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R
eport of the Property Insurance Committee

1. Terrorism and Political Violence Insurance Pool March 18, 2010. There were 55 companies filed for the

As assigned by the Executive Board to conduct a approval of the Insurance Commissioner.
feasibility study on the setting up of the Terrorism and

Political Violence Insurance Pool, the Property Insurance 4. Micro Fire Insurance for Retail Shops
Committee met and sought information related to these The Committee completed the design of micro fire

issues from 3 reinsurance broker companies, i.e., JB insurance for retail shops including its summary,

BODA & CO (S) PTE LTD (Singapore) on August 4, insurance policy brochure and premium rating which

2010, the GUY CARPENTER (Singapore) on September have been filed for the approval by the Insurance
22, 2010 and AON RE on December 1, 2010. Commissioner.

According to these companies’ recommendation,

before the establishment of such pool can be made, 5. Revision of Policy, Schedule Wordings, Residence

consultation with the Office of Insurance Commission Fire Insurance Schedule and Micro Residence Fire

must make a clarification on protection to facilitate Insurance Schedule
reinsurance process, the types of insurance that could Since the existing Schedule Wordings of Residence

be included in the pool such as fire and IAR, with a clear Fire Insurance and Micro Residence Fire Insurance have

coverage limit per policy, and such conditions should be been in use for a long time, the Property Insurance

included in all policies because if applied only to Committee decided to revise the format and wordings in

voluntary plan, it shall be difficult to implement and there the fire insurance schedule, Residence Fire Insurance

shall not be enough spreading of risks. Moreover, there Schedule and Micro Residence Fire Insurance Schedule.

must be a careful analysis on PML and must find The revised schedules have been approved by the

reinsurer with reasonable reinsurance premium. The Insurance Commissioner since June 11, 2010. There

process is being studied by the Committee. were 57 companies filed for the approval.

2. More Additional Perils Added Into Residence Fire 6. Improvement of Fire Insurance Policy’s Endorsement

Insurance Policy and Residence Fire Insurance Policy’s Endorsement,

In addition to the 6 perils which are currently covered Property Insurance Policy’s Endorsement and

by residence fire insurance, the Property Insurance Fire Insurance and Property Insurance Policy’s

Committee has proposed to increase additional perils to Endorsement
be under the coverage of this type of insurance policy. The Committee completed the improvement of the

The 5 new perils are: flood, earthquake, storm, hail storm Fire Insurance Policy’s Endorsement and Residence Fire

and terrorism. The premium rates for these perils shall Insurance Policy’s Endorsement, Property Insurance

be adjusted to suit the level of increased risk. Under this Policy’s Endorsement and Fire Insurance and Property

plan, the increased premium from these additional perils Insurance Policy’s Endorsement. They are now being

shall be separately maintained as a pool to be used in reviewed for the approval by the Insurance Commissioner.

reinsurance and to collect statistical data.
7. The translation of Contract Work Insurance Policy
3. Micro Residence Fire Insurance into Thai Version

The Committee completed the design of micro Since there is not Thai version of the contract work
residence fire insurance including its summary, insurance standard policy, the Committee has arranged

insurance policy brochure and premium rating which for the translation of such policy which has been
have been approved by the Insurance Commissioner on completed. The translated standard policy is being
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