The number of non-life insurance companies in Thailand is projected to be reduced to about 25-30 from the current number of about 50, according to Bangkok Insurance chairman Chai Sophonpanich. Bangkok Insurance is the third largest general insurer in the country.
Thai Life Insurance Public Company (TLI), the country's second-largest life insurer, has reported a record high of THB9,707m ($265m) in net profits in 2023, an increase of 4.8% from 2022, mainly driven by a strong growth of insurance profit at 12.5%.
The General Insurance Fund (GIF), whose purpose is policyholder protection, has said that it must postpone compensation to policyholders of insurance companies that have had their licences revoked.
AIA Thailand will prioritise insurance products for senior citizens aged over 80, company CEO Nikhil Advani said.
The AIA Group has launched "AIA CAN: An Eco-Office Movement" (AIA CAN) - a large-scale, multi-year programme that seeks to empower over 25,000 employees across 18 markets to adopt environmentally conscious mindsets, attitudes and behaviours to create more sustainable workplaces and a healthier planet.
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.