Bangkok (The Nation Thailand) – The Thai insurance sector is assessing damages exceeding one billion baht following the collapse of a partially constructed State Audit Office (SAO) building due to the recent earthquake that struck Myanmar on March 28, 2025. The 33-story SAO building, which was about 30% complete with a construction budget of 2.136 billion baht, suffered catastrophic structural failure. The building was insured under a Contractor All Risk (CAR) policy with a total sum insured of 2.241 billion baht. The policy was shared among four insurers: Dhipaya Insurance (40%), Bangkok Insurance (25%), Southeast Insurance (now Indra Insurance) (25%), and Viriyah Insurance (10%). Apisit Anantanatarat, President of Bangkok Insurance, confirmed that the Office of Insurance Commission (OIC) and the involved insurers have dispatched a specialist team to conduct a thorough damage assessment. Beyond the SAO building, insurers are preparing to handle claims from other affected properties, including high-rise buildings, offices, condominiums, hospitals, and vehicles across Bangkok and other major cities. Industry experts anticipate that a clearer picture of the overall insurance market impact will emerge within the coming week. The Secretary-General of the OIC, has urged insurers to be fully prepared for claims arising from the earthquake. The Thai … Continue reading Thai Insurance Sector Faces Billion-Baht Losses After Earthquake-Induced Building Collapse