Thailand: Allianz urges industry consolidation to push innovation
Source: Asia Insurance Review | Dec 2017
More consolidation is needed in the Thai insurance industry, especially in the property and casualty segment, in order to develop and support innovation, German global insurer Allianz’s CEO, Mr Oliver Bäte, has said.
According to a report in The Bangkok Post, Mr Baete said: “If you want to have innovation, you need to invest in technology and brands and for that to happen, the market needs to be profitable, otherwise people will not put money in.”
The property and casualty insurance market in Thailand is small and fragmented with many players. Current regulations allow a foreign company to partner with only one local operator.
Regarding innovation and digitisation, he said the Thai regulator, the Office of the Insurance Commission, is open to new ideas and technologies for use in the industry.
In Thailand, Allianz operates life insurance through its subsidiary Allianz Ayudhya Assurance, and property and casualty insurance through Allianz General Insurance. A