Thai insurers face huge losses from bargain COVID policies

An avalanche of claims has put 16 nonlife companies at risk of collapse

Thais line up for vaccine shots in Bangkok. Well over half of Thailand's 69.8 million people bought inexpensive COVID policies that have come back to haunt listed nonlife insurers. © Reuters

APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writer

November 29, 2021 12:03 JST

BANGKOK -- Sixteen Thai insurance companies suffering losses from cheap COVID-19 policies they began selling last year are crossing their fingers that the regulator will allow them to revoke the policies.

Ten are listed on the Stock Exchange of Thailand, and they recently reported a combined 5.8 billion baht ($176 million) loss for the third quarter through September, according to their earnings reports.