OIC Partners with Insurance Companies to Enhance Earthquake Coverage

Following the earthquake on March 28, which affected many areas of Bangkok and its surrounding provinces, the Ministry of Finance has assured the public that the government is closely monitoring the situation. Relevant agencies have been instructed to urgently implement measures to assist affected citizens and businesses.

One of the key measures currently being discussed is the improvement of insurance coverage. The Office of Insurance Commission (OIC) has been tasked with coordinating with insurance companies to review and revise fire insurance and Industrial All Risks (IAR) policies to include coverage for earthquake-related damages.

Why Improve Coverage?

In the past, fire insurance and most business insurance policies only covered damage from fire and certain natural disasters, but not all earthquake cases. As a result, when earthquakes occur, homeowners, building owners, or businesses may not receive insurance compensation as expected.

This recent earthquake has prompted the government to step in and push for expanded coverage so that affected individuals can claim insurance benefits and receive financial aid more quickly for repairing or restoring their properties and businesses.

Financial Assistance Measures

In addition to insurance matters, the Ministry of Finance has directed Specialized Financial Institutions: SFIs—such as Government Savings Bank, Bank for Agriculture and Agricultural Cooperatives (BAAC), and Krungthai Bank—to consider additional financial relief measures to ease the burden on individuals and businesses affected by the earthquake. These measures may include:

Low-interest loans for those needing funds to repair homes or businesses
Measures to temporarily pause debt payments to reduce the financial pressure on those facing difficulties
Loan guarantee measures for those needing extra funding but lacking sufficient guarantee

Impact on the Thai Economy?

Deputy Prime Minister and Minister of Finance, Mr. Pichai Chunhavajira, confirmed that there have been no reports of severe damage that could affect the country’s economic system, infrastructure, or financial stability. While the earthquake caused public concern, it has not disrupted the operations of government agencies or banks.

However, the Ministry of Finance has instructed relevant agencies to inspect the structural integrity of office buildings and infrastructure systems to prevent future risks and to reassure the public.

This earthquake has served as a starting point for the government to improve support systems for affected individuals—both through expanded earthquake insurance coverage and financial aid measures. Although Thailand’s overall economy has not suffered serious damage, being prepared in advance is essential to ensure that everyone can confidently face any future situations

Anyone seeking assistance can contact any Specialized Financial Institutions: SFIs or call the respective bank hotlines for more information.