Thai Insurers Face Huge Losses From Bargain Policies.

[palooka]

Thai Insurers Face Huge Losses From Bargain Covid Policies - Caixin Global

Bought into this in June 2021 at about 400 baht a head for the whole family.  Payout is only for 100,000 baht for Thais but 300,000 baht for Farlung.

Now they want to cancel all the policies due to too many claims.

Where else in the world can an Insurance company appeal to the Govt to cancel policies because they are losing money?

[palooka]

 

The Office of the Insurance Commission (OIC) prohibited insurance firms from early terminating their COVID-19 insurance policies which offered lump sum compensation because that would affect insured people.

OIC secretary-general Suthipol Thaweechaikarn said he discussed issues concerning lump sum COVID-19 compensation with the president of the Thai General Insurance Association. The discussion followed the association’s report that insurance firms had paid 30 billion baht worth of lump sum compensation to their customers who had been infected with the disease and the cost was growing.
He said the OIC rejected the association’s request for permission for the early termination of lump sum COVID-19 insurance policies because it would affect insured people and the whole insurance business.

Insurance firms could propose their clients switch to other kind of COVID-19 insurance policies on a voluntary basis. They were prohibited from forcing their clients to change the policies, Mr. Suthipol said.
He added that the OIC had measures to help the insurance companies that had problems with their lump sum payment policies. (TNA)

 

 

[RampantRabbit]

never  mind compulsory thai   only  insurance for farangs  will claw  that back

[mickkotlarski]

When I was flying from Tokyo to Bangkok last year I had big difficulties finding an insurer and was quoted 75,000+THB. Less than a week later it dropped to 24,000THB for the same coverage.

Insurance companies can give all th esob stories they like but they don't complain when they rake in the profits.

[HiuMak]

9 hours ago, mickkotlarski said:

When I was flying from Tokyo to Bangkok last year I had big difficulties finding an insurer and was quoted 75,000+THB. Less than a week later it dropped to 24,000THB for the same coverage.

Insurance companies can give all th esob stories they like but they don't complain when they rake in the profits.

Insurance could be the biggest scam of the millenium

[AussieBob]

13 hours ago, palooka said:

Where else in the world can an Insurance company appeal to the Govt to cancel policies because they are losing money?

Answer:  The name of any Military Dictatorship where the leaders are knee deep in kickback and graft.  Applies across all industries too.  

[Lowseasonlover]

I dont want to go off topic but this is about insurance companies in Thailand,

The other day I watched a YT video and a farang in Hua Hin bought a car insurance only now has he found out they have gone bust, like he said what if he had an accident or worse he killed someone while driving.

He says he received no notification from the insurance company he saw an article in the BP he tried phoning them no luck. completely shut down offices shut down.

He still had 9 months left on his policy,

Time to check your insurance company to see if it exist,

[Vince]

On 11/30/2021 at 4:24 PM, AussieBob said:

Answer:  The name of any Military Dictatorship where the leaders are knee deep in kickback and graft.  Applies across all industries too.  

But Joe Biden's son isn't in a high paid job he has no qualifications for, and Trump didn't make deals that affected his own businesses in any way? 

Britain's Pandora Papers revelations showed nothing but pristine business conditions? 

https://news.yahoo.com/uk-urged-tackle-dirty-money-064244235.html

Major banks like HSBC don't get caught doing dodgy deals. And China is 100% free of corruption. Right? 

 

[AussieBob]

16 hours ago, Vince said:

But Joe Biden's son isn't in a high paid job he has no qualifications for, and Trump didn't make deals that affected his own businesses in any way? 

Britain's Pandora Papers revelations showed nothing but pristine business conditions? 

https://news.yahoo.com/uk-urged-tackle-dirty-money-064244235.html

Major banks like HSBC don't get caught doing dodgy deals. And China is 100% free of corruption. Right? 

So very true - BUT....... In Thailand it is institutionalised and it runs very very deep.  Having a go at the Military is a little unfair because that is the case in all of ASIA, but they deserve it.  They 'legally' got away with it in Thailand and elsewhere, whereas in USA, UK, etc that cannot happen - I think.  

[Vince]

1 hour ago, AussieBob said:

So very true - BUT....... In Thailand it is institutionalised and it runs very very deep.  Having a go at the Military is a little unfair because that is the case in all of ASIA, but they deserve it.  They 'legally' got away with it in Thailand and elsewhere, whereas in USA, UK, etc that cannot happen - I think.  

You are probably right, but I cannot know how deep it goes or how it being institutionalized in Thailand is different from, say, being institutionalized in Britain? London's banking institutions turning a blind eye to dodgy funds

https://www.theguardian.com/news/2021/oct/05/pandora-papers-reveal-true-owners-offshore-held-uk-property-london

Is that not 'institutionalized'? Is that not deep? 

It seems a chief feature of Western corruption is that the sausage making is hidden better. Usually. 

 

[AussieBob]

1 minute ago, Vince said:

You are probably right, but I cannot know how deep it goes or how it being institutionalized in Thailand is different from, say, being institutionalized in Britain? London's banking institutions turning a blind eye to dodgy funds

https://www.theguardian.com/news/2021/oct/05/pandora-papers-reveal-true-owners-offshore-held-uk-property-london

Is that not 'institutionalized'? Is that not deep? 

It seems a chief feature of Western corruption is that the sausage making is hidden better. Usually. 

In the west corruption definitely occurs, but it is not accepted as a part of society, and nowhere near as deep. Certainly in the distant past that was not the case, but nowadays things like policemen taking bribes from members of the public just does not happen anywhere near as much as it does in Thailand - no where near as much.  The same applies across all sectors of Thai society - especially in business where things like monopolies in Thailand still exist.  Things like 'protection' are a common occurrence in the big cities, and the buying of votes in the regional and remote areas is commonplace.  But, in the past that was the same in the west - especially in Australia - let me assure you of that.   In the west we have corruption of course, but it usually operates at the levels that you mentioned.  Thailand has a long way to go to catch up, but I hope they never go too far like we did - criminals and deviants should be afraid of the Police IMO.  

[Marc26]

10 minutes ago, AussieBob said:

In the west corruption definitely occurs, but it is not accepted as a part of society, and nowhere near as deep. Certainly in the distant past that was not the case, but nowadays things like policemen taking bribes from members of the public just does not happen anywhere near as much as it does in Thailand - no where near as much.  The same applies across all sectors of Thai society - especially in business where things like monopolies in Thailand still exist.  Things like 'protection' are a common occurrence in the big cities, and the buying of votes in the regional and remote areas is commonplace.  But, in the past that was the same in the west - especially in Australia - let me assure you of that.   In the west we have corruption of course, but it usually operates at the levels that you mentioned.  Thailand has a long way to go to catch up, but I hope they never go too far like we did - criminals and deviants should be afraid of the Police IMO.  

It is way deeper in the US, and other Western countries 

 

It's just done with guys in suits we don't see, but they are screwing their citizens over at a multiple way over any place like Thailand would 

 

In a place like Thailand, you see it personally at times

But because you see it personally, you cam also benefit from it personally 

 

No one really benefits from corruption in the west but politicians and corporations 

[Vince]

2 minutes ago, AussieBob said:

In the west corruption definitely occurs, but it is not accepted as a part of society, and nowhere near as deep. Certainly in the distant past that was not the case, but nowadays things like policemen taking bribes from members of the public just does not happen anywhere near as much as it does in Thailand - no where near as much. 

Again, this is a matter of visibility and maybe frequency. The US - and maybe Australia too- has a massive multi billion (trillion?) Dollar drug trade. 

It's police who are supposed to stop it. Oddly, they seem to miss a boat or shipment here or there. In fact, it seems more are missed than caught. 

And from time to time police are caught with large cash "donations" from cartels.  The public doesn't see any corruption (until someone is caught). 

I can go on. 

 

2 minutes ago, AussieBob said:

 

The same applies across all sectors of Thai society - especially in business where things like monopolies in Thailand still exist.  Things like 'protection' are a common occurrence in the big cities, and the buying of votes in the regional and remote areas is commonplace. 

I have read of such things and no doubt it is true. But I know of several large businesses in a US city caught committing crimes and oddly the city doesn't get rid of them. I can only assume "gifts" were made? 

As for vote buying, it may not be a door to door gift of THB500/$20AUD, but it may be a "stimulus check" or 'pork barrel' project in the US. Politicians give money to voters - obviously in Thailand and subtly in the West. I see little fundamental difference except style.

I prefer Western corruption to Eastern, but it's still corruption either way. 

2 minutes ago, AussieBob said:

But, in the past that was the same in the west - especially in Australia - let me assure you of that.   In the west we have corruption of course, but it usually operates at the levels that you mentioned.  Thailand has a long way to go to catch up, but I hope they never go too far like we did - criminals and deviants should be afraid of the Police IMO.  

I'm not sure that hiding corruption in the bowels of obscure financial trades or banks is any improvement over a THB500 fine-payment for not wearing a helmet going into someones 'tea fund'. 

High level corruption takes our money too, we just don't see it. 

[Sarisin]

Like a bookie crying when the favourite wins~

[AussieBob]

10 hours ago, Marc26 said:

It is way deeper in the US, and other Western countries 

It's just done with guys in suits we don't see, but they are screwing their citizens over at a multiple way over any place like Thailand would 

In a place like Thailand, you see it personally at times

But because you see it personally, you cam also benefit from it personally 

No one really benefits from corruption in the west but politicians and corporations 

No way in the world mate - corruption occurs in the west for sure - but nowhere near as much as in countries like Thailand.  You only see the higher level corruption in the west because it is exposed in the media and courts - it is what journalists there do for a living - they are constantly on the lookout for it  and are very well protected and freely report even baseless rumours. The higher level stuff rarely gets exposed in Thailand and when it does the matter still just 'goes away' - best example is Red Bull, and another is those millions of baht wasted on those lamp posts where no one walks, and why are all those hotels and squatters being evicted all over Thailand, etc etc etc.  The media are extremely reluctant to report anything because of the Thailand (and Asian) 'save face' laws which even have people reporting the conviction of someone being sued for defamation. Remember the journalist Johnathon Head, and there are many others.  On the local/lower levels the corruption in Thailand is everywhere - you cannot live in Thailand and not see it - but somehow perhaps someone can be shielded if they live in a remote village and rarely travel. But yes, as you said - it can be good, as you can use to advantage (tea money etc.). 

[AussieBob]

10 hours ago, Vince said:

Again, this is a matter of visibility and maybe frequency. The US - and maybe Australia too- has a massive multi billion (trillion?) Dollar drug trade. 

It's police who are supposed to stop it. Oddly, they seem to miss a boat or shipment here or there. In fact, it seems more are missed than caught. 

And from time to time police are caught with large cash "donations" from cartels.  The public doesn't see any corruption (until someone is caught). 

I can go on. 

I have read of such things and no doubt it is true. But I know of several large businesses in a US city caught committing crimes and oddly the city doesn't get rid of them. I can only assume "gifts" were made? 

As for vote buying, it may not be a door to door gift of THB500/$20AUD, but it may be a "stimulus check" or 'pork barrel' project in the US. Politicians give money to voters - obviously in Thailand and subtly in the West. I see little fundamental difference except style.

I prefer Western corruption to Eastern, but it's still corruption either way. 

I'm not sure that hiding corruption in the bowels of obscure financial trades or banks is any improvement over a THB500 fine-payment for not wearing a helmet going into someones 'tea fund'. 

High level corruption takes our money too, we just don't see it. 

 

 

[Vince]

1 minute ago, AussieBob said:

The topic is something about Thai insurance, not east v west corruption.

We can continue via PM or you can start a new thread? 

If corruption is so endemic as you say a new topic should be easy to start? ;-)

See you there! 

 

[AussieBob]

56 minutes ago, Vince said:

The topic is something about Thai insurance, not east v west corruption.

We can continue via PM or you can start a new thread? 

If corruption is so endemic as you say a new topic should be easy to start? ;-)

See you there! 

I feel no need to 'prove' the obvious to anyone Vince. Case stated and very clear - no need to say any more.  You can believe what you want to believe mate.

[Vince]

4 minutes ago, AussieBob said:

I feel no need to 'prove' the obvious to anyone Vince. Case stated and very clear - no need to say any more.  You can believe what you want to believe mate.

This topic is "Thai Insurers Face Huge Losses From Bargain Policies.". 

Since you have given up arguing I'll take that as your concession I am right. Thanks! 

Otherwise I'll be happy to keep proving you wrong in "All Other Discussions" over there ---------->>>> 

[DesperateOldHand]

11 hours ago, Vince said:

The topic is something about Thai insurance, not east v west corruption.

We can continue via PM or you can start a new thread? 

If corruption is so endemic as you say a new topic should be easy to start? ;-)

See you there! 

You'll be forgiving some, Vince. 

Their drive to prove Western superiority over most everything blinds them of any reasoned discourse. 

Natural occurring condition.

[Vince]

1 hour ago, DesperateOldHand said:

You'll be forgiving some, Vince. 

Their drive to prove Western superiority over most everything blinds them of any reasoned discourse. 

Natural occurring condition.

I'm happy to discuss the superiority of Western corruption and my preference for it, but only in a topic about it :-)  

 

 

[oldschooler]

On 12/1/2021 at 7:30 AM, Lowseasonlover said:

I dont want to go off topic but this is about insurance companies in Thailand,

The other day I watched a YT video and a farang in Hua Hin bought a car insurance only now has he found out they have gone bust, like he said what if he had an accident or worse he killed someone while driving.

He says he received no notification from the insurance company he saw an article in the BP he tried phoning them no luck. completely shut down offices shut down.

He still had 9 months left on his policy,

Time to check your insurance company to see if it exist,

Unwise to buy any insurance from other than reputable western companies.