Bangkok: Pichai Chunhavajira, the Deputy Prime Minister and Minister of Finance, has taken decisive action to provide aid for those impacted by the recent disturbances along the Thai-Cambodian border and severe storms in northern Thailand. He has announced an extension of the life insurance premium payment period by 60 days to assist those affected.

According to Thai News Agency, Mr. Pichai chaired a meeting with various relevant agencies to discuss and implement assistance measures. The meeting focused on the four provinces severely impacted by the unrest: Surin, Buriram, Sisaket, and Ubon Ratchathani. The objective was to assess the Office of Insurance Commission’s (OIC) plans to support life and non-life insurance policyholders, covering both individual and business needs.

The measures include allowing car insurance companies to defer premium collections for up to 180 days. Insurers have been directed to expedite damage assessments to ensure timely compensation for both flooding in the northern region an
d violence on the Thai-Cambodian border. Insurance payouts are capped at 20,000 baht for individual claims, while microinsurance for small businesses is capped at 10,000 baht.

In addition to insurance relief, the SME Bank has launched urgent measures to support SME entrepreneurs and debtors facing claims. These include a six-month deferral of guarantee and management fees for SMEs in affected areas. The Treasury Department has also stepped in to assist tenants of state property along the border by waiving two months’ rent. Furthermore, SMEs and debtors will benefit from a six-month deferral of installment, principal, and interest payments.