Total premiums in the Thai non-life insurance sector are forecast to expand by 4.5-5% to reach THB282bn ($8.56bn) - THB287bn in 2023 on the back of economic revival, according to the Thai General Insurance Association (TGIA).
The Office of Insurance Commission (OIC) is seeking to establish a certification system for medical centres so as to drive the insurance market by raising the standards and quality of services of medical facilities.
The Non-Life Insurance Fund received COVID-related claims exceeding THB60bn ($1.83bn) from more than 700,000 people in 2022 as a result of the insolvency of four insurance companies.
Singapore-headquartered international InsurTech, bolttech, and Thailand's leading mobile network operator, AIS, have partnered to deliver embedded protection services including mobile device switch and replacement services to AIS customers for the recently-launched AIS Care+ programme.
The Ministry of Finance has issued a draft decree to support the implementation of the newly-passed Law on Insurance Business, which contains new regulations related to insurance agents which are credit institutions.
The government can take care of the welfare of public-sector employees and minimise risks by using insurance, according to Dr Somporn Suebthawilkul, managing director of Dhipaya Insurance.
Thailand's life insurers are likely to benefit from higher interest rates through wider investment margins and lower reinvestment risk, says Fitch Ratings.
The 10th annual Regional Day of Service (RDS) was organised by insurer Chubb in early November across 10 markets in the Asia-Pacific region through outreach programmes that focused on meeting the essential needs of communities and increasing educational opportunities for underprivileged children.
The Office of Insurance Commission (OIC) has unveiled its priorities for insurance supervision in 2023, including sustainable growth and the revival of confidence in the insurance sector.
Singapore-based The Huntington Group (Huntington) has decided to acquire Futuready Thailand from Aegon. Following the transaction, Huntington and its affiliates will be Futuready Thailand's largest institutional shareholder.