Insurance firms cheated out of ฿500m in fake COVID-19 insurance claims

Thousands of people who had taken out COVID-19 insurance coverage, under the “Found, Paid, Done” scheme, have been discovered to have used false documents to claim compensation, worth an estimated 500 million baht, according to the Thai General Insurance Association.

Association president, Anon Vangvasu, said today (Tuesday) that he has received complaints from several association members about the false claims.

He disclosed that, during the peak of the pandemic, a number of insurance companies rushed to pay compensation to their clients, in order to ease their financial burdens, and examination of the documents filed for compensation was, therefore, more cursory than usual.

After the COVID-19 pandemic eased, he said insurance companies rechecked their documents with hospitals, where their customers claimed to have received treatment, and found out that numerous documents, purported to have been issued by the hospitals, were fake.

The scammers may face maximum prison time of three years and/or a fine of 300,000 baht if convicted.

Some insurance companies, which had offered the “Found, Paid, Done” insurance policy, are facing serious financial losses, due to the unexpected number of COVID-19 infections and resulting claims, prompting some of them to file for bankruptcy protection.

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