Thailand: Insurer signs agreement to provide coverage for BRI projects
Source: Asia Insurance Review | Jun 2019
Hong-Kong based King Wai Group (KWG) has signed an agreement with its wholly-owned subsidiary QBE Insurance (Thailand) to provide insurance support to Belt & Road projects in the Kingdom.
The agreement was sealed at the Belt & Road CEO conference held on the sidelines of the 2nd Belt & Road Forum for International Cooperation in Beijing in late April.
Thai regulations stipulate that only locally licensed companies can underwrite insurance policies in the country, with no exemptions made for Belt & Road projects.
KWG, which is mainly engaged in industrial real estate business in Thailand, is keen to expand its insurance business in Asia following its acquisition of QBE Insurance (Thailand) for nearly THB1bn ($31.2m) last year. A