Restaurants in Thailand have shown an encouraging response to the regulator Office of Insurance Commission's (OIC) project, Restaurants with Insurance Protection, which emphasises the concept of embedded insurance to raise the standard of the food business. The regulator expects the project to raise safety standards and build consumer confidence in restaurant business.
According to a press release by the OIC, Secretary General Mr Chuchat Pramunphon said, “The project reflects the concept of pushing insurance into the economy and daily lifestyle through the concept of embedded insurance, which allows risk protection to be linked to various business activities and services throughout the supply chain and is more easily accessible, as well as other types of insurance such as travel accident insurance, health insurance, and car insurance.
"The project with insurance protection is a standard of trust for restaurants nationwide with more than 320,000 entrepreneurs and more than 1.2m jobs."
Mr Pramunphon said that currently, all restaurants—including more than 20 restaurants in Bangkok, major tourist cities, and abroad—have focused on insurance that covers both property and legal liability.
He said the project will aim to encourage restaurant operators to access the insurance system even more. It also reflects the role of insurance as an important mechanism to strengthen consumer confidence.