The Office of the Insurance Commission (OIC) plans to hold meetings with top insurance executives at least three times a year or once every four months to follow up on industry issues, according to the regulatory agency's secretary-general, Mr Chuchat Pramunphon.
Muang Thai Life Assurance Public Company's (MTL) new business value growth is expected to improve in the medium term, says Fitch Ratings.
Thailand's life insurance industry premiums totalled THB633bn ($17.6bn) in 2023, up 3.61% from a year earlier, with the top 10 companies having a combined market share of 92.5%, revealed Mr Sara Lamsan, the president of the Thai Life Assurance Association (TLAA).
Muang Thai Life Assurance (MTL), a major Thai life and health insurer, is actively pursuing plans to invest in medical treatment businesses, in a bid to diversify its portfolio, says the company's president and chief executive, Mr Sara Lamsam.
Thai Reinsurance Public Company (THRE) is expected to show a more stable underwriting performance in 2024, with the combined ratio maintained below 100%, says Fitch Ratings.
The new secretary-general of the Office of the Insurance Commission (OIC) expects the insurance industry will generate premiums of THB1tn ($28bn) by 2026.
Thailand-based InsurTech, The Roojai Group, has acquired Lifepal, the leading online insurance broker in Indonesia, cementing the group's position in Southeast Asia's most populous country.
Prudential plc has announced that Prudential Life Assurance (Thailand) Public Company (PLT) has signed a 10-year bancassurance partnership with CIMB Thai Bank Public Company, where PLT will become the exclusive life insurance partner for CIMB Thai in Thailand.
Listed insurer Syn Mun Kong Insurance has announced that it will indefinitely cease accepting new insurance business after the Central Bankruptcy Court revoked an order placing the company in a rehabilitation plan.
Competition in the electric vehicle (EV) insurance market is so intense that the premiums charged for insurance coverage for some brands of EVs have fallen below technical levels, indicated Dr Apisit Anantanatarat, CEO and president of Bangkok Insurance Public Company Limited. This may result in a higher loss ratio for the insurers concerned.