Financial status of insurance companies and risks arising from the COVID insurance product “Find-Pay-End”

Abstract

From the past situation of the COVID-19 epidemic, it had a wide impact, especially in the insurance sector. There were many companies that must shut down from selling insurance products COVID-19 “Find-Pay-End”. Because the insured’s claim was too high. The researcher is interested in studying impact of COVID-19 which affects all 7 insurance companies that sell COVID-19 insurance products “Find-Pay-End” namely Southeast insurance company, Thai insurance company, Bangkok insurance company, Deves insurance company, Muang-Thai insurance company, Viriyah insurance company and Sinmunkhong insurance company. It intends for compare the financial ratios between non-closed and closed insurance companies and intend for study the problems cause by insurance products COVID-19 “Find-Pay-End” by financial statement analysis namely Loss ratio, Operating expense ratio, Combined ratio, Premium growth ratio and Capital adequacy ratio furthermore it compares the risk of clamming the insurance products. It is found that if Sinmunkhong Insurance could pay claims for 251 people, it will be at par. And the probability that people will catch the disease is 0.003984, which is the least risk of a company that has not closed.