Insurance is elevated to ‘Operation Center to assist people in disaster situations’


Insurance has been upgraded to the ‘Insurance Operations Center for Disaster Management and Assistance’ (ICD), revealing initial damages of over 420 million baht.

Due to the flooding in the northern and northeastern regions, which resulted in a large number of people suffering from loss of life and property, the Office of the Insurance Commission (OIC) and the insurance industry have urgently inspected and assessed the damages. It was found that the total value of the insured damages was over 420 million baht, consisting of damaged cars with an estimated compensation of 408 million baht, 865 damaged houses, buildings, and shops with an estimated compensation of no less than 10 million baht, and 126,104 rai of insured rice fields, which are currently being assessed for compensation.

To prepare for the plan to cope with the flooding that may occur continuously, the OIC has collaborated with the Thai General Insurance Association, the Thai Life Assurance Association, the Thai Insurance Brokers Association, th
e Association of Life Insurance Agents and Financial Advisors, and the Thai General Insurance Surveyors and Assessors Association to establish the ‘Insurance Operation Center for Disaster Management and Co-operation (ICD)’ to increase assistance measures and measures to support the risk of flooding that may cause loss and damage by urgently issuing 2 measures:

Measures to assist policyholders in disaster-stricken areas include relaxation of life insurance policy conditions by relaxation of premium payments or interest exemption in cases where policy conditions require interest, relaxation of motor insurance policy conditions by relaxation of premium collection and payment for motor insurance, and compensation for fire insurance for residences in disaster-stricken areas by allowing claims for compensation to be made by showing evidence and supporting documents such as photographs of damaged insured property and a record of damaged property for the convenience and speed of payment of such compensation. The abo
ve measures are to assist policyholders in disaster-stricken areas, with a grace period between September 1, 2024 and November 30, 2024.

Relaxation measures to alleviate the suffering of insurance agents and brokers who wish to renew their licenses due to flooding, which prevents them from attending training and renewing their licenses, can apply for an extension of the renewal period with supporting documents within 15 days from the date the situation returns to normal, but no later than December 31, 2024.

Both of these measures will be implemented to help people soon. In addition, there is a policy to raise awareness about insurance and disaster management to be able to cope effectively through activities such as a lecture and seminar on “Creating awareness to cope with floods in the current climate change era” on October 4, 2024.

Mr. Chuchat Pramulpol, Secretary-General of the Office of Insurance Commission (OIC), added that for this round of flooding, the OIC analyzed data from the Insurance Bureau Sys
tem (IBS), which showed which flooded areas had property insurance, or which sub-districts and districts had houses and factories that had flood insurance. This data will help insurance companies go to the area to manage compensation effectively. This is the first time that the OIC has used a data system to manage disasters together with the business sector.

Finally, I would like to remind the public to be aware of the importance of insurance in order to be protected against damages to life and property from disasters such as floods, storms, landslides, earthquakes, and droughts, etc., which will help alleviate and ease the financial burden of the public in the event of a disaster. You can ask for more details about insurance from insurance companies, the OIC hotline, or study information at www.oic.or.th.

Source: Thai News Agency