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Insurance

Thailand shutters two insurers over delayed COVID payments

Southeast Insurance and Thai Insurance sold generous policies at cheap prices

Both Southeast Insurance and Thai Insurance are operated by Thai Group Holdings, which is controlled by billionaire Charoen Sirivadhanabhakdi. (Source photos by screenshot from Southeast Insurance and Thai Insurance websites) 

TOKYO -- Two insurance companies controlled by Thailand's richest man have been ordered to close due to delays in paying claims on COVID-19 insurance policies sold at cut-rate prices.

The Office of Insurance Commission will revoke non-life licenses from Southeast Insurance and Thai Insurance effective immediately, said Suthiphon Thaweechaikarn, the commission's secretary-general.

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