Dr. Suthiphon Thaweechaikarn, Secretary-General of the Insurance Regulatory Commission (Secretary-General of the OIC) revealed at the 2023 Potential Development Project for High-Economic Journalists (NEWS) Next chapter for Wealth. to stability which is a collaboration between Association of Economic Journalists Bangkok Bank and the University of the Thai Chamber of Commerce in the topic of “management risks with insurance” take off the lessons of Covid-19 insurance, find, pay, finish and how to drive a sustainable insurance system that
As a result of the epidemic of COVID-19, the insurance system has paid compensation for more than 81.8 billion baht, representing 1.8 million people as of May 15, 65, which the insurance found, paid, ended. It is insurance that only covers diseases, people access. Easy, expandable to all groups, all ages, cheap and fast approval.
“The insurance system has not collapsed. But COVID is a screening factor for unhealthy insurance companies. A company that is not strong cannot survive like 4 companies that have closed down.”
However, if you look back in the year 63, insurance meets, pays, ends, starting from 1 insurance company and 1 broker, in 63 can generate insurance premiums of more than 4,000 million baht, but has a claim amount of regarding 100 million baht, resulting in other insurance companies Selling insurance, meet, end, end more because it generates sales well.
The OIC has a stress test with insurance companies. which at that time found The company is still strong and able to handle the risk crisis. If there is a risk, the first is the capital increase.
However, regulatory measures and proactive actions of insurance business audits to increase the effectiveness of supervision and rapid insurance business audits. and even better, with 6 measures consisting of
The first measure is to strengthen the durability, resilience and stability of the insurance system.
The second measure is to improve the rules and measures to keep up with the changing context and to adjust the new business model.
The third measure is to promote the company’s financial stability and to strengthen the company’s potential to be more competitive.
The fourth measure is to issue a registrar’s order regarding the interpretation of insurance policy conditions. By using the interpretation to be in accordance with the Unfair Contract Terms Act B.E. 2540
The fifth measure is to upgrade and improve the insurance product approval process.
The 6th measure is to supervise and audit the insurance business through Proactive Actions.
“The heart of driving the Thai insurance system To practice concrete and sustainable is to be ready to learn together. There is an integrated work Both insurance companies, the OIC and related agencies. As for the people, they will need to learn more regarding purchasing insurance products to use as tools for risk management. All parties must learn together from this crisis.”
