BANGKOK, 16 January 2013 Nearly 600,000 catastrophe insurance policies were issued during the period from March to July of 2012, while there has not been a single request for indemnity until now.
Federation of Thai Industries (FTI) Chairman Payungsak Chartsutipol, in his capacity as chairman of the National Catastrophe Insurance Fund, revealed that during March 28th to July 7th of 2012, 52 insurance companies in Thailand had sold nearly 600,000 policies against catastrophes with a total premium worth 450 million baht and potential claims worth 63 billion baht. However, he said until now no claims have been made.
Out of the total insurance policies issued during the period, 91 percent were for households, 8 percent for SMEs, and 1 percent for the industrial sector.
The number of policies covering 5 disaster- prone provinces accounted for as high as 45 percent of all the catastrophe insurance. Those provinces include Ayutthaya, Pathum Thani, Nonthaburi, Nakhon Pathom, and Bangkok.