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Industry finds hope in the recommendations!
It looks like happy days are here again for the reinsurance fraternity in India, as the Reinsurance Expert Committee (REC) has recommended that after GIC Re, insurers should be allowed to obtain the best terms simultaneously from Indian reinsurers, foreign reinsurance branches, Lloyds India and cross-border reinsurers that satisfy eligibility criteria.

Source : AIR | 01 Jan 2018
General Insurance Company of the Year - 21st Asia Insurance Industry Awards 2017: Apollo Munich Health - This Award inspires us to reach new milestones
Awards are great! They are a mark of recognition given in honour of an achievement! Awards enhance a company’s brand reputation, instil confidence in customers about the quality and professionalism, and help employees take pride in their work.

Source : AIR | 01 Jan 2018
Thailand: Number of retirees to accelerate over next 2 decades
Thailand’s retirees will make up 20% of the population over the next decade and jump to one-third by 2035, said the Capital Market Academy (CMA).

Source : AIR | 01 Oct 2017
Thailand: Elderly to outnumber the young next year
2018 will be the first year the elderly will outnumber the young, Mr Porametee Vimolsiri, Secretary General of the National Economic and Social Development Board (NESDB) has said.

Source : AIR | 01 Nov 2017
Echo Re targeting more Asian business
Dr Peter F Hugger is the man at the helm of Echo Re since February 2012. Having spent a considerable part of his 30-year professional life in Asia, with some of the top names in the reinsurance business, he is now ready to chart a new course for Echo Re in Asia, where the company already has a big presence and where he believes lies the opportunity for international players like his. He speaks to Asia Insurance Review on his new plans and strategy for the region, and the future ahead for his company.

Source : AIR | 01 Dec 2017
Samsung Re: Expanding beyond group business
Samsung Re has been keeping a low profile since its inception in 2011 but of late, the reinsurer has adopted a new strategy to expand its operations beyond its group business and into newer territories across Asia. We speak to Mr Tae Y Choi, CEO, Samsung Re at the SIRC, to find out the plans and strategies ahead for the company.

Source : AIR | 01 Dec 2017
Thailand: Allianz urges industry consolidation to push innovation
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.

Source : AIR | 01 Dec 2017
TGIA marks Golden Jubilee
Thailand’s General Insurance Association (TGIA) threw a grand party to mark its 50th anniversary in November. The organisation, which was established from the merger of three insurer associations in 1967, reminisced its journey in supporting and promoting the non-life insurance sector as a socio-economic pillar in the Kingdom.

Source : AIR | 01 Dec 2017
Thailand: Siam Commercial Bank in bancassurance deal with Prudential Life

Source : AIR | 01 Feb 2018
Asia: InsurTech investments surging strong
InsurTech funding in 2017 rose 36% from the year before to reach US$2.3 billion, according to the latest data published by Willis Towers Watson.

Source : AIR | 01 Mar 2018
Another Thai insurer eyes life in Cambodia
Thai Life Insurance, Thailand’s third largest life insurer, is studying the possibility of entering the Cambodian market as well as those of Laos and Myanmar. The studies will be completed this year.

Source : AIR | 01 Mar 2018
Thailand: Muang Thai Life eyes expansion beyond Indochina
Muang Thai Group, which is a holding company of Muang Thai Life Assurance, has set aside a budget of more than THB1 billion (US$31.6 million) a year from 2018-22 to expand its investments in new operations that relate to digital and insurance businesses, including startup ventures, said Mr Sara Lamsam, Muang Thai Life Assurance’s President and CEO. He is also a director of Muang Thai Group Holding.

Source : AIR | 01 Mar 2018
Look out for these what-if scenarios - WEF's 10 potential future shocks
The growing complexity and interconnectedness of our global systems can lead to feedback loops, threshold effects and cascading disruptions. Sudden and dramatic breakdowns – future shocks – become more likely, according to the Global Risks Report 2018 published by the World Economic Forum.

Source : AIR | 01 Mar 2018
Thailand: Regulator to make insurers disclose more information
The Thai insurance regulator recently circulated two draft notifications that will impose new disclosure requirements on insurers.

Source : AIR | 01 Apr 2018
Growth in motor in Thailand
Bangkok Insurance believes that it is a good time to grow its motor portfolio, while embarking on digital enhancements to improve customer experience and efficiency.

Source : AIR | 01 Apr 2019
Embarking on the digital trek to healthy growth
Generali Thai’s Korakrit Khumruangrit rues the facts that Thailand’s non-life insurance market has seen weak growth since 2014 - but says that 2018 should improve as the government ramps up efforts to transform the economy.

Source : AIR | 01 May 2018
Thailand: Drunk drivers barred from lodging motor claims
Thailand’s Department of Disaster Prevention and Mitigation (DDPM) has reminded motorists that those involved in an accident while under the influence of alcohol cannot make an insurance claim.

Source : AIR | 01 May 2018
Thailand: Regulator to set up platform to develop InsurTech
The Office of Insurance Commission (OIC) will set up and administer the Insurtech Centre of Thailand (ICT) soon for data collection, technology exchange and insurance product development.

Source : AIR | 01 Jun 2018
Life prospects: Old is gold
The future is bright for insurers servicing Southeast Asia’s largest ageing population and their young.

Source : AIR | 01 Jun 2018
Thai takeaway: Chinese entrée
Before long the street markets of Asia will have vendors selling tee shirts printed with one of the Belt and Road Initiative graphics that have graced every newspaper and magazine in the region since they were first photoshopped. But what does BRI in Thailand mean for insurers?

Source : AIR | 01 Jun 2018
Execution trumps ideas
The ability to prioritise and provide the right culture to bring good ideas to fruition is what separates winners from the competition, according to Muang Thai Life Assurance president and CEO Sara Lamsam.

Source : AIR | 01 Jun 2018
Embracing digital regulation
Thailand’s Office of Insurance Commission secretary general, Dr Suthiphon Thaveechaiyagarn, throws some light on what the regulator has already achieved and what the office has in store in the digital realm.

Source : AIR | 01 Jun 2018
Scope for reinsurers to help improve penetration
Asia Insurance Review talks with Swiss Re’s Phuong Hanh Nguyen and Winnie Ching for their views on reinsurance prospects within the non-life and life segments.

Source : AIR | 01 Jun 2018
Thailand: Intercity bus operators oppose third-party insurance requirement
A group of inter-city bus operators is protesting against a new Land Transport Department rule requiring them to buy motor third-party insurance in case of accidents.

Source : AIR | 01 Jul 2017
Thailand: OIC improves regulation regarding insurance sales
The Office of the Insurance Commission (OIC) has published the draft notifications regarding Rules and Procedures for Issuing and Offering for Sale Insurance Products of Life and Non-Life Insurance Companies and the Operations of Insurance Agents and Licensed Brokers.

Source : AIR | 01 Jul 2018
MSIG: Speed in the hour of need
MSIG Asia CEO Alan Wilson says helping customers when they are most vulnerable is key and is what runs through the insurer’s DNA. He explains how the company’s latest digital initiative promises haste in its claims service, so its insureds may be relieved of unnecessary stress in the wake of an accident.

Source : AIR | 01 Aug 2017
Asia: Protecting crops and farmers
Fifteen members of the collaborative UNDP-FAO Integrating Agriculture in National Adaptation Plans (NAP-Ag) Programme from Nepal, the Philippines, Thailand and Viet Nam were involved in a recent peer-to-peer exchange to discuss how proper application of climate information and applied research could inform better decision making and reduce loss.

Source : AIR | 01 Aug 2017
Thailand: Online car insurance broking startup targets US$3 bln premiums in 1st year
Carpool Insurance Broker, a Thai InsurTech firm, is aiming for THB100 million (US$3 million) of premiums during its first year of operations.

Source : AIR | 01 Aug 2017
Strong, steady & seeking sustainability
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.

Source : AIR | 01 Aug 2017
Interview with the Regulator: Engaging disruption to benefit the industry
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.

Source : AIR | 01 Aug 2017
Life: Positive outlook for 2017
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.

Source : AIR | 01 Aug 2017
Weaving social needs into protection innovation
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.

Source : AIR | 01 Aug 2017
Non-life: Steady and strong
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.

Source : AIR | 01 Aug 2017
Non-life: A paradigm shift
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.

Source : AIR | 01 Aug 2017
CSR gives insurers a community connect
Insurers around Asia now see CSR as an opportunity to build bridges with communities which not only creates goodwill for their business but also helps them make a meaningful contribution to society.

Source : AIR | 01 Aug 2018
Product Bites

Source : AIR | 01 Aug 2018
Thailand: Insurance to be promoted to foreign migrant workers
The Office of Insurance Commission (OIC) is working with other government agencies to promote insurance for foreign workers in Thailand.

Source : AIR | 01 Aug 2018
Thailand: Bright outlook for non-life business
There is room for non-life business to expand in Thailand because health insurance penetration in the country was below 1% in 2017 and its population is ageing at one of the fastest rates in the region, said Fitch Ratings.

Source : AIR | 01 Sep 2018

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