The Office of Insurance Commission (OIC) and insurers have agreed in principle to provide insurance products with coronavirus coverage for both foreign visitors and locals.
Insurance companies will develop travel insurance that provides medical and death coverage to foreign travellers to build up their confidence when they visit Thailand and support the country's tourism industry, said OIC secretary-general Suthiphon Taveechaiyagarn.
The insurance product is aimed at bolstering Thailand's tourism industry as the deadly virus epidemic is dealing a blow to the sector and the country as a whole, he said.
To alleviate any unexpected impact from the coronavirus on local residents, the OIC approved insurers developing insurance products with coronavirus coverage. Several insurers are offering additional coverage for their existing health insurance policyholders, said Mr Suthiphon.
The OIC has instructed insurance companies to prioritise coronavirus insurance product development to allow people to get coverage amid the virus outbreak.
"We need to join forces to overcome this epidemic and prove the insurance system can effectively relieve people's plight," he said.
