In order to help develop growth and regulation of professional insurance services in South East Asia, The World Bank is looking to appoint Thailand as the new ASEAN insurance hub. The Office of the Insurance Commission (OIC) made the decision in line with the formation of the Asean Economic Community (AEC) scheduled to be ready in 2015. With 'regional economic integration' as the ultimate goal for…

With the flooding in Thailand beginning to abate after it first started in July, the cost of covering all the P&C (property & casualty) insurance claims and other flood-related claims may come to upwards of US$10 billion for the insurance industry. With the rains during Thailand's monsoon season causing flooding across many parts of the country over the last few months, the loss of life and property…

A new report issued by Thailand's Office of Insurance Commission (OIC) (formerly known as the Department of Insurance) reveals that insurance business in the first quarter of 2011 grew by 13.52 percent on last years quarterly figures, with total direct premium in the country now worth 111.783 billion baht (US$ 3.7 billion).

Industry analysts are expecting the increase in merger and acquisition activity in Thailand's healthcare sector to continue. Thai healthcare providers are determined to integrate more with one another to give them a national competitive advantage over the large foreign multinationals now entering the market. Under the ASEAN Economic Community (AEC) agreements, by 2015 many industries will be increasingly…

AIA Group Chief Marketing Officer, Chris Wei, recently communicated that Asia is the global leader in terms of growth in the life insurance market. According to figures released by Mr. Wei, the annual growth rate of life insurance premiums in Asia is 17 percent, compared to 11.6 percent in Europe and 4.9 percent in North America. These figures were shared with the Financial Services Council of Australia in a conference in the city of Melbourne.

After having established a dedicated health insurance operation in Asia, AXA PPP International is now in the process of revamping its distribution network to increase their capabilities in the region. Teaming up with AXA Asia General Insurance (AGI), their partnership aims to increase the volume of business for both life and general insurance in Singapore, Malaysia, Indonesia, Thailand, Hong Kong and China, places where AXA has already established a presence.