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News Forum - Insurance companies in uproar over Covid scam by clients


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In a bizarre twist of fate, insurance companies are crying wolf after being scammed out of 500 million baht from a Covid-19 insurance scheme. Evidence has emerged that thousands of people who bought the “Found, Paid, Done” Covid-19 insurance scheme submitted fake documents for compensation totalling an estimated 500 million baht. The president of the Thai General Insurance Association, Anon Vangvasu, says many members of the association have complained about false claims made by their clients. In an unusual practice, a number of insurance companies quickly paid out to customers who were claiming for Covid-related health reasons. But when the […]

The story Insurance companies in uproar over Covid scam by clients as seen on Thaiger News.

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Insurance fraud... Popular everywhere and as old as the Roman empire itself. 

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Has anyone (or knows someone) received a payout for a COVID insurance claim? I'm genuinely curious. 

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16 hours ago, palooka said:

Wow scammers scamming the scammers.

How did the insurance companies "scam" anyone?  The insurers paid out claims because they erred on believing peoples' claims. How did the insurers scam the public? Instead of making BS false allegations, why not back it up with something factual?

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14 hours ago, vendetta said:

karma returning effortlessly for these long time scammers... 

How are they long time scammers? Are you making the claim because you do not understand what insurance is or because you tried to make a claim for something else and were denied because you were not  covered for the claim? 

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4 hours ago, Vigo said:

How did the insurance companies "scam" anyone?  The insurers paid out claims because they erred on believing peoples' claims. How did the insurers scam the public? Instead of making BS false allegations, why not back it up with something factual?

You have a nice day too

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9 hours ago, palooka said:

You have a nice day too

You referred to the insurers as scammers. Since you are unable to substantiate the allegation, will you admit that you made a false statement and retract that statement?

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4 hours ago, Vigo said:

You referred to the insurers as scammers. Since you are unable to substantiate the allegation, will you admit that you made a false statement and retract that statement?

Obviously you have not read the fine print on the iInsurance policy.  They put many ways to not pay you anything ever. Have seen many friends in Australia that have been paying their insurance premiums year in year out and and when disaster did strike they got nothing.  Mainly because the insurance companies were degrading the value with their subtle changes (as they raised the premiums) issued with renewals every year that required legal representation to understand. 

One had their flood insurance subtley changed to cover only water damage from water coming down not for water rising (ie flood).  They do not have the funds (pensioners) to fight these scammers, so they lost everything.

 

 

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Insuran

7 hours ago, Vigo said:

You referred to the insurers as scammers. Since you are unable to substantiate the allegation, will you admit that you made a false statement and retract that statement?

You seem to be trying to support a tarnished industry.  Insurance salespersons have been ripping people off for years with dud insurance policys.

The Tarnish of reputation even goes to the pillar of Insurance, Llyods of London who were scamming their own investors by allowing "names" to invest in much less riskier areas of Insurance than other investors. 

Sorry but you are flogging a dead horse with your knight in shining armour support for Insurance companies. (Or is it in support of your vested interests)

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So the insurance company didn’t check the authenticity of the documents before approving the claims. Brilliant! 

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7 hours ago, Vigo said:

You referred to the insurers as scammers. Since you are unable to substantiate the allegation, will you admit that you made a false statement and retract that statement?

7 sleazy life insurance scams and how to avoid them | finder.com

Just one of 100s on the internet. Maybe you should have a read and then you retract your implication of making a false statement.

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11 hours ago, palooka said:

Insuran

You seem to be trying to support a tarnished industry.  Insurance salespersons have been ripping people off for years with dud insurance policys.

The Tarnish of reputation even goes to the pillar of Insurance, Llyods of London who were scamming their own investors by allowing "names" to invest in much less riskier areas of Insurance than other investors. 

Sorry but you are flogging a dead horse with your knight in shining armour support for Insurance companies. (Or is it in support of your vested interests)

No. You described the Thai insurers who provided the required Covid19 illness insurance as scammers. When asked to  provide evidence, you have gone off on  a tangent making references to allegations of 20 years ago in the UK. So, how about you getting back to your allegation and supporting it or apologizing for making a false allegation, much like those who submitted false claims.

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14 hours ago, palooka said:

Obviously you have not read the fine print on the iInsurance policy.  They put many ways to not pay you anything ever. Have seen many friends in Australia that have been paying their insurance premiums year in year out and and when disaster did strike they got nothing.  Mainly because the insurance companies were degrading the value with their subtle changes (as they raised the premiums) issued with renewals every year that required legal representation to understand. 

One had their flood insurance subtley changed to cover only water damage from water coming down not for water rising (ie flood).  They do not have the funds (pensioners) to fight these scammers, so they lost everything.

Rubbish.Another example of trying to claim for something that wasn't paid for and then blaming the insurer. Your example is a property insurance incident, and not a the Thai Covid19 insurance. You are off on another tangent.

In respect to property insurance, all changes to a policy that remove coverage are documented. it's the law in most western countries. Your friends received  advance notice, but ignored it. An insurance policy is a contract that transfers risk. It is the contracting party's obligation to read the contract. Don't blame the insurer because  your friends did not read the policy and did not know what they were insured for. If they were too lazy to ask, that's their problem. Flood coverage is not available in  known flood zones. People at risk instead participate in government subsidised programs. Insurance is for sudden and accidental events, not for expected events. Flood coverage is an option when available and must be requested, the same as earth movement. These are called catastrophic risks. All of this would have been explained in the cover letter provided by the agent/broker/direct insurer. It was in my package.

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11 hours ago, palooka said:

7 sleazy life insurance scams and how to avoid them | finder.com

Just one of 100s on the internet. Maybe you should have a read and then you retract your implication of making a false statement.

None of which  has anything to do with the Thai Covid19 health insurance. Why is it so difficult for you to provide one example of scamming under the Thai program? If it was so rampant, you should be able to offer some examples.  The examples you provided are not even the slightest bit applicable to the Thai experience.

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10 hours ago, Vigo said:

No. You described the Thai insurers who provided the required Covid19 illness insurance as scammers. When asked to  provide evidence, you have gone off on  a tangent making references to allegations of 20 years ago in the UK. So, how about you getting back to your allegation and supporting it or apologizing for making a false allegation, much like those who submitted false claims.

Never.

As to providing evidence, I bought Covid Insurance for my wifes family, 3 out of 5 got Covid, 2 hospitalized.

Insurance paid out nothing. SCAM

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10 hours ago, Vigo said:

Your example is a property insurance incident,

Changed over the years from FLOOD INSURANCE to Inundation Insurance.  

 

10 hours ago, Vigo said:

If they were too lazy to ask, that's their problem.

Oh they had legal advice when they originally took out the policy and it was good for floods, it was the subtle changes every year in policy adjustments and then name change.

So you say they should get legal advice every time the Insurance company sends out their renewal and policy adjustments.  They are both well into their eighties and don't need shifty Insurance people ruining their lives.

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1 hour ago, palooka said:

Changed over the years from FLOOD INSURANCE to Inundation Insurance

In Australia? Yes, as of late mucho BS from insurance companies about this flood damage. Mainly subtle changes in wording so if a flood damages your house then not covered but if rain damages your house then covered. Begs the question as to where the damaging water comes from… Govt will help people out by sending a $1000 cheque. Great! 

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2 hours ago, palooka said:

Never.

As to providing evidence, I bought Covid Insurance for my wifes family, 3 out of 5 got Covid, 2 hospitalized.

Insurance paid out nothing. SCAM

Is your wife and her family Thai nationals?

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10 minutes ago, Faz said:

Is your wife and her family Thai nationals?

Yes. The policys were for this one off payment of 100,000 baht if you contracted Covid.

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44 minutes ago, palooka said:

Yes. The policys were for this one off payment of 100,000 baht if you contracted Covid.

What company offered that?

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2 hours ago, Faz said:

What company offered that?

It was one of the "Found , paid, done " policies from a Thai Co that is now trying to ward off bankruptcy.

All the policies are now with a Solicitor so probably best not to name names as TIT. (don't need a defamation suit.)

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22 hours ago, Vigo said:

Rubbish.Another example of trying to claim for something that wasn't paid for and then blaming the insurer. Your example is a property insurance incident, and not a the Thai Covid19 insurance. You are off on another tangent.

In respect to property insurance, all changes to a policy that remove coverage are documented. it's the law in most western countries. Your friends received  advance notice, but ignored it. An insurance policy is a contract that transfers risk. It is the contracting party's obligation to read the contract. Don't blame the insurer because  your friends did not read the policy and did not know what they were insured for. If they were too lazy to ask, that's their problem. Flood coverage is not available in  known flood zones. People at risk instead participate in government subsidised programs. Insurance is for sudden and accidental events, not for expected events. Flood coverage is an option when available and must be requested, the same as earth movement. These are called catastrophic risks. All of this would have been explained in the cover letter provided by the agent/broker/direct insurer. It was in my package.

Sounds like you wrote it yourself, suppose that may be a remuneration package benefit for employees.

 

 

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