Insurance in Thailand – The Ins and Outs of the Tricky Business
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We all know what insurance is – it’s the means of guaranteeing protection or safety of your property, health or well being. Insurance comes in all forms, whether it be car, health, life, boat, motorcycle… the list is endless! Insurance in Thailand is the same in many other parts of the world, some of it is required and yet other forms are optional.
Vehicle insurance in Thailand is mandatory, you can face a hefty fine if you drive without it. There are two forms of vehicle insurance, compulsory and voluntary. Compulsory insurance is the basic form, and is easy to tell when a vehicle is missing it. When you purchase this type of insurance, you must place a sticker in the top left corner of your vehicle window. Police can easily tell when this is missing.
Voluntary insurance comes in 4 classes, Class 1, 2, 3 and 3+. Class 1 covers all accidents, no matter who’s fault. Class 2 covers accidents to third parties only and will cover your vehicle if it was damaged by fire or stolen. Class 3 covers only third parties, similar to liability insurance in the United States. Class 3+ covers third parties and limited coverage to your vehicle.
Health insurance in Thailand is comparatively better than that in the United States. Although, if you can’t show proof of insurance in advance, some hospitals might not admit you for care. Thailand has become a “medical tourism” destination, meaning foreigners often come to Thailand for cheap health care. Doctors in Thailand work for less pay than in the United States, but they do better work too. This could be because doctors in Thailand get into the profession out of interest, not greed. Thailand has many independent companies that offer health care coverage. The United States also has companies work in Thailand to bring coverage to the people. Premiums and maximum coverage are lower in Thailand than most countries, leading to the lower prices overall. One important detail to know is that Thai health insurance companies may refuse to renew your policy, which is renewed year by year. Thai law allows this practice.
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NYMAGIC, INC. Declares Dividend
NEW YORK, Dec. 10 /PRNewswire-FirstCall/ -- The Board of Directors of NYMAGIC, INC. (NYSE: NYM ) announced today that it has declared a dividend to shareholders of $.06 per share, payable on January 6, 2010 to shareholders of record on December 31, 2009.
NYMAGIC, INC. is an insurance holding company whose property and casualty insurance subsidiaries specialize in underwriting ocean marine, inland marine and non-marine liability insurance, and whose agency subsidiaries specialize in establishing markets for such business. The Company maintains offices in New York and Chicago.
Any forward-looking statements concerning the Company's operations, economic performance and financial condition contained herein, including statements related to the outlook for the Company's performance and the Company's ability to pay dividends in 2009 and beyond, are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon a number of assumptions and estimates, which inherently are subject to uncertainties and contingencies, many of which are beyond the control of the Company. Some of these assumptions may not materialize and unanticipated events may occur which could cause actual results to differ materially from such statements. These include, but are not limited to, the cyclical nature of the insurance and reinsurance industry, premium rates, the estimation of loss reserves and loss reserve development, net loss retention, the effect of competition, the ability to collect reinsurance recoverables, the availability and cost of reinsurance, changes in the value of the Company's investment portfolio, changes in the ratings assigned to the Company by rating agencies and other risks and uncertainties as included in the Company's filings with the Securities and Exchange Commission. These risks could cause actual results for the 2009 year and beyond to differ materially from those expressed in any forward-looking statements made. The Company undertakes no obligation to update publicly or revise any forward-looking statements made.
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