Policies for Covid-19 face suspensionSeveral insurance companies are poised to suspend sales of Covid-19 insurance products with a lump-sum payout as policy sales approach their threshold of 500,000-750,000. The OIC has approved 25 firms to sell coronavirus insurance, with 20 already launching products. As of March 18, more than 2 million Covid-19 insurance policies were taken out, with the most popular being a lump-sum payout for insured people diagnosed with the virus. "The honeymoon is over after we offered fast-track approval for Covid-19 insurance products in recent weeks," Mr Suthiphon said, adding that he expects the free insurance coverage to no longer be available. At the Thai General Insurance Association's meeting on Wednesday, participants expressed concerns about the insurance policyholders' moral hazard and insurers underestimating risks.

Source: Bangkok Post March 19, 2020 22:52 UTC