National Catastrophe Insurance Fund Supports Thai Insurance Industry to Return
to Normal Mode
BANGKOK, Oct, 4, 2013
BANGKOK, Oct, 4, 2013 /PRNewswire/ -- Mr. Payungsak Chartsutipol, Chairman of
the board, National Catastrophe Insurance Fund said Thai insurance business
returns to normal mode with higher competition in the market seen compared to
the time of major floods in 2011 due to the supportive roles and policies of
National Catastrophe Insurance Fund offers catastrophe insurance policies with
premium rates lower than the market level by 0.5-1.25% of the sum insured and
facilitates households and business sectors to access to catastrophe insurance
policies with appropriate premium which eventually turning gradually decreases
premium offered by insurance firms to policyholders.
Insurance business, therefore, is in healthier state, and non-life insurance
companies' coverage capacities increase. Currently, 7 firms namely Aioi
Bangkok Insurance, QBE Insurance (Thailand), Siam City Insurance, Sompo Japan
Insurance (Thailand), Saha Mongkol Insurance, Mitsui Sumitomo Insurance and
Muang Thai Insurance offer 20% lower the fund's premium rate and hold 100%
coverage themselves. The combined coverage of these firms reaches 2.3 trillion
baht comprising windstorm coverage of 296 billion baht, earthquake coverage of
295 billion baht and flood coverage of 64 billion baht. More insurance firms
are able to expand their coverage capacity and buy less reinsurance coverage
with the fund.
National Catastrophe Insurance Fund recently unveiled the progress report of
catastrophe insurance policy during March 28, 2012- September 9, 2013. This
ensures its supportive roles to Thai insurance business. Regarding sales of
catastrophe insurance, the number of active policies totaled 1,405,632 and the
sums insured totaled 87 billion baht. Insurance premiums in the period totaled
804 million baht. The total sum insured for the portion of active policies
that are reinsurance was 47 billion baht. The total value of premiums for the
portion of active policies that are reinsurance was 549 million baht.
A total of 51 insurance companies sold insurance policies. No claims were made
and no reinsurance premiums were overdue.
For more information, please visit www.ncif.or.th
Contact: Mr. Pasucha Preechachat, +662-663-3226 Ext.32
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