Businesses are calling on insurance companies to speed up the process of natural-disaster compensation payments and shorten the average waiting time to six months.
"We are likely to experience a large number of disasters in the future, but in some instances businesses, especially small and medium-sized enterprises (SMEs) with limited cash flow, may be hard hit if they are to wait for compensation from insurance companies," said Payungsak Chartsutthipol, chairman of the Federation of Thai Industries (FTI).Businesses claim they have now waited seven to eight months for compensation payments and still have no idea whether or not they will receive compensation for the floods that hit Thailand last year.
Mr Payungsak estimates that FTI members need to pay billions of baht worth of premiums each year.
The issue was proposed by the FTI at a monthly meeting held by the Joint Standing Committee on Commerce, Industry and Banking.
The FTI will hold discussions with the Bank of Thailand and the Office of the Insurance Commission (OIC) in order to obtain conclusions on whether or not insurance companies will be able to speed up processing from the average of six months to only one month, said FTI secretary-general Sommat Khunset.
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