January 28, 2015 2:01 PM ET

Insurance

Company Overview of Deves Insurance Public Co. Ltd.

Company Overview

The Deves Insurance Public Company Limited provides non-life insurance products in Thailand. The company offers motor insurance products, which cover bodily injury to or death of any damaged party, and damage to the insured vehicle caused by collision, theft, and fire, including liability towards loss of life, bodily injury, and property of third party. It also provides fire insurance products to protect homes, townhouses, and commercial buildings against loss or damage due to fire, lightning, and explosion of domestic gas. The company’s marine insurance products include marine hull insurance that covers loss of or damage to the insured vessel sustained from perils, such as storm, stranding,...

97 99 Deves Insurance Building

Ratchadamnoen-Klang Road Pranakorn District

Bangkok,  10200

Thailand

Founded in 1947

525 Employees

Phone:

66 2 670 4444

Fax:

66 2 629 1080

Key Executives for Deves Insurance Public Co. Ltd.

Caretaker President
Age: 66
Senior Vice President of Accounts Department and Senior Vice President of Finance Department
Executive Director and Member of Executive Committee
Secretary - Board of Directors and Director
Compensation as of Fiscal Year 2014.

Deves Insurance Public Co. Ltd. Key Developments

The Appeal Court's Judgement for the Compensation Regarding the Fire at CentralWorld

On December 16, 2011, Central Pattana Public Company Limited and its subsidiaries submitted the complaint against Deves Insurance Public Company Limited for the compensation regarding the fire at CentralWorld, pursuant to the Industrial All-Risk policy. On March 1, 2013, the First Instance Court granted judgment in favor for CPN. Deves Insurance, by the judgment of the First Instance Court, shall make payment for compensation to CPN. On October 9, 2014, the Appeal Court reversed the judgment of the First Instance Court. Consequently, Deves Insurance does not have to make payment of compensation to CPN. CPN will submit the appeal to the Supreme Court within 1 month from October 9, 2014. However, CPN has a right to submit a request to extend the period for submitting the appeal to the Supreme Court. The extension depends solely on the discretion of the Court.

Court Orders Deves Insurance Public Co. Ltd. to Pay Zen Almost THB 2 Billion

The Bangkok Civil Court has ordered insurer Deves Insurance Plc to pay Zen department store THB 1.977 billion for damage caused in the red-shirt arson attacks in the Ratchaprasong area on May 19, 2010. Central Department Store Co. (CDS), the operator of Zen, bought an industrial all-risks policy worth THB 3.3 billion plus an extra clause for terrorism coverage from Deves Insurance. The department store filed a complaint against the insurer in May 2012 after it delayed payment on Zen's damage claims. Deves argued the government had declared the arson attacks as acts of terrorism and it was debatable whether this was covered in the all-risks insurance policy. But the court ruled the fire was not caused by terrorism and it ordered Deves to pay the claims, totaling THB 1.647 billion.

Court of First Instance Rules the Judgment in Favor of Central Pattana Public Company Limited and its Subsidiaries Ordering Deves Insurance Public Company Limited to Pay Compensation for Property

As Central Pattana Public Company Limited and its subsidiaries (‘CPN’) have filed the complaint against Deves Insurance Public Company Limited for compensation for the fire at CentralWorld on December 16, 2011. On March 1, 2013, the Court of first instance has ruled the judgment in favor of CPN ordering Deves Insurance to pay compensation for property damage in the amount of THB 2,719,734,975.29 and compensation for loss of income in the amount of THB 989,848,850.01 with the interest of 7.5% per annum from March 31, 2011 onwards until such amount will be fully paid by Deves Insurance. In this regard, Deves Insurance is entitled to appeal such judgment within 30 days from the date of the judgment of the Court of first instance and such period may be extended depending on the discretion of the Court.

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