Mar 2013

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Country Profile

Gearing up for Asean Economic Community

With the impact of the 2011 Thai floods still making waves, the Thai insurance industry is now gearing up for 2015 when ASEAN economies integrate into a common market.

Regulator leads the charge

The Office of Insurance Commission (OIC) had a busy past year looking both back and forward. Looking back, it had worked proactively with the industry in responding to the flood crisis and initiating measures to mitigate the impact of similar future disasters. Looking forward, it has been helping drive the industry to be fast on its feet as the ASEAN economic integration draws near. Mr Pravej Ongartsittigul, Secretary General of the OIC, urges Thai insurers to aggressively take on the regional opportunities coming their way. By Manuelita Contreras

Preparing for ASEAN Economic Community

Various stakeholders are preparing for the coming of ASEAN Economic Community in 2015. Mr Jiraphant Asvatanakul, President of the Thai General Insurance Association, speaks to Asia Insurance Review on the preparations and the new rules in place.

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The Thai insurance market after the floods

That the floods in Thailand in 2011 were a turning point was never in question, but like many turning points, they cannot happen overnight and the industry must heal carefully from the trauma in order not to make matters worse, says Mr Richard N C Austen from Asia Reinsurance Brokers Pte Ltd. Fifteen or so months on, after many of the claims have been settled, he notes that recapitalisation has taken place as needed and changes are beginning to happen.

Easing the foreign ownership rules on Thai insurers

By Ms Sarah Chen, Of Counsel, Norton Rose (Thailand) Ltd.