Page 116 - TGIA_AnnualReport2015

Performance Report of the Property Insurance Committee

1. Revising Insurance Policies and Endorsements Relating to Property Insurance
The Committee revised a number of insurance policies and endorsements to make them fit and consistent
with current situation, as follows:
1.1 Industrial All Risks Insurance Policy
The Committee revised the Industrial All Risk Insurance policy, and the policy was approved by the
Registrar under Registrar Order No. 36/2558 on Prescribed Use of Form and Wording of Industrial All Risks
Insurance Policy, dated October 13, 2015, being effective from January 1, 2016 onwards. An explanatory
meeting was conducted for member companies, on November 17, 2015, at the S 31 Hotel. A similar meeting
was again conducted for the Thai Insurance Brokers Association, on December 16, 2015, at the Swissotel Le
Concorde hotel.
1.2 Retail Household Fire Insurance Policy (Micro-insurance)
The Committee revised the Retail Household Fire Insurance policy (Micro-insurance) in make it consistent
with the Household Fire Insurance policy and fit with consumers’ demand. The revised policy will pay claims
based on actual loss. Concurrently, the policy’s premiums were also adjusted to conform to the newly-revised
sum insureds.
1.3 Endorsement and Insurance Premium Rate Relating to Natural Perils
Pertaining to a Cabinet’s resolution on October 13, 2015 to discontinue the National Catastrophe
Insurance Fund, becoming into effect on November 12, 2015, the Household Fire Insurance has no longer
contained coverage for natural catastrophe. To preserve the benefit of insureds who have had insurance with
policy periods of longer than one year to maintain a compatible coverage with their current ones by not having
to issue new policies, the Committee developed an endorsement for natural perils to be an alternative for the
insureds to buy additional coverage if desired.

2. Registrar Order No. 14/2558 on Amendments of the Fire Insurance Tariff
The Registrar issued Registrar Order No. 14/2558 on Amendments of the Fire Insurance Tariff, dated July
14, 2015, amending and modifying district codes and province codes for the fire insurance, to make them fit and
consistent with those used by the Department of Provincial Administration and to support the Project of Insurance
Bureau System Development. The Registrar Order became effective on the issued date.

3. The Project of Collaborative Development of Flood Risk Assessment Mapping
(FRAM) for Non-life Insurance Underwriting Phrase 2
The Committee, in collaboration with the Geo-Informatics and Space Technology Development Agency
(Public Organization) or GISTDA, had undertaken the Project of Collaborative Development of Flood Risk
Assessment Mapping (FRAM) for Non-life Insurance Underwriting Phrase 2, using data of annual flooding in
2006-2011. In 2016, the Phrase 2 has been continued, using additional data of annual flooding in 2013-2014 and
making Centroids at the sub-district (Tambon) level displayed in latitude and longitude in Excel-form file for
member companies. The service is available on the website of the Thai General Insurance Association, in
section of Programs and Services/Flood Risk Assessment Mapping (http://fram.gistda.or.th). To provide
knowledge of the Geomatics, the Committee, together with the GISTDA, hosted a seminar in Geomatics
Technology for Insurance for member companies on December 1, 2015, at the Swissotel Le Concorde hotel.

4. Lecture on Reducing Claim Amounts with Loss Mitigation
The Committee, together with the Per Asia Company Limited, conducted a lecture session in Loss
Mitigation & Loss Recovery Administration and Development for member companies, to enhance companies’
claim management knowledge which would lead to an efficient growth of insurance business, on October 12,
2015, at the Thai General Insurance Association.

5. A Risk Management Field Trip
The Insurance Risk Management Club organized a field trip on risk management in power transformers’
production and assembly, to learn about the risk management and standard of power transformers’ production,
on October 2, 2015, at the Fuji Tusco Company Limited.
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