The Thai General Insurance Association (TGIA) has revealed that nine of its member companies are accepting transfers of insurance policies from the bankrupt Syn Mun Kong Insurance Public Company (SMK) so that SMK customers can have continuous insurance coverage.
Thailand's life insurance industry is set to grow at a compound annual growth rate (CAGR) of 4.4% from THB660.4bn ($19.2bn) in 2024 to THB781.7bn in 2028, in terms of gross written premiums (GWP), forecasts and analytics company, GlobalData.
The Thai Life Insurance Association (TLIA) is currently trying to talk to the Office of the Insurance Commission (OIC) about curbing growing health insurance claims.
Muang Thai Life Assurance has collaborated with True Digital Group, True Corporation's subsidiary, to provide MorDee's doctors to take care of customers' health at home.
The Office of the Insurance Commission (OIC) has established a committee to screen actuaries in Thailand and decide on their licences.
Kairos Risk Solutions has signed an agreement with Thailand's CHAZ Insurance Brokers to provide consultancy for parametric and trade credit insurance.
The operating performance of Dhipaya Insurance Public Company, Thailand's second biggest non-life insurer, is assessed as strong, with a five-year average return-on-equity ratio of 20.4% and combined ratio of 84.4% (2019-2023), points out AM Best.
The Thai government has launched an initiative to develop Thailand into a global financial hub, with Prime Minister Srettha Thavisin officiating at the launch ceremony on 19 July 2024.
Pan-Asian life insurer FWD was ranked number six in the 2024 Million Dollar Round Table (MDRT) top 10 multinational companies rankings, for the third consecutive year.
Thailand's finance minister Pichai Chunhavajira has ordered the revocation of the licence of Syn Mun Kong Insurance Public Company Limited, once a major non-life insurance provider in the country. The order took effect on 4 July 2024.