OIC confirms the stability of the insurance business and sufficient liquidity, ready to fully support the public. A 24-hour hotline, 1186, has been established for contact and coordination.

Mr. Adisorn Pipatvorapong, Deputy Secretary-General for Legal Affairs and Inspection of the OIC, revealed the establishment of an Insurance Operations Center to manage and assist the public during disaster situations. Urgent measures have been implemented to provide assistance, including the 24-hour hotline 1186, allowing the public to contact for information and assistance regarding insurance. The public can also visit the OIC provincial office's Facebook page to inquire about details and contact the OIC office or the provincial director directly via telephone, ensuring they receive the best possible care.

In cases where insurance policies are lost during a disaster, the public can use their name, surname, and national identification number to check which companies they have policies with. Through the Insurance Bureau System of the Office of the Insurance Commission (OIC), the OIC has also coordinated with the Deputy Governor of Songkhla Province and the Deputy Commissioner General of the Royal Thai Police to request information on the deceased after their identities have been confirmed. This is to verify insurance policy coverage and coordinate with insurance companies to ensure prompt compensation is paid to the heirs of the deceased. All these measures are crucial in expediting the care and recovery of the public, helping them return to normalcy as quickly as possible.

The OIC has also held meetings with the Thai General Insurance Association to communicate to insurance companies the need to expedite the compensation processing to ensure timely assistance for the public. Furthermore, the OIC has established guidelines for insurance companies' compensation settlement procedures, including supporting documents for claims processing, which have been published on the OIC website at www.oic.or.th.

Finally, Mr. Adisorn confirmed that the insurance business has passed the Climate Stress Test to assess the impact of natural disasters. Regarding the capital adequacy ratio and liquidity of companies, the insurance business as a whole has a capital ratio that is not lower than the legally required level and also has sufficient liquid assets. Furthermore, floods are a cyclical disaster, and companies have already managed this risk and reinsurance as usual. Therefore, the public can be confident that the insurance business is stable and resilient in absorbing damage from this disaster. All companies are ready to pay compensation and help insured individuals return to normalcy as quickly as possible.

Mr. Adisorn added, “The Office of the Insurance Commission (OIC) is deeply concerned about the people affected by this flood. Therefore, we have expedited measures to assist policyholders in all aspects, and are integrating our efforts with the business sector to ensure full readiness in assisting policyholders. We will stand by the public at every step to ensure that compensation is paid and damages are restored through the insurance system quickly and efficiently. The OIC will also monitor the stability of the insurance business.”

Go To Lead