Thai insurers brace for multi-million dollar payouts following Myanmar earthquake

By Dat Nguyen March 30, 2025 | 07:54 pm PT

Thai insurers may face payouts amounting to tens of millions of U.S. dollars after a powerful earthquake in Myanmar caused damage, including the collapse of a 34-story building under construction in Bangkok.

The incident alone could result in insurance claims exceeding THB1 billion (approximately US$29 million), according to The Nation.

Rescue personnel walk near a building that collapsed in Bangkok, Thailand, March 28, 2025. Photo by Reuters

The collapsed structure was the Thai Auditor General’s Office building, which was about 30% complete at the time of the disaster and had a total construction budget of THB2.1 billion.

The project was covered under a Construction All Risks (CAR) insurance policy valued at THB2.24 billion, jointly underwritten by four insurers: Dhipaya Insurance (40%), Bangkok Insurance (25%), Southeast Insurance (25%), and Viriyah Insurance (10%).

Apisit Anantanatarat, CEO of Bangkok Insurance, said that the OIC and the involved insurers are currently undertaking a comprehensive assessment of the damages.

However, he noted that "preliminary estimates suggest the damage could exceed THB1 billion, based on the current construction progress."

The 7.7-magnitude earthquake struck Myanmar last Friday, with its epicenter located approximately 20 kilometer from the city of Mandalay.

The powerful quake shook the wider region, resulting in cracked roads, the collapse of ancient pagodas, broken bridges, and ruined homes.

Numerous residential areas were reportedly destroyed within seconds. Tremors were also felt by residents in neighboring countries, including Thailand, India, China, and Vietnam.

In Thailand, other insurance companies are reportedly receiving claims related to various affected properties, including high-rise buildings, office towers, condominiums, hospitals, and vehicles in Bangkok and other major cities impacted by the tremors.

Insurers indicated that a clearer picture of the overall damage situation is expected to emerge within the next week.

OIC Secretary-General Chuchatr Pramoolpol has urged insurance companies to prepare for the prompt processing of claims arising from the earthquake damage.

The Thai General Insurance Association has also advised policyholders in affected regions to carefully review their coverage benefits and submit their claims promptly.

Furthermore, the association has established a dedicated center to assist customers and disseminate information regarding earthquake insurance coverage for different types of assets.