In its role as the country's insurance regulator, Thailand's insurance regulator, the Office of Insurance Commission (OIC), is promoting motor coverage as a risk management tool to alleviate losses from road accidents, as well as promote safety and create sustainable security for the public.
OIC secretary-general Chuchat Pramulpol spoke about the regulator’s vision, called “OIC and its proactive role: Promoting road safety alongside insurance”, saying that the prototype project is a new dimension due to the increasing accident rate.
The average over the past five years has indicated a worrying situation, with an average of 14,000 deaths from road accidents every year. In addition to causing losses at the family level, it also affects the overall economy.
“The majority of the deceased and injured groups are working-age people aged 36 to 60, who are the mainstay of the family and play an important role in driving the country’s economy. Therefore, the losses do not just stop at statistics, but are the loss of opportunities for long-term development,” said Mr Pramulpol.
The law requires all vehicles to maintain compulsory motor insurance, which provides coverage of up to THB504,000 ($15,050) per person. However, statistics show that only 79.97% of registered vehicles have compulsory motor insurance, especially in the motorcycle group.
With only 68.5% of people taking out insurance, when an accident occurs, the impact does not end with the victims, but also extends to their families who have to shoulder debts and other expenses.
The OIC has confirmed that it will continue to drive proactive measures, including raising awareness, promoting traffic discipline and increasing access to the insurance system to cover all target groups, in order to create a sustainable safety culture in Thailand.
“The OIC will stand by everyone as a supporting force to make the insurance system not just a post-accident recovery tool, but a life-saving shield that everyone can truly access,” he said.