Magazine Table of Contents
With continued domestic economic growth and the improvement of insurers’ products and services, there is growing awareness of the benefits of insurance, both life and non-life.
In this exclusive interview with Dr Suthiphon Thaveechaiyagarn, Secretary-General of the Office of Insurance Commission (OIC), Thailand, he gives an in-depth view of the insurance industry today and shares that the OIC is focused on technological innovation which he firmly believes will bring benefits to consumers and the whole industry.
Life premiums are expected to reach US$17.6 billion in 2017, an increase of 6% from 2016. The main factors for this projection are the continued domestic economic growth, the improvement of insurers’ products and services, and the growing awareness of the people to the benefits of insurance among others. Mrs Nusara Banyatpiyaphod, President of Thai Life Assurance Association reports.
Mr David Wright of Pacific Life Re Asia looks at innovation opportunities in existing product propositions that have the potential to address Thailand’s increasing gap, making insurance more accessible to everyone.
Dr Chutatong Charumilind of Insurance Premium Rating Bureau sees the non-life sector holding a steady growth path in 2017 and will remain strong despite the still crowded and competitive market.
Thailand’s non-life sector has been liberalising gradually. Mr Marc Breuil of Berkshire Hathaway Specialty Insurance recommends that further opening up segments of the sector would help as domestic insurers need to develop robust risk-bearing capabilities in order to be sustainable. One way to do this is by offering new licences to foreign companies and requiring these companies to play their role in the training and development of local talent.