Magazine Table of Contents
With Thai economy recovering from the political crisis, the market is buoyant and the regulator rates it as "good as it gets". So optimism abounds despites the challenges.
Mr Pravej Ongartsittigul, Secretary-General of the Office of Insurance Commission (OIC) gives his appraisal of Thailand's insurance industry performance and takes us through the OIC's upcoming plans domestically and regionally.
Thai Life Assurance Association (TLAA) President Sara Lamsam says the market remains confident of further double-digit growth and also explains why the ASEAN Economic Community (AEC) will be more of an opportunity than a threat.
Maintaining a position among the top five in Thailand's life insurance market is no mean feat. Mr Saloon Tham, CEO of AIA Thailand says the key to its success is delivering commitment on its principles.
Despite registering virtually flat growth in 2014, optimism for Thailand's general insurance sector remains strong amidst hopes for a better GDP performance and an increase in the PA and health lines of business. Thai General Insurance Association (TGIA) President Anon Vangvasu elaborates.
Despite a tough 2014, Ms Nualphan Lamsam, President & CEO of Muang Thai Insurance PCL says general insurers have tons of opportunities in digital and bancassurance channels. She also tells us why the potential competition from the ASEAN Economic Community (AEC) does not ruffle her.
The Thai economy began to recover from the political crisis towards the end of last year. In Q4 of 2014, GDP grew by 2.3% from a year ago, up from the 0.4% to 0.6% recorded in the previous two quarters. For the full year, GDP grew by 0.7%, the weakest since the severe floods in 2011. Mr Nguyen Phuong Hanh and Mr Jonathan Tang of Swiss Re, give an update on the country's non-life sector, its evolving reinsurance competitive landscape and the long-term opportunities.
Messrs Michael Daly and Clement Bonnet of Milliman look at the challenging low interest rate environment in Thailand. Whilst a continuation of the status quo is undoubtedly creating problems for life insurers operating in the market, they argue that it may act as a catalyst for more progressive companies to develop propositions that better satisfy previously untapped and emerging customer needs.
By Ms Sarah Chen, Of Counsel, Norton Rose Fulbright Thailand