 

No surprise that insurance company soon runs out of money as a result. 

 

[Dmitrii]

5 hours ago, JackMeOff said:

About 8 months ago, a Thai friend of my Thai girlfriend had this insurance and intentionally infected herself with covid after getting 1st vaccine.  

Her symptoms were mild and she collected on this cheap covid insurance.  I would think thousands of other Thais who got this insurance did same thing to collect on 150K baht. 

No surprise that insurance company soon runs out of money as a result. 

Yes, the premium / risk ratio was way too low. It would make sense only if Thailand stayed closed.

[HiuMak]

16 hours ago, JackMeOff said:

About 8 months ago, a Thai friend of my Thai girlfriend had this insurance and intentionally infected herself with covid after getting 1st vaccine.  

Her symptoms were mild and she collected on this cheap covid insurance.  I would think thousands of other Thais who got this insurance did same thing to collect on 150K baht. 

No surprise that insurance company soon runs out of money as a result. 

You scam me and I scam you.....