Finance Minister Pichai Chunhavajira believes the recent earthquake has had no effect on the economy and pledged further assistance for victims, as reports emerged that up to 5,500 buildings across the capital may have been damaged. Total losses may reach 100 billion baht.
Mr Pichai said on Friday the ministry and state officials are closely monitoring the situation but the operations of government agencies, state banks and the financial system remain unaffected.
Mr Pichai said the ministry is also exploring more ways to help victims of the earthquake, with state-owned financial institutions instructed to introduce measures to provide liquidity to help businesses get back on their feet.
The Office of Insurance Commission (OIC) has been directed work with insurance companies to assess damage and encourage them to consider including earthquake-related damage in their coverage if necessary.
Meanwhile, Somporn Suebthawilkul, president of the Thai General Insurance Association (TGIA), said work at the collapsed State Audit Office building was estimated to be 50% complete at the time of the earthquake, so the claim amount would be around 1 billion baht of the insured value, subject to any required deductions.
He said the building was insured through consulting firm Siam Consultants & Brokers with four insurance companies for a total of 2.136 billion baht.
Mr Somporn named the companies as Dhipaya Insurance, holding 40% of the coverage, followed by Bangkok Insurance (25%), Indara Insurance (25%) and Viriyah Insurance (10%).
He said these insurers have re-insurance policies to mitigate their own risks, with Dhipaya Insurance having reinsured 95% of its coverage.
Mr Somporn said overall earthquake-related damages are initially estimated to be under 100 billion baht, compared to the 150 billion baht which incurred during the Covid-19 pandemic.
Chuchart Pramolpol, secretary-general of the OIC, said damage assessment requests have been filed for 5,500 buildings in Bangkok.
Nusara Banyatpiyaphod, president of the Thai Life Assurance Association (TLAA), said the association is fully prepared to handle claims and services will be provided without disruption.
