According to the Thai General Insurance Association (TGIA), insurance claims stemming from the earthquake that struck Myanmar and impacted Thailand in March could total up to 50 billion baht (approximately $1.53 billion), with an estimated 150,000 claims.
TGIA President Somporn Suebthawilkul noted that with the claims process expected to continue through September, demand for earthquake-inclusive policies and personal property insurance is likely to surge.
As a reminder, on March 28, 2025, a powerful magnitude 7.7 earthquake struck central Myanmar near the city of Sagaing, making it the strongest quake to hit the country in over a century.
The shallow quake, centred about 10 kilometres underground, caused widespread devastation across Myanmar, especially in the Sagaing and Mandalay regions.
Thousands of buildings collapsed, including homes, religious structures, and bridges, with entire towns heavily damaged. The earthquake reportedly killed over 3,600 people in Myanmar and injured thousands more.
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In Thailand, where tremors were felt as far as Bangkok, more than 1,000 kilometres from the earthquake’s epicentre in Myanmar, a partially constructed 30-story skyscraper collapsed, resulting in at least 92 deaths and numerous injuries.
The disaster also exposed significant shortcomings in worker protection, with many construction workers who were killed or injured reportedly lacking accident insurance, as their employers had not secured the voluntary coverage.
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