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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
Charoen Sirivadhanabhakdi
Charoen SirivadhanabhakdiPhotographer: Dario Pignatelli/Bloomberg 

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.