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.