A recent study found that the Thai insurance sector was in good health, with most companies financially stable with strong foundations and potential for growth, OIC secretary-general Suttipol Taweechaikarn said. They also benefit from their wide range of products and selling methods, he added.
Moreover, the strong reputation of Thailand’s medical services has boosted business among foreigners buying Thai insurance and receiving medical treatment in the Kingdom, according to Suttipol.
Meanwhile the “new normal” era of increased online commerce provided opportunities for Thai insurers to sell their products online in other countries.
However, Suttipol urged the government to ease the limit on foreign shareholders so as to boost competitiveness of Thai insurance companies via investment. This would also strengthen bonds between Thailand and its neighbours while increasing choice for consumers and helping the economy to grow, he said.