Covid-1 vaccine vaccine allergens sold by insurers in Thailand allow for growth in covered products, but insurers must be aware of the risks, according to a recommendation from international rating house AM Best.
Insurers, who introduced products to alleviate the dilemma of vaccines among Thais, have also benefited from the strong demand for health insurance in 2020 amid the epidemic. However, AM reminds the best insurance providers that their risk is at the top of exposure, due to the uncertainty surrounding loss exposure. It said companies must combine effective risk mitigation and prudent underwriting risk management through the appropriate use of reinsurance, effective pricing strategies, clearly defined policy coverage and prudent limitations associated with the company’s risk appetite.
“Insurers need to keep abreast of vaccine-related developments related to the frequency and severity of domestic and global side effects so that they have an adverse tendency to actively manage and limit their risk exposure,” said AM Best. “The profile of the Covid-1 vaccine varies among manufacturers, and the World Health Organization lacks comprehensive quality information on the serious adverse effects of specific vaccines.