OIC pushes B10 policy for Songkran
The Office of the Insurance Commission (OIC) aims for 1 million micro-insurance policies to be taken out, designed to provide accident coverage in April.
The low-priced policy costs 10 baht per person, with compensation of 100,000 baht in case of death from an accident, said Suthipol Taweechaikarn, secretary-general of the OIC.
The cheap insurance will allow people and motorists to purchase life protection during the Songkran festival, a long holiday when road casualties and injuries always spike.
In 2017, road accidents during seven days of Songkran rose by 7.05% to 3,690 cases across the country. Motorcycles were the main vehicles involved in the accidents.
The death toll from road accidents during the last Songkran fell by 11.8%, but injuries increased by 4.1%.
Motorcycles accounted for 74.5% of road accidents during the Songkran celebration last year and drivers in 48.7% of these cases did not wear helmets.
Moreover, 48% of motorcycles involved in the accidents did not have compulsory third-party insurance.
This year’s Songkran runs from April 12 to 16.
Mr Suthipol claimed the 10-baht microinsurance is the world’s cheapest insurance product.
Nine companies purchased the 10-baht micro-insurance in bulk to provide free accidental coverage for their retail customers, including PTT for its blue card holders, Advanced Info Service Plc, Tesco General Insurance Brokers, TQM Insurance Brokers, Black Canyon, Yan Wal Yun Corporation Group, Dara Daily Newspaper.
The 10-baht micro-insurance is now available at four life insurance companies — Thai Life Insurance, Ocean Life Insurance, Muang Thai Life Assurance and AIA — and 10 non-life insurance firms for coverage this April.
Earlier, the OIC and insurance companies jointly launched 100-baht and 222baht policies for personal accident protection with coverage of up to 100,000 baht in case of death.
These products, which were available during New Year and Songkran festivals, received lukewarm responses from the public because the premiums were too high, said Mr Suthipol.