Three local insurance companies are hoping to make jumbo-sized sales off their latest product: life insurance … for elephants.
Malaysia's KSK Insurance (Thailand) Plc is teaming up with Thailand's Dhipaya Insurance and Japan's Toyo Insurance Broker for the pachyderm polices.
Pongpanu Damrongsiri, CEO of KSK Insurance, told Post Today on Tuesday the new insurance scheme targeted elephant kraals and other tourist attractions offering elephant shows. Policies cover death resulting from an accident, natural disasters, illness and epidemic diseases with maximum pay-outs of 500,000 baht for an elephant aged 1-65.
Insurance coverage for elephants was first introduced in Thailand in 2008. Currently, around 200-300 domestic jumbos have life insurance, about only 10% of the total number.
Mr Pongpanu said insurance agents had talked extensively with owners of elephant kraals and training centres and he was confident the product would meet their need and benefit their businesses.
A jumbo is not merely an ordinary animal but an important asset for a business, he said, adding that it can be used as surety when applying for a loan from banks.