Thailand is to launch a pilot program to create a national insurance scheme for disaster-stricken households. The scheme, worth 15.5 billion baht (some $470 million), is reportedly targeting about 30 million residential units in Bangkok and other provinces.
Initiated by the Director General of the Office of Disaster Prevention and Mitigation, Department of Disaster Prevention and Mitigation, the Office of Insurance Commission and the Thai General Insurance Association this program aims to predict disaster relief and make it more accessible.
What Does Thailand’s Disaster Insurance Scheme Cover?
The scheme is intended to “insure” physical damage to residential built structures resulting from the three types of natural hazards, being flooding, windstorm and earthquakes. Families may be paid up to 100,000 baht per house for each eligible event.
The reported payment agreement allows homeowners in the flood shaded areas to be paid up to 10,000 baht within 15 days and 90,000 baht after they have made a damage assessment.
The initial payment is set at 5,000 baht, if damage is caused by windstorm or earthquake and up to 95,000 baht will be paid upon verification of such damage. The scheme is also said to provide a benefit of 2 million baht for those who are dead and have Thai national identification numbers.
Who Qualifies for the Insurance?
The eligible houses will be automatically enrolled, based on the details of the programme provided, according to the house registration system in Thailand, called Tabien Baan. Premiums won’t be collected from households in any specific application.
The scheme is designed to provide local disaster protection nation-wide, including some flood and hard weather affected regions. The residents, however, should ensure that they meet certain eligibility criteria and have required documentation for each individual case following official announcements.
When Will the Scheme Take Effect?
The reported implementation time period is from 1st October 2026 to 1st October 2027. At this time, the insurance coverage is expected to cover property damage resulting from the disaster for which it was designed.
The programme was designed to be complementary to the government emergency response programmes to enable insurance capacity to assist compensation payments. It will rely on the ability to make clear claims, able evaluation and coordination between the public authorities and the insurance companies in time.
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Why Is the Scheme Important?
Thailand is subject to weather hazards frequently that can cause loss of homes and livelihoods and with a high cost of recovery. A new national insurance programme could help households before and during reconstruction bear some of these direct costs, and might also help to lessen the need for post-disaster discretionary aid.
The coverage reported is for residential buildings. Some losses may need additional protection as temporary housing, personal effects. Patients have to consider his or her private insurance if they require more coverage.
FAQs
How much compensation can a family be given?
Each covered disaster event up to 100,000 baht per household will be granted, depending on the damage and the terms and conditions of the policy.
What are the disasters that are covered?
As reported, this removal/scheme is for flood, windstorm and earthquake damages to physical residential buildings.
Do residents are required to register?
The information provided indicates that qualified homes in the official Tabien Baan house registration system will be automatically registered without any bonus payments.
