With the theme 'Unlocking Reinsurance', and titled 'Opportunities in a Changing Climate: Building Catastrophe Resilience in Thailand', the Thailand Reinsurance Conference 2025 opened with welcome remarks from Thai General Insurance Association president Somporn Suebthawilkul.
After leading the delegation in a minute of silence to honour Her Majesty Queen Sirikit The Queen Mother, Dr Somporn highlighted the importance of reinsurance, calling it “the unseen hero working behind the scenes”.
“Reinsurance is an essential engine, a crucial system helping the Thai insurance industry absorb CAT risks, mitigate volatility and ensure economic stability,” he said.
“Beyond protection, reinsurance is the driving force for development, enhancing market capacity, reinforcing capital adequacy and providing access to the global innovation.”
Over the past years, Thailand has been buffeted by a series of catastrophic events, including the global pandemic and recent 8.2-magnitude earthquake that caused “significant damage to buildings, homes and public infrastructure in mane areas nationwide”, he said.
“Furthermore, there are cyber threats, which have increased by more than 40% over the last half year,” Dr Somporn said.
“These events are a call to action against the permanent uncertainty of climate change and technology transformation.”
Solutions must also manage cost
Thailand vice minister of finance Benjarong Suwankiri echoed Dr Somporn’s sentiments in his opening remarks, saying the reinsurance industry “must plan for and find solutions for the economy”.
“Global financial stability also means the insurance industry must carefully manage costs and risk, as shifts demand solutions,” said Dr Benjarong.
Citing marine cargo as an example, he noted the segment was experiencing changing trade volumes and risks “higher than the previous year”.
“Yet countries need to expand in partnership to find new trade partners,” he said.
Additionally, rising demand for health and personal accident coverage due to Thailand’s ageing society has created disruption, Dr Benjarong pointed out.
“This uncertainty affects not only just the insurance industry, but our entire economy across various industries, firms and industries,” he said.
“This is the context where we see the importance of reinsurance, not just as an opportunity, but also as a vital economic shield that can make our nation more resilient and ready for the future.”
CAT risk in the RBC framework
In his keynote speech, Office of Insurance Commission (OIC) secretary-general Chuchatr Pramoolpol focussed on CAT risk management, noting that the regulator’s principal role was strengthening its sovereignty and market resilience.
Emphasising that the threat landscape has shifted, Mr Chuchatr said, “The term global warming must be acknowledged not as a future forecast, but an immediate operational reality. We must move decisively toward active present-day mitigation and adaptation.”
At the same time, data from the past two decades have shown a clear upward trend in CAT exposure, he said.
“This is directly linked to a significant rise in both the frequency and intensity of natural disasters worldwide,” he said.
All these factors translate into not only “guaranteeing the solvency of the insurance sector, but also establishing its profile as an unquestionable market resilience agent against such high impacts”, according to Mr Chuchatr.
To do so, he noted the OIC’s immediate focus was to allocate industry awareness and preparedness through a set of decisive actions.
Asia Insurance Review is the official media partner of the Thailand Reinsurance Conference 2025, held from 30 October to 1 November in Bangkok, Thailand.