Insurance companies to help riot harmed businesses

BANGKOK, 30 May 2010 (NNT) – The General Insurance Association has promised to help riot affected businesses although they have no terrorism insurance as earlier requested by the Office of Insurance Commission (OIC).

According to OIC Secretary-General, Chantra Purnariksha, assistance will be made in the form of donations similar to the one given during the tsunami attack years ago in the southern part of the country. Insurance companies hence can use the donations to deduct corporate tax from the government.

The secretary-general said the donation could be made as a part of corporate social responsibility (CSR) activities of insurance companies. CSR activities are being promoted and are very popular in many organizations at present.

Based on the recent survey in seven areas of Bangkok where demonstration of the United Front of Democracy Against Dictatorship took place, there are 75 traders holding loss insurance policies worth altogether130 billion THB. There were 51 companies damaged by arsons, but only eight of them have insurance against terrorism.

Ms Chantra also announced that insurance companies on 3 June would bring damage results to discuss with the OIC in order to expedite assistance to affected businesses.