The Ministry of Finance has affirmed that insurance companies in Thailand are still capable of handling the current crisis, following the recent revocation of licenses for some firms.
Finance Minister Arkhom Termpittayapaisith said the Thai insurance industry has sufficient financial reserves to manage the situation, while urging companies to better meet the changing lifestyles of customers.
In a speech delivered at the opening ceremony of the Thailand Insurance Super Leadership Program’s course, the minister said Thai insurance companies have passed stress tests carried out by the Office of Insurance Commission. He indicated that this demonstrated their ability to cope with financial challenges.
Arkhom also urged insurance companies to integrate modern technologies as part of their services, and to provide a wider variety of insurance packages that meet people’s needs.
Concerns over the stability of insurance companies have intensified following the closure of Southeast Insurance. The company is now in the process of issuing refunds to its clients and transferring its insurance policies to partner companies. (NNT)