Southeast Insurance and Thai Insurance licenses revoked

The Thai government has revoked the licenses of two local insurers for failure to pay Covid-19 claims.

Southeast Insurance was required to pay 13.5 billion THB (402.73 million USD) for Covid-19 related claims while Thai Insurance was to pay 4.6 billion THB (137.23 million USD).

The supervisory authorities plan to sue both companies for failure to set up sufficient reserves to cover their liabilities and failure to increase capital to cover claims.