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Jul 2020

IIRFA in Thailand: A success by all counts

Source: Asia Insurance Review | May 2017

The Insurance Premium Rating Bureau (IPRB – Thailand) was proud to be the host of Insurance Information and Ratemaking Forum of Asia (IIRFA) on 20-21 March 2017 at Chatrium Hotel Riverside Bangkok. 
   IIRFA has grouped together Insurance Statistics Organisations in Asia since 2012, pioneered by Korea Insurance Development Institute. The current IIRFA members are as follows: 1) General Insurance Rating Organization of Japan (GIROJ) 2) Insurance Association of China (IAC) 3) Insurance Information Bureau of India (IIB) 4) Insurance Premium Rating Bureau (IPRB Thailand) 5) ISM Insurance Services Malaysia Berhad (ISM) 6) Korea Insurance Development Institute (KIDI) 7) Otoritas Jasa Keuangan (OJK) and 8) Taiwan Insurance Institute (TII). 
90% of premiums in Asia
The total combined premium volume the eight of IIRFA markets of life and non-life insurance in 2015 was US$1.2 trillion, accounting for 90% of total premiums in Asia and 30% of global total premium. This annual gathering enables the building of productive dialogue and the exchange of information among IIRFA members.
Health insurance, Big Data and Analytics
The 2017 IIRFA Open Forum focused on Health Insurance, Big Data and Analytics – significant and timely topics with far reaching effects on insurance value chains. All sessions were principally designed to enhance the development of sound and sustainable development of insurance industries in Asia such as Product Innovation in Health Insurance Market, Data Analytics for Fraud Detection and Prevention in Life Insurance, and Using Data Analytics to Refine Reference Rating of Motor Insurance. 
   All presentations were delivered by experts of IIRFA members and guest speakers. Dr Suthiphon Thaveechaiyagarn, Secretary General of Office of Insurance Commission, was the keynote speaker of this year’s forum. 
   Dr Chutatong Charumilind, Chairperson of the IIRFA 2017 Organising Committee and Secretary General of IPRB Thailand, said that this forum has proven to be a successful platform in bringing together overseas delegates from IIRFA members including Insurance Association of Cambodia as the observer, executives of life and non-life insurance companies, regulators from banking and insurance sectors, government agencies, and academics. 
   There were around 170 participants in total. Dr Charumilind thanked Aon Benfield, Swiss Re, Institute and Faculty of Actuaries, TQM Insurance Broker, Peak Re, Thaivivat Insurance, 
   Asia Insurance Review and Thai General Insurance Association for their contributions and strong support to the forum. A 
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