Amidst the political conflicts in the country that went on for a lengthy period of time but which has now calmed down, Thailand's insurance industry has continued to grow from strength to strength. With a stellar performance in the first half of the year, the upcoming launch of the ASEAN Economic Community (AEC) and some regulation revision in the pipeline, Mr Pravej Ongartsittigul, Secretary-General of the Office of Insurance Commission (OIC), is positive that the days ahead will only get better.
By Dawn Sit
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Life insurance industry in Thailand has shown continuous and promising growth as evident from the 14% average growth during the past seven years (2007-2013),
partly contributed by the country's overall economic expansion that has helped
drive life insurance sales volume. Ms Wimolwan Pattamarat of Muang Thai Life Assurance, gives an update of the current situation and future outlook of the sector.
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With an ageing population already a reality for Thailand, Mr Tanawong Boonyasiriwong and Mr Alan Merten from Towers Watson discuss this demographic transition, the changing dynamics in the market and how insurers are responding to the needs of consumers.
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In March 2013, the Office of Insurance Commission (OIC) issued the first comprehensive set of regulations on outsourcing activities of insurers (Outsourcing Regulations).
By Ms Sarah Chen, Of Counsel, Norton Rose Fulbright.