News eDaily01 Sep 2017

Thailand:Cross border insurance products made available

01 Sep 2017

Bangkok Insurance has signed a reciprocal deal with APA Insurance of Laos on vehicle and accident cover for their respective clients who travel to the other country.

"This is the first step in business cooperation in the field of insurance under the Asean Economic Community framework. Thailand and Laos have made an unprecedented deal in the circle of international insurance business," Panus Thiravanitkul, director of Bangkok Insurance, said.

The agreement was signed in Vientiane on 30 August, in the presence of insurance representatives and authorities from the two countries, reported The Bangkok Post. The insurance covers people travelling in automobiles and on motorcycles.

APA Insurance is a subsidiary of Phongsavanh Bank of Laos and Bangkok Insurance a subsidiary of Bangkok Bank. Mr Panus said the two banks had a business partnership going back 11 years.

Meanwhile, Sompo Holdings will launch insurance products this month targeting Japanese logistics companies in Thailand, covering accidents in four neighbouring countries as more goods flow across the region, reported The Nikkei.

The Japanese insurer will cover accidents occurring in the border areas with Cambodia, Laos, Malaysia and Myanmar.

Thailand, a manufacturing hub, anchors Southeast Asia's supply chain, and trucks commonly make deliveries to factories and logistics centres within 10km or so of the Thai border.


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