News Non-Life26 Oct 2018

Thailand:Insurance institute to pave the way for business in neighbouring markets

26 Oct 2018

Thailand Insurance Institute (TII) has plans to provide training in neighbouring countries so as to pave the way for Thai insurance companies to do businesses in nearby markets.

TII director Mr Tadthep Sujitjorn said the organisation will invite representatives of insurance companies in Cambodia, Laos, Myanmar and Vietnam (CLMV) to join its education and seminar programmes on risk assessment, insurance products and business concepts. The programmes could be held either in Thailand or abroad, he said.

"We are not going there only to do business. Rather, we aim to expand and develop regional insurance businesses and open a gateway for Thai insurance companies should they opt to expand their businesses externally," he said.

TII, a non-profit organisation operating under the Thai Life Assurance Association and Thailand General Insurance Association, plans to start its development programme by signing a memorandum of understanding (MoU) with Cambodia and Laos to provide assistance for insurance associations in these countries, reports The Bangkok Post.

TII will also provide insurance literacy in CLMV countries, as stipulated in the MoU.

For example, TII will offer education on construction insurance for Myanmar companies about risk exposure and assessment because this type of insurance is growing at a rapid pace in the country as infrastructure development accelerates.



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