Long Covid may increase the price of insurance in Thailand, according to Bangkok Insurance (BKI), a company listed on the SET. Mr. Apisit clarified that even while insurance providers cannot choose to renew customers’ health policies, the law nonetheless permits organizations to alter regulatory requirements in order to balance increased risks. Data from the Thai Life Assurance Association lend credence to this. By having provisions that, for deductibles and co-payments, for example, allow the insurance to cover 80% of costs and the insured to pay 20%. He asserts that the bulk of BKI insurance cover fatal conditions including dengue fever and cancer. He claimed that because there is no study that analyzes or evaluates the economic ramifications, the company does not yet know how severe the financial impact of extended Covid will be. Since the approval of the New Health Standard, which took effect on July 1, it is now unlawful for insurers to terminate or decline to renew the policies of current customers without proof of a fraudulent claim. Therefore, insurers are required to completely assume long-term Covid risks. According to Mr. Apisit, both life and non-life insurers will be impacted by a spike in medical expense claims, especially those that have issued a lot of health insurance policies. He contends that these businesses need to carefully consider the effects of extended Covid in order to minimize hazards. According to Mr. Apisit, there are already indications of the long-term effects of Covid because some insurers reportedly won’t cover those who have contracted the virus. Long Covid may provide major financial risks to Thai health insurers because it may increase the amount of claims, particularly from general health insurance policies that cover medical expenses, argues Apisit Anantanatarat, president and chief executive of BKI. Additionally, the increase in claims may make insurers less likely to provide health insurance to persons with Covid-19. Mr. Apisit asserts that the long-term impact of Covid on BKI will be negligible because the majority of the company’s health insurance coverage does not prioritize covering in-patient and out-patient medical costs. It is obvious that people who continue to experience COVID symptoms need to see a doctor frequently. He claimed that Long Covid, which has effects similar to those of Covid-19 policies with a lump-sum payment, is the upcoming major challenge for the insurance market.

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