Syn Mun Kong Insurance Public Company Limited (SMK) announced the cancellation of Coronavirus (COVID-19) infection insurance as new cases of infection increase rapidly, resulting in a severe public health crisis.
The outbreak of the COVID-19 pandemic in Thailand is currently an emergency situation that continues to escalate with the number of new cases of infection increasing at a high rate, leading to a challenging public health crisis. Given the unfathomable situation of the pandemic, Syn Mun Kong Insurance needed ensure an efficient risk management and decided to cancel the “COVID 2 in 1” coronavirus infection insurance policy, by exercising the rights under the provisions of the policy conditions in Section 2, General Conditions and Clause 2.4.3 and Clause 2.5.1, by terminating coverage under the above insurance after the expiration of 30 days from the date the policy holder is notified by letter.
The company will return premium to the policy holder within 15 days from the date the insurance policy expires, which is proportional to the unexpired portion of the policy.
The decision was made as a result of Syn Mun Kong thoughtful consideration and up-close follow-up of the ongoing COVID-19 outbreak situation with deep concerns, together with the review of potential impacts on business operations, as well as options and directions that enable us to manage resources efficiently.
Ultimately, this is to protect and take care of all customers in the entire product and service portfolio, including auto insurance, health insurance, personal accident and travel insurance and other insurance in the best way Syn Mun Kong can and for a long-term sustainable future.