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02 Aug 2019, Natalia Yanakieva, Head of Industry Research, EMIS

Thailand mulls compulsory life insurance for foreign visitors

Thailand’s Office of the Insurance Commission (OIC) is considering introducing compulsory life insurance for foreign visitors at THB 20 (USD 0.65) per person for a 30-day cover.

The new insurance might come into effect later in 2019 pending approval from the Tourism and Sports Ministry and the country’s cabinet. Foreign arrivals will have to buy the insurance policies at airports' immigration offices.

The premium will be directed to Thailand's Tourism Promotion Fund for coverage of claims in the event of death, which are capped at THB 1mn per person.

Expenses for the medical treatment of injuries and other travel-related accidents will not be covered by this insurance policy. Tourism is a major source of revenue for Thailand, which anticipates 40.2mn visitors and THB 2.21tn in earnings from foreign visitors (THB 3.38tn from tourism overall).

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Original source: Thai EconomicNews Service