Page 110 - TGIA_AnnualReport2013

Report of the Property Insurance Committee

1. National Catastrophe Insurance Fund
With regard to the National Catastrophe Insurance Fund, established by the government on March 28, 2012,
which a representative of the Committee has joined in as a member in the Insurance Sub-committee, in 2013, the
guideline for household underwriting was revised, giving the insured the right to buy or not to buy the natural
catastrophe protection. At the same time, it became an option of insurance company to retain the accepted risk or
reinsure the risk to the National Catastrophe Insurance Fund. It is expected that the revised guideline will be in
effect in 2014.

2. The Collaborative Development of Prototypes of Map and Model to Assess Risk of Flooding in
Prone Areas for Non-life Insurance Underwriting Project Phase 2
The Committee and the Geo-Informatics and Space Technology Development Agency (Public Organization)
or GISTDA had signed a MOU for the Collaborative Development of Prototypes of Map and Model to Assess Risk
of Flooding in Prone Areas for Non-life Insurance Underwriting Project Phase 2 which were expanded to cover all
77 provinces nationwide. The project presented a map of 7 year recurring flooding areas, a map of flooding risk
area which was divided into 5 zones. The member companies can search the location of insured property and also
can key in the data to the information analysis program. The project is expected to be ready for use and training by
January, 2014.

3. Improvement of Policy Wording and Endorsements related to the Industrial All Risks Insurance
The Committee, in collaboration with Thailand Insurance Institute (T.I.I.), had improved the Industrial All Risks
(IAR) Policy, prepared an interpretation manual for the IAR Policy, and developed a Business Interruption Policy for
IAR Policy which would be used as standard wordings. All related endorsements, including FI, FI/IAR, and BI forms,
were also revised and improved.

4. Criteria for Approving Form and Wording, Attachment, Endorsement, and Premium Rating of
Specific Insurances (File & Use)
The Committee, together with the Office of Insurance Commission, had drafted criteria for approving form
and wording, attachment, endorsement, and premium rating of specific insurances to increase flexibility of non-life
insurance business and to serve the demand of the consumers.

5. Building Confidence in Flood Protection of Industrial Estates
The great flood in late 2011 had put significant impact to the reinsurance market in both terms of increased
premium rates and tightened limits of liability. Therefore, to build confidence of reinsurance companies in their
underwriting, the Committee had taken representatives from reinsurance companies and representative from
surveying and loss assessing companies to visit and learn about flood loss preventive measures at many industrial
estates such as Rojana Industrial Park, Bangkadi Industrial Park, Hi-tech Industrial Estate and Navanakorn
Industrial Estate.

6. Property Insurance Data Structure
The Committee, together with the Office of Insurance Commission and the Insurance Premium Rating
Bureau, had developed a structure of property insurance data in order to be a standard of structure of data for
non-life insurance companies to report to the Insurance Bureau which is a data center of the non-life insurance
business.

108 รายงานประจำาปี 2556 | Annual Report 2013