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Development of the National Catastrophe Insurance Fund

          The set up of the fund reserve for catastrophe was the result of the severe flooding crisis in 2011. This crisis has caused serious damage to the economy and society in many parts of the country. The government has an urgent need to reconstruct and rehabilitate the country in order to remedy the damage to the public. The remedy includes setting up the water management system and investing in public utility improvement. Since the crisis is serious risk to economy and public trust, it is necessary to implement measures to rehabilitate the damage, prevent the future catastrophic events and rejuvenate the confidence and trust of public and investors to reengage in occupations. The implementation of such measures will require a huge amount of capital and must be done urgently. The devastating floods have put the insurance industry at risk. Many insurance companies are facing difficulties in managing insurance risks from the crisis resulting in soaring premiums for the insured or the insurers are not able to provide insurance coverage. Therefore, in order to provide insurance coverage for the public to enjoy the protection of their properties and businesses and to create trust and confidence for future investments in the country, there should be a law about fund to support catastrophe insurance for the establishment of fund to manage risk of catastrophe. The National Catastrophe Insurance Fund 2012 should be enacted into law to maintain the economic well-being of the country in the event of emergency.


Objectives

1. To help individuals’ and business owners’ to gain insurance coverage for their properties and businesses.

2. To provide sufficient reinsurance capacity with the lowest premium rate

3. To provide public access to the extensive catastrophe insurance coverage with an appropriate premium rate.

4. To reassure foreign investors and business owners to continue their business operations in Thailand.

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