Thailand's insurance regulator, the Office of the Insurance Commission (OIC), has held a meeting with the Bangkok Metropolitan Police Command to increase cooperation and enhance measures to prevent property crime in gold shops in Bangkok.
These stepped-up measures include the exchange of information and establishment of enhanced security measures, to reduce the risk of crimes against life and property, as well as to strengthen the stability of gold shops' business in the capital.
According to a statement from the OIC, property crimes in such shops in Bangkok have been on the rise due to the continuous increase in global gold prices.
Some risk mitigation measures proposed by the Bangkok Metropolitan Police Command during the meeting were:
- Installing extra-strong security doors
- Installing iron bars and bars
- Installing an alarm system
- Installing high-quality CCTV cameras
- Not accepting customers with covered faces
- Displaying only necessary or small samples of merchandise
- Keeping only necessary cash on hand
- Providing emergency exits for employees
- Safekeeping merchandise after closing
Despite these proposals, the statement noted that surveys revealed many gold shops have not adopted the precautions and risk management moves.
OIC Secretary-General Chuchat Pramoonphol also noted that although current insurance policies for gold shops include risk management measures to encourage policyholders to upgrade security standards, such as offering premium discounts for implementing security measures as specified, it may be necessary to revise coverage conditions to make enforcement more effective.
“The OIC will discuss the risk management measures from this meeting with the General Insurance Association and the insurance industry to finalise the form and wording of gold shop insurance policies,” said Mr Chuchat.