Bangkok: The Office of Insurance Commission (OIC) is ready to allow private companies to participate in compensation claims related to incidents on the Thai-Cambodian border. Despite the situation not meeting the definition of "war," efforts are being made to expedite damage assessments and provide needed assistance.
According to Thai News Agency, the OIC has requested insurers to speed up damage assessments and engage with reinsurers to clarify insurance policy terms for prompt compensation consideration. The OIC has initially determined that the incident does not qualify as "war" under insurance policy exclusions. However, should companies identify other applicable exclusions, it is advised to evaluate the insurance policy wording and the facts on a case-by-case basis.
The OIC Secretary-General stated that insurance policies allow companies to consider "kindness compensation" for policyholders or the public. The OIC is prepared to mediate and negotiate with insurance companies to ensure appropriate assistance is provided. Regular discussions with the Thai Life Assurance Association, the Thai General Insurance Association, and relevant agencies are planned to closely monitor the situation and develop insurance assistance measures.
The OIC emphasizes that the insurance system remains the primary mechanism for alleviating public hardship, providing protection, care, and compensation for damages. Insurance companies are urged to act swiftly, carefully, and fairly in processing compensation payments for each case.