When it comes to insurance companies to avoid, Syn Mun Kong Insurance is likely to be at the top of the list for the people that trusted the Thai insurance company when they bought Covid-19 insurance policies.
The same policies that have now been cancelled by Syn Mun Kong, with the company citing a rapidly deteriorating situation in Thailand’s Covid-19 crisis for their inability to provide the insurance coverage they promised.
In a Facebook message today, the Thai insurance company notified clients every Covid-19 insurance policy issued by Syn Mun Kong is to be terminated 30 days after the client receives a letter from the company notifying them of the upcoming cancellation.
Payments that had been made before the company decided to cancel the policy would not be refunded.
Soon after Syn Mun Kong’s announcement, Viriyah Insurance said their Covid-19 policies are also being cancelled and renewals will no longer be accepted.
Of course, as has been happening more and more in Thailand lately, angry Thais descended on the Syn Mun Kong Facebook page and on Twitter saying they are being cheated by the Thai insurance firm.
Some stated they would never buy another insurance policy from the SET-listed company.
After Syun Mun Kong’s cancellation notice was posted, the Thai Office of Insurance Commission was said to be talking to the company’s representatives before they consider pursuing legal action.
Shares of Syn Mun Kong also fell 4.7% soon after the announcement was made.
The problem for the Office of Insurance Commission, of course, is if they allow Syun Mun Kong to renege on promises they have made when issuing Covid-19 policies, that could open the door for even more insurance companies to do the same.
In that case, it could be difficult for anyone in Thailand to obtain a Covid-19 insurance policy, including the foreign tourists that need them in order to obtain permission to enter the country.
Meanwhile, Bangkok Insurance posted on their Facebook page saying they will not be canceling their Covid-19 insurance policies.
Customers of that insurance company immediately posted their thanks and their support.
