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Thai insurers sink into bankruptcy due to COVID claims

Huge payouts and scams weigh on entire non-life insurance sector

Thais pay their respects to Buddhist monks after the omicron surge, which pushed daily COVID cases to over 20,000 and sank insurers who had offered cheap coverage against the disease.   © Reuters

BANGKOK -- At least four Thai insurance companies have gone bankrupt after suffering losses from selling low-cost COVID-19 policies, raising fears of a domino effect that could weigh on the country's non-life insurance sector.

Syn Mun Kong Insurance is looking to raise capital and find new partners to stay afloat as it navigates a court-supervised rehabilitation. "Some foreign investors have expressed interest in joining us. We are in talks," said a source close to deals that could affect Syn Mun Kong's ability to retain its business license.

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