AEC News - Thailand's insurance sector has potential to expand in the region, says regulator
Source: Asia Insurance Review | Jan 2016
With the launch of the ASEAN Economic Community (AEC), the Office of Insurance Commission (OIC) is preparing the Thai insurance industry to expand in the region.
Dr Suthiphon Thaveechaiyagarn, OIC Secretary-General, said: “Thailand has high potential to expand insurance services in the region, particularly in Cambodia, Laos, Myanmar, and Vietnam.”
The OIC will also join hands with regional insurance regulators and other related organisations to facilitate business expansion and promote the ASEAN single market concept.
Dr Suthipon added that regulations in the region should be harmonised to support insurers preparing to expand their business in the region.
Cross-border supply of insurance services is still largely restricted, though the formalisation of the ASEAN Insurance Integration Framework (AIIF) is seen as a platform to guide progressive liberalisation and thus make insurance markets more competitive.
ASEAN members have agreed to liberalise cross-border supply in the areas of Marine, Aviation and Goods in International Transit (MAT) in the next round of negotiations targeted for 2016.