The Thai insurance sector faces five main challenges in 2022, according to Dr Suthiphon Thaveechaiyagarn, secretary-general of the Office of Insurance Commission (OIC).
The Thai insurance regulator, the Office of Insurance Commission (OIC), will step up proactive regulatory action to promote sustainable insurance business development, the agency's secretary general, Dr Suthiphon Thaveechaiyagarn, has said.
The Omicron strain of the coronavirus is an additional risk to the insurance industry following the spread of the Delta strain, says the president of the Thai General Insurance Association (TGIA), Mr Anon Vangvasu.
The controlling shareholders of Syn Mun Kong Insurance are exploring the sale of a majority stake in the insurer and have picked several strategic players to advance into the next round of bidding, reported Bloomberg citing people familiar with the matter.
The Office of Insurance Commission (OIC), together with the Thai Non-Life Insurance Association and the Thai Life Assurance Association, have launched a mobile app called "My Policy".
The capital position of Thai Life Insurance Public Company Limited (TLI) will remain at a strong level in 2022 after its IPO, that involves the sale of 2.4bn shares, Fitch Ratings says. Fitch also believes that TLI will retain a buffer against business's written-off and any downside risks.
The total amount of COVID-19 insurance claims may fall in the range of THB35bn ($1.07bn) to THB40bn by the end of this year, according to Mr Anon Vangvasu, president of the Thai General Insurance Association (TGIA).
Swiss Re Institute has found several clear preferences for insurance protection in Thailand that can support insurers in developing new mental health covers.
Fitch Ratings has assigned a 'BBB' rating to Thailand-based Muang Thai Life Assurance Public Company Limited's (MTL) proposed regulatory compliant Tier-2 subordinated securities to be issued this month. The agency has simultaneously published MTL's Long-Term Issuer Default Rating (IDR) at 'BBB+' with Stable Outlook.
Thai insurers' premium growth is expected to be muted in 2021, pressured by a weakened economy with higher household debt, coupled with the impact on distribution channels from social distancing measurements including lockdowns in 3Q21, says Fitch Ratings.