Page 5 - TGIA_AnnualReport2023_EN

Annual Report 20235
Thai General Insurance Association Thai General Insurance Association
4 Annual Report 2023

Message from the President of
the Thai General Insurance Mission 3: Enhancing the capacity of insurance professionals to be governance-oriented professionals. The association
Association has implemented various projects and activities to develop personnel potential toward excellence and to modernize the association,
driving it forward efficiently. This includes: Developing insurance industry personnel through the Insurance Professionalism &
Self-Empowering Project (IPSP). Conducting training for the 27th Insurance Management Development Program (IMDP 27).
In 2023, the Office of the National Economic and Social Enhancing expertise in insurance products, law, and accounting standards. Preparing for cybersecurity and data governance in
Development Council reported that Thailand’s economy expanded the insurance industry. Providing E-Learning courses on Anti-Money Laundering (AML) and Combating the Financing of Terrorism
by 1.9%, slowing down from the 2.5% growth rate in 2022. The (CFT) for financial institutions. Developing the association’s staff in both soft skills & hard skills to transform the organization
inflation rate stood at 1.2%, supported by factors such as the into a “Modern & Smart Organization”.
expansion of private sector consumption and investment, as
well as the continued recovery of the tourism sector. These Mission 4: Strengthening the insurance ecosystem to foster stable business growth. The association promotes the
factors have contributed to the ongoing recovery trend of the establishment of a centralized insurance data hub to maximize benefits for society. It has developed guidelines in collaboration
Thai economy. with the Anti-Money Laundering Office (AMLO) and the General Insurance Industry’s PDPA Guidelines, ensuring compliance
with the Personal Data Protection Act (PDPA). The association has also prepared its member companies for the adoption of Thai

For the overall performance of Thailand’s general insurance industry in 2023, direct premiums amounted to 284,866 million Financial Reporting Standard 17 (TFRS 17) and promoted fraud management systems to address insurance fraud. Key projects
baht, growing by 3.9%. The insurance penetration rate (direct premiums to GDP) stood at 1.59%, while the insurance density include the development of risk maps and models for flood and earthquake assessments, the creation of a centralized health
(direct premiums per capita) was 4,057 baht, showing a slight increase from 2022. The key drivers for this growth included the insurance fraud detection system, and studying and improving insurance products for Battery Electric Vehicles (BEV). The
recovery of economic activities, increased private sector investment driven by higher business confidence, and the resurgence association also worked on Motor Add-on policies that provide additional benefits for vehicle accidents.
of the tourism sector, both domestic and international, which revived economic activities. Additionally, Consumers became more
aware of insurance and found insurance products more accessible. Driving the Quick Win initiatives under the association’s strategic plan has led to concrete progress, such as merging the
Insurance Premium Rating Bureau (IPRB) and Thai Insurers Datanet Co., Ltd. (TID) to form the Thai Insurance Research &
Thai General Insurance Association forecasts that the general insurance industry in 2024 will grow by 5.0-6.0%, with direct Development Co., Ltd. (TIRD), a research and development entity for the general insurance industry. Other efforts include
premiums expected to reach 299,050-301,890 million baht. This growth will be supported by the economic recovery, especially reviewing the appropriateness of laws and regulations related to the insurance business with the Office of Insurance Commission
from the tourism sector, expansion in public and private investments, continuous growth in private consumption, and agricultural (OIC), controlling healthcare costs in health insurance, studying additional tax deduction measures, and establishing a Medical
sector expansion. However, the Thai economy remains subject to various risks, including global financial market volatility, Advisory Board for the general insurance industry.
fluctuating monetary policies across countries, geopolitical issues, economic conflicts impacting international trade, as well as
domestic political uncertainty. These factors collectively pose significant challenges for the general insurance sector in Thailand. Regarding international relations, the association has strengthened ties with insurance trade associations and regulatory
bodies in ASEAN and the Asia-Pacific region. This includes participation in the ASEAN Natural Disaster Research and Works
In 2023, Thai General Insurance Association played a crucial role in promoting insurance as a risk management tool, Sharing (ANDREWS) Working Group Meeting, Swiss Re Asia’s Building a Sustainable Future Together Conference, the 30th EAIC
contributing to sustainable economic stability, and building trust among all stakeholders. The association’s work focused on Executive Committee Meeting, and the 49th ASEAN Insurance Council (AIC) Meeting.
four key missions, with notable successes in the past year:
These efforts demonstrate the association’s dedication and commitment to cooperation with all stakeholders, aiming to
Mission 1: Enhancing the image of the insurance industry to gain recognition at the international level, with a focus on enhance credibility and recognition both nationally and internationally.
social and environmental responsibility. The association worked on public relations campaigns to improve public understanding
of general insurance and promote a positive image. It also promoted ESG (Environment, Social, and Governance) initiatives The association remains committed to pursuing its mission, aiming for the best possible outcomes to fulfill its vision of
within the industry. strengthening and supporting Thailand’s general insurance industry as a pillar of the nation’s economic and social system.

Mission 2: Strengthening confidence and trust in the insurance industry’s role as a professional risk manager for both Finally, I would like to extend my gratitude to all member companies, the Executive Committee, various subcommittees, working
public and private sectors. The association supported the establishment of a central insurance data hub to maximize benefits groups, and the association’s staff, as well as the Office of Insurance Commission (OIC) and public and private sector organizations for
for society and individuals. It also pushed for industry self-regulation and advocated for liberalization in certain areas. Moreover, their support in driving the Thai General Insurance Association’s mission forward to success.
the association worked with the government to implement measures promoting general insurance as a risk management tool
to reduce the burden on the government, such as: The 2024/25 Crop Insurance Program. The Thailand Traveler Fee (TTF), or
“land entry fee,” to provide insurance for foreign tourists traveling within Thailand. Collaboration with the Department of Land
Transport on linking compulsory motor insurance data. Support for farmers affected by disasters using science and technology
in crop insurance, in collaboration with the Department of Agricultural Extension and Thaicom Public Company Limited. The
“Utilization of Insurance Bureau System Data” project, aimed at enhancing the use of data from the central insurance database
(Insurance Bureau System: IBS). Dr. Somporn Suebthawilkul
President of the Thai General Insurance
Association