The World Bank and Japan will promote Thailand as the insurance centre
of Asean to help develop the industry in neighbouring countries and provide
professional services to the more advanced economies.
The move is also expected to
upgrade the insurance industries in Laos, Vietnam and Cambodia to be compatible
with Thailand's and in line with the policies of this country's Office of the
Insurance Commission.
Pravej Ongartsittigul,
secretary-general of the OIC, said yesterday that after his recent meeting with
the International Association of Insurance Supervisors, the World Bank had
proposed Thailand as an insurance centre for Asean.
Initially, the World Bank will
coordinate with the 10 Asean countries to bring their insurance development
into the same direction for the Asean Economic Community (AEC), which will take
shape in 2015.
Technical assistance, including
knowledge and information, will be provided by the bank to Myanmar, Laos,
Cambodia and Vietnam, where insurance development is slower.
The World Bank will take its role
in a meeting of insurance business supervisory agencies in Asia, which will be
held in Thailand next month.
The bank's policy is in line with
the OIC's plan aimed at helping develop the four countries' insurance business along
the lines of Thailand's, Pravej said. This would also help Thai insurance
companies to take part in the development and offer insurance products in the
future.
Thailand will also promote itself
as a hub for insurance services to Singapore, Malaysia, Indonesia, the
Philippines and Brunei.
After his discussion with the
World Bank, Pravej went to Japan to meet with major insurance companies there
that are planning to use Thailand as a hub in the north of Indochina for their
business expansion. They cited Thailand's geographical advantage in the middle
of Asean for the expansion. One interested Japanese insurer is among the top
three in Japan and has offices in Thailand.
The World Bank and Japanese
insurers will help transfer knowledge to Thai personnel and Thailand will play
a more important role in the AEC, he said.
Thailand's insurance
liberalisation is progressing in a systematic way. The next step is to hold
discussions with insurers for preparation and the next moves, Pravej said.
In Asean, Singapore leads in
insurance development, followed by Thailand and Malaysia.
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