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Aug 2020

Thailand: Regulator mulls authorising standalone flood insurance policies

Source: Asia Insurance Review | Nov 2019

The Office of Insurance Commission (OIC) is considering allowing insurers to market flood insurance policies as standalone products instead of bundling such a cover as a rider on fire insurance policies.
OIC secretary general Dr Suthiphon Thaveechaiyagarn said that the proposal will be discussed with insurance companies, according to a report by the Thai News Agency.
He said that the main idea is that insurance products must be accessible to people, especially those with low incomes. He said that many people think that current insurance products do not meet their needs.
Thailand is a flood-prone country. The 2011 floods were the country’s worst in 70 years, causing economic losses estimated at $46bn. A 
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