Southeast Insurance ceases operations amidst mountain of COVID claims

The company said it cannot pay all the claims for all of its COVID-19 policies.

Thai Group Holdings subsidiary Southeast Insurance has ceased operation due to too many claims on its COVID-19 insurance policies, a report by Bangkok Post said.

TGH said that Southeast Insurance cannot make payment claims for all the COVID-19 policies it issued.

However, TGH said that Southeast Insurance still had T฿1.8b ($540m) worth of net assets left as of 1 January, enough to pay policyholders and stakeholders and compensate employees.

Southeast Insurance is the non-life insurance arm of TGH.