Fire insurance premium cuts to start in October

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BANGKOK – The Thai General Insurance Association and the Insurance Commission have decided to reduce the premium rates for fire insurance.

Starting from 1st October this year, insurance clients who are factory owners with a sum insured below 50 million baht will get a 10% cut in premiums. The offer applies to all fire-related perils. No minimum premium rate will be required for clients with a sum insured of over 50 million baht. The insured who are home owners will get their premiums lowered by 15 percent.

The scheme is expected to improve the country’s fire damage management. Statistics between 1989 and 2016 indicate a likely rise in fire accidents and associated loss. During that period, more than 50,000 fire accidents occurred, causing over 30 billion baht in damage.