Secretary General of the OIC said the opening of the seminar is important in one part that The study found that Thai insurance companies are stable. financial credibility Most of the companies have registered capital or maintain a higher capital than what is required by law. and able to manage risks well Also, many insurance companies have strong foundations. is growing steadily There is a wide variety of products and various sales channels.
In addition, Thailand has a reputation for medical treatment. This builds confidence and confidence among policyholders that they will receive quality medical care. As a result, foreigners come to buy insurance policies and receive health services in Thailand. (Only certain types of products) is a branch that has the potential to enter the insurance market of ASEAN member countries.
In this regard, with the changing context of the new world (New Normal), whether it is a change in consumer behavior in terms of using the Internet and increasing online shopping As a result, consumers are familiar with the use of new technologies, thus giving them an opportunity to sell insurance products through online channels both domestically and internationally.
In addition, the entry into an aging society in Thailand and the trend of rising health expenditures It will be an opportunity for health insurance products and pension insurance products.
As for the relaxation of foreign shareholders Must consider the availability of the insurance business primarily From the study, it was seen that the relaxation of foreign shareholders’ proportionsIt will support the establishment of an agreement on ASEAN trade liberalization. in the insurance business field, achieving the objectives; and
It is to strengthen relations between Thailand and other ASEAN members, promote economic growth. Create choices for consumers It will also enhance the capital potential of the Thai insurance business. This makes the Thai insurance business have a more stable financial position as well as strengthening and enhance the competitiveness of the Thai insurance market
However, if there is an liberalization of trade without the business sector being ready This may result in a small insurance business that is not strong in terms of both capital and operational efficiency. may be dominated by foreign companies And there may be an invasion of the market from foreign companies that have advantages in terms of Economy of Scale. Therefore, it is necessary to accelerate the strengthening of the Thai insurance business in order to be ready to compete.
Most of the participants in the seminar He saw that the relaxation of foreign shareholders would have a positive impact on the insurance business. Increase capital for the business sector There is a transfer of expertise and technology. It also causes the development of new products. This will create an alternative for consumers.
In addition, most of the seminar participants saw that the insurance products that Thailand were outstanding in were auto insurance, health insurance, accident insurance. and small insurance Therefore, it can respond to market demands effectively.
“The results of the study will be a tool that will help increase competitiveness and prepare you to strengthen the insurance business in line with the rising trend of intra-regional trade and investment. as well as pushing the Thai insurance sector to play an important role in investing in ASEAN
However, with the relaxation of foreign shareholder proportions, Thailand’s current law is fairly flexible and in line with Thailand’s obligations under the World Trade Organization. But if there is a need to relax more, it should be done with caution. and must take into account the readiness of the Thai insurance sector as well,” said the OIC Secretary General at the end.
