Allianz Ayudhya Assurance said it has paid 700 million baht in claims for 12,000 Covid and vaccine allergy insurance policies since last year.
Thomas C Wilson, chief executive and president of Allianz Ayudhya, said the company has fulfilled all of its policy-based health coverage pledges with a total value amounting to 700 million baht for all of its customers.
Of over 12,000 claims, 11,000 claims were for medical expenses from Covid-19 treatments. About 800 claims were for compensation for vaccine-related allergies, while about 230 were death claims.
Although life and health insurance policies can secure buyers a sense of financial safety and provide cover for medical expenses, they cannot guarantee good health.
Hence, after the lockdown measures are eased to boost economic activity, everyone still has to be careful in their daily life by wearing masks in public and keeping distance between each other. Regular hand washing is also still a necessity.
"Allianz Ayudhya hopes to see Thai people enjoying a better situation while having good health," said Mr Wilson.
"We are very proud to be part of the best insurance brands in the world. Throughout more than 70 years, we have continuously provided protection for Thai people with a customer-centric policy which is considered the DNA of the company," he said.
He said the company will continue to strive to fulfill its commitment to protect Thai people in all conditions of life and jointly continue to strengthen the Allianz brand through products and services that match the lifestyles of customers today and in the future, especially amid uncertainty from the pandemic.
Previously, several insurance companies such as Viriyah Insurance and Southeast Insurance also revealed information regarding their own Covid claims.
All of them have faced losses from a surge in Covid claims. Some companies were forced to revoke some insurance policies that generated a high amount of claims and losses.
Asia Insurance Company 1950 Plc was one of the companies that ended operations after the Ministry of Finance withdrew their insurance business licence on Oct 15.
The Thai General Insurance Association forecast the total value of Covid insurance claims in the system could reach 12 billion baht by the end of this year.
