Southeast Insurance Flooded With Covid Claim

Southeast Insurance has pledged to clear up 8,000 accumulated claims for the Covid-19 insurance policies within two weeks as the company has already finished installing the digital process and increased the number of staff handling claims to speed up clearing the claim documents.

The company received around 23,000 claims for Covid-19 insurance and related outbreak policies. Currently, there are around 8,000 accumulated cases waiting for the claim procedure, accounting for compensation worth 860 million baht. The company expects to spend around two weeks to completely clear up these 8,000 accumulated claim cases.

Claims flooded the company after rising infections during the third wave of the Covid-19 outbreak. This overloaded the company's capacity to handle the claims. Normally, its capacity for claim service is around 200 cases per day, while during the pandemic crisis claims peaked at around 1,200 daily.

Last week some policy holders for Covid-19 insurance and related outbreak protection gathered at Southeast Insurance's headquarters on Silom Road to demand payment for their claims. Some clients have waited for compensation for 1-2 months but have yet to be paid.

The capital adequacy ratio of Southeast Insurance is at around 170%. As well, the company has prepared liquidity for existing and the additional compensation payment in total worth around 2.3 billion baht.