Several insurance firms not dumping Covid cover after Syn Mun Kong does so


EIGHT insurance companies came out to reassure customers they are not cancelling Covid-19 policies after Syn Mun Kong Insurance Plc took this step on grounds of having to effectively manage risk amid deteriorating health crisis, said this afternoon (July 16).

Confirming on their websites that they are not abandoning customers who had taken out Covid coverage were Thai Insurance Plc, Bangkok Insurance Plc and Muang Thai Insurance Plc.

They were later followed by Allianz Ayudhya Insurance Plc, Deves Insurance, Southeast Insurance Plc and Dhipaya Insurance in likewise reassuring their customers that they still have their Covid cover.

Meanwhile Viriyah Insurance Plc said although it is not cancelling Covid policies, it will stop selling new ones and will not renew them for existing customers from 4 p.m. today.

Nonetheless Viriyah added that it will be releasing a new product to provide cover from coronavirus.

Syn Mun Kong’s termination of Covid policies triggered strong criticism online with customers feeling betrayed at being dumped during this severe outbreak. 

Twitter users are heavily focusing on the action of this insurance company with the hashtag #Synmunkong quickly moved up to become  the day’s number one trend.

Shares of Syn Mun Kong immediately fell by 1.25 baht (3.36%) to 36 baht.


Insurance on calculator, above, and written on a board, Home Page. Both photos: GotCredit (CC BY 2.0)

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