Crisis at Thai Billionaire’s Insurance Firms Rattles Industry
- Southeast Insurance plans to close after Covid-policy claims
- Thai regulators say finances in industry can handle payouts
Thailand’s richest man, Charoen Sirivadhanabhakdi, built a $15.9 billion fortune mostly from liquor and retailing. He’s had a tougher ride in the financial sector.
Southeast Insurance Co. and Thai Insurance Pcl, controlled by Sirivadhanabhakdi’s Thai Group Holdings Pcl, last month sought to cease operations of their non-life divisions, saying they could no longer cover mounting costs related to Covid-19 claims by policyholders.