INSURANCE DEVELOPMENT PLAN Volume II ( )

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1 INSURANCE DEVELOPMENT PLAN Volume II ( ) 1

2 PREFACE The Insurance industry plays a significant role in the social and economic development of a nation, serving as a contributing source of long- term savings and guaranteed security of household and business assets. Insurance helps strengthen the country s commercial, industrial and agricultural sectors to a more solid foundation. However, statistical assessment and analysis reveal that at present the Thai population is not taking full advantage of the benefits of insurance in comparison with other countries. In 2009, Thailand s insurance penetration stood at 4.07, a low figure compared to the average penetration rate of the Asean region estimated at 6.00% in The Office of Insurance Commission is determined to build an awareness on the importance of the insurance system to the Thai population to become an integral part of their livelihood. Insurance can contribute materially to Thailand s economic growth and social stability and can help alleviate financial constraints of the government social services sector. Taking into consideration the vital importance of the insurance industry to Thailand s economy, the Office of Insurance Commission has set up a committee to draft the Insurance Development Plan Volume 2 ( ) with the objective of devising formative measures and action plans which will help boost the country s insurance penetration rate to 6.00% by the year This Insurance Development Plan Volume 2 was written and formulated with the assistance and cooperation of several experts and specialists in the insurance industry, as well as educational institutions, all who have generously offered their advice and 2

3 recommendations in bringing about the successful completion of this publication. August

4 TABLE OF CONTENTS Executive Summary Chapter 1 The importance of insurance to the Thai economy 1. Role and benefits of insurance 2. Future trends of insurance Chapter 2 Reasons and requirements in formulating the Insurance Development Plan 1. Outcome of Insurance Development Plan Volume 1 2. Assessment of the Thai insurance industry and future challenges 3. Liberalization of the insurance sector 4. Vision and Mission Chapter 3 Pillars of Insurance Development Plan Volume 2 Pillar 1: To build more confidence and awareness on the importance of insurance as well as better insurance access for the people Pillar 2: To strengthen the capacity of the insurance system Pillar 3: To improve the standard of service and protection for policyholders interests Pillar 4: To promote the infrastructure of insurance Chapter 4 Objectives, indicators, and guidelines in conforming with the Insurance Development Plan 1. Objectives of Insurance Development Plan Volume 2 ( ) 2. Indicators of work performance according to the Insurance Development Plan 3. Guidelines in conforming with the Insurance Development Plan Volume 2 ( ) 4. Summary of objectives in improving the insurance system according to the Insurance Development Plan Volume 2 ( ) 4

5 Executive Summary The Thai Insurance Industry is marked with consistent development over the years with a steady rise in premiums. During the past decade ( ), the premium rate of expansion reached the height of %, averaging 12.07% annual growth which is considered a stable increase. The insurance penetration rate is measured at 2.60 % of GDP in 1999 and a commendable increase of 4.07 % in 2009, with an insurance density of 49.3 US dollars in year 2000, climbing up to US dollars in Country GDP(USD) GDP per capita (USD) 2008 Insurance Penetration premiums (as % of GDP) Premium per capita (USD) 1. USA 14,265 46, , Europe 22,161 27, , Asia 15,646 3, Japan 4,845 37, , Korea , , Singapore , , Malaysia 219 8, Thailand 273 4, , Philippines 169 1, Indonesia 514 2, Source: sigma:swiss Re as of December 2009 Based on the table above, however, Thailand s insurance industry projects a relatively low expansion rate in comparison to many industrialized countries as well as countries in the Asian region. In 2008, Thailand s insurance penetration stood at 3.30%, a modest figure compared to the USA(8.70%), Europe(7.50%), Japan(9.80%), Singapore (7.80 %), and Malaysia (4.30%). With the average penetration rate of the Asian region estimated at 6.00 %,Thailand is considered appreciably low. 5

6 The Insurance industry plays a vital role in building financial stability for individuals and family establishments, and serves as source of savings network for the nation as a whole. The fact that only % of the Thai population hold life insurance policies is an indication that economic stability and the quality of life is still at a minimum level. An evaluation of the current status of Thailand s insurance industry reveal that the insurance business is at a relatively small scale compared to the size of the country s economy. The reasons can be attributed to the following: 1. Insufficient knowledge, understanding and confidence of the people in the insurance system 2. Inability of the private sector to adapt to the international supervisory standards 3. The structure of the Thai insurance industry 4. Basic structure needed for insurance development 5. Intense internal competition as a result of rapid change Faced with the challenges in motivating Thailand s insurance industry to flourish like other merging economies, the Office of Insurance Commission has proposed to the Insurance Commission to draft Insurance Development Plan Vol. 2 ( ) with the objective of developing the industry to greater heights, attaining international standards, and setting the stage for future liberalization. Presently, Thailand has undertaken a two- stage liberalization of the insurance industry: 6

7 First stage Approval granted t set up 25 new insurance licenses, out of which 12 are in the life insurance business and 13 are in non- life insurance business. Second stage 1998 Increasing foreign participation from 25% to 49% of registered shared capital. The Insurance Development Plan Vol. 2 includes formative direction and measures that will facilitate the liberalization of the insurance industry and to prepare the Thai market to enter into the competitive arena with businesses abroad. Measures include the Risk- Based Capital supervision fund to be gradually enforced in 2011, and guide policies to pave the way for future liberalization in the Asean region and other regions. According to evaluations made by the Office of Insurance Commission, goals and objectives outlined in the Insurance Development Plan Vol. 1( ) were successfully achieved within the proposed time frame. The Department of Insurance was re- instituted as the Office of Insurance Commission, an autonomous regulatory authority designated to perform its mission based on policies and measures outlined by the Insurance Commission. Adhering to the recommendations proposed in the Insurance Development Plan Vol.1, the Thai insurance sector has advanced toward the reform of insurance laws and the development of standardized system of insurance monitoring and examination, particularly the application of Risk- Based Supervision (RBS) and Risk Focused Monitoring and Examination. The Early Warning System was introduced as well as consumer protection schemes, 7

8 namely the increase of automobile compulsory insurance protection, the development of qualified and professional insurance personnel and a tax incentive scheme for policyholders, wherein the government has approved the increase of tax deductions for life insurance premiums from the previous sum of 50,000 to 100,000 baht. The Insurance Development Plan Volume 2 ( ) has devised schemes to bring forth significant changes to the Thai Insurance industry by outlining 4 pillars and 18 important measures as follows: 1. To build more confidence and awareness on the importance of insurance as well as better insurance access for the people. 1.1 Educate the people on the insurance system. 1.2 Develop insurance products to meet the changing risks of the people 1.3 Develop distribution channels and service systems 1.4 Establish codes of best practice for insurance intermediary 1.5 Strengthen the role of the insurance system in corporate social responsibility (CSR) 2. To strengthen the capacity of the insurance system 2.1 Strengthening the insurance system Audit and supervise insurance companies through Risk- Based Supervision (RBS) - initiate new ways in analyzing and auditing insurance companies - seek additional means for Prompt Preventive Actions Use Risk- based management and Risk- based Capital Regime - promote investment of insurance companies - maintain Risk- Based Capital Approach - Risk management 8

9 2.1.3 Preparation of insurance companies for transformation into a public company and persuasive measures for acquisition Group- wide supervision Anti- money laundering and combating the financing of terrorism 2.2 Build insurance company s capacity for competition Insurance product development process Reduce insurance costs Strengthen the capacity for insurance retention Implement measures to prepare the insurance business for liberalization in ASEAN by year To improve the standard of services and protection for policyholders interests 3.1 Reform laws concerning policyholders protection 3.2 Implement standardized rules of conduct in insurance services. 3.3 Improve services for policyholders protection 3.4 Establish a catastrophe fund 4. To promote the infrastructure of insurance 4.1 Strengthen the human resource capacity in the insurance business 4.2 Improve the tax system for the development of the insurance business 4.3 Set guidelines for product development in the capital market for insurance business 4.4 Operate according to standard accounts and asset evaluation 4.5 Strengthen the IT capacity 4.6 Reform insurance laws 4.7 Establish the OIC Advanced Insurance Institute. 9

10 Chapter 1 The importance of insurance to the Thai economy 1. Role and benefits of insurance The insurance system is a widely accepted tool in building security and assuring financial stability to all members of society. Life insurance brings confidence and security for income groups of society who may be affected by life s uncertainties. At the same time, long- term care has become increasingly important due to the rapidly growing elderly population and the advanced medical technology that enables people to have a longer life span. Developed countries such as the US, Europe, Japan and South Korea as well as developing countries such as Thailand are stepping into the aging society wherein the elderly population are growing at a faster pace than the child- bearing population. It is estimated that the elderly population in Thailand will increase from 7.1 million (10.8% of total population) in 2007, to 16.1 million in 2027, or 22.7% of the country s population. Consequently, the country s wealth and savings will decrease due to low work efficiency caused by the income group being burdened with caring for their elderly. Moreover, the rise in health and elderly care expenses has repercussions on the budget allocated to social welfare and services. Governments in most countries are making efforts in encouraging the public to seek ways in reducing their spending and increasing their savings through government bonds, real estate schemes and retirement plans to boost confidence and security in the form of life and health insurance. With a reliable savings plan, our stable income can be fortified through a life insurance system that provides protection and secure our savings. If the population learns to take advantage of a savings plan, it will help increase the 10

11 country s savings and further lead to the nation s economic development and expansion. Likewise, non- life insurance serves beneficial to business and investment sectors of society who are inevitably faced with daily risks from unforeseen circumstances or natural disasters such as floods, hurricanes, tsunamis, fire, lightning, explosions, accidents arising from travel, theft, loss of life and property, etc. All these risks and financial damage caused by third party liability can be alleviated by a reliable non- life insurance system. Moreover, unpredictable world temperatures as well as global warming has caused devastating loss of properties and lives in many parts of the world such as the hurricane Katrina in the US or the Nargis cyclone in Burma in Non- life insurance serves as an important tool in easing the loss and assisting both the victims and the governments from economic hardship and difficulties. In addition, the insurance system is considered an important financial tool in strengthening the social and economic system of the country as well as the quality of life of the people. At present, the Thai population is not taking full advantage of the benefits of insurance compared with other countries. Thailand s insurance penetration in 2009 stood at 4.07%, with only percent of the Thai population holding life insurance policies. Hence, there is a need to build confidence and educate the public on the importance, the need, and the benefits of the insurance system. Once trade, industrial and agricultural sectors begin to utilize the benefits of insurance, Thai people of all age groups will then be protected by a solid insurance system, paving the way to economic stability and better quality of life, with a sensible retirement plan put in place to guarantee the country s sustenance. 11

12 2. Future trends of the insurance business 2.1 The status of insurance business in the world market 1.) The World Economic Situation The GDP rate of the country is an indication of the size of the country s economy. During the last decade ( ), China s economy has developed to become one of the world s leading economies, ranking third after the US and Japan. In 2005, China s economy expanded more rapidly than expected, primarily through its exports accounting for 30% of its GDP. Government investment on infrastructure and construction, direct foreign investment and local consumption were adjusted to western standard prices, leading China s economy to jump from 7 th place in 1999 to become 3 rd in Considering the average income per capita of Asian countries in 2008, countries with the highest income per capita in chronological order are Singapore (40,444 USD), Japan (37,881 USD), Hong Kong (29,589 USD), Taiwan (17,143 USD), South Korea (16,755 USD), Malaysia (8,111USD), Thailand (4,246 USD), China (3,237 USD), Indonesia (2,194 USD), the Philippines (1,884 USD), India (1,028 USD), and Vietnam (1,017 USD). Thailand is grouped among the middle range, lower than Singapore, Japan, Hong Kong, Taiwan, South Korea, and Malaysia, but higher than Indonesia, the Philippines, India, and Vietnam. 12

13 Table 1.1: GDP per capita Unit: USD Country United States 34,162 35,967 36,416 36,145 37,864 40,133 42,343 44,423 46,009 46,893 Europe 12,281 11,542 11,726 12,839 15,681 18,106 19,448 21,111 24,442 27,396 Asia 2,354 2,327 2,141 2,204 2,440 2,637 2,897 3,091 3,402 3,938 Japan 34,992 36,404 31,699 32,198 34,874 36,845 35,542 34,204 34,438 37,881 China ,092 1,233 1,715 1,974 2,420 3,237 India ,028 South Korea 9,062 9,450 8,784 9,979 12,911 14,897 16,646 18,668 20,265 16,755 Indonesia ,186 1,276 1,614 1,870 2,194 Taiwan 13,136 13,937 12,601 12,589 12,699 13,540 15,219 15,502 16,739 17,143 Thailand 1,994 1,955 1,843 2,006 2,306 2,612 2,733 3,179 3,850 4,246 Malaysia 3,612 4,043 3,824 4,041 4,251 4,762 5,216 5,930 7,218 8,111 Hong Kong 23,731 23,971 24,478 23,824 23,382 23,913 25,797 26,761 28,750 29,589 Singapore 26,563 23,000 20,976 21,220 21,163 24,884 26,591 30,000 36,591 40,444 Phillipines 1, ,037 1,003 1,385 1,636 1,884 Vietnam ,017 Africa ,125 1,283 1,558 World 5,149 5,163 5,025 5,193 5,822 6,406 6,893 7,379 8,111 8,961 Source: Swiss Re. sigma No.3/2009 2). Domestic Savings Domestic savings is an additional factor that promotes growth in various economic activities since the annual insurance premium represents part of the country s GDP. Table 1.2 indicates the Gross Domestic Savings of various countries. It is worthy to note that developed countries with high income and high insurance premium contributing to its GDP, often have a lower savings rate than developing countries in Asia, indicating that developing countries such as Thailand, Malaysia, Singapore, Hong Kong, China and South Korea have the potential to utilize their savings for insurance and for elderly care at a higher rate than at present. 13

14 On the other hand, European countries and the US have less of a potential for insurance growth primarily due to the high rate of existing insurance policyholders, leading to lower savings rate. However, in the middle and long term, the direction of world growth in the insurance business could be shifted to the Asian region such as Thailand, who has a strong potential to attract investment from European and US insurance businesses. Table 1.2: Domestic Savings Unit : % of GDP Country China Hong Kong South Korea Taiwan Malaysia Philippines Singapore Thailand Vietnam Australia Japan France Germany Switzerland U.K Source: Swiss Re: sigma No 3/

15 3.) Insurance Penetration With respect to the world market, Thailand s insurance penetration in 2008 accounted for 3.3%, lower than Asia s average of 6.0 % and the world market average of 7.1 %. Considering the fact that Thailand s GDP is slightly higher than Asia s GDP, Thailand s life insurance and non- life insurance accounted for 1.8% and 1.5% respectively, while Asia s insurance penetration averaged 4.4% and 1.5% respectively, with the world average penetration accounting for 4.1 % and 2.9 %respectively. It is clearly evident that Thailand s insurance penetration is remarkably lower than the average of the Asian region and the world. A comparative study with neighboring countries indicate that Thailand s insurance penetration is lower than Malaysia s 4.30%, but higher than the Philippines and Indonesia at 1.40 %and 1.30% respectively. A comparative view of world insurance penetration would place Thailand at 40 th rank, with Malaysia at 33 rd and the Philippines and Indonesia at 73 rd and 75 th respectively. In the Asian region, Taiwan claims the first place, with South Korea at 5 th. Table 1.3 Insurance Penetration Unit: USD Country Increase (decrease) from last year % Life Non- life Total Life Non- life Total Life Non- life Total Life Non- life Total Asia (0.20) (0.10) (0.20) Taiwan S. Korea (0.20) HongKong (0.70) 0.10 (0.60) Japan Singapore India (0.10) Malaysia (0.30) 0.00 (0.30) China (0.10) 0.40 Thailand (0.10) Philippines (0.10) Source: Swiss Re. sigma No 3/

16 Vietnam (0.10) 0.00 (0.10) Indonesia (0.20) (0.10) (0.30) World (0.30) (0.20) (0.40) Chart 1.1 Insurance Penetration 2008 Source: Swiss Re.SigmaNo.8/2009 Upon examining the period between , Thailand s insurance penetration averaged between 2.60% %. In 2005, the country s insurance penetration peaked the highest at 3.61 %, placing Thailand at 38th rank in world comparison. In 2008, the figure dropped to 3.30 %, ranking at 40 th in the world. The percentages are relatively lower than the region and the world, estimated at 5.9%- 7.7 % and 8.7%- 9.6 % respectively. Among the Asian region, Thailand s insurance penetration is in the middle range, lower than Taiwan, South Korea, Hong Kong, Japan, Singapore, India, and Malaysia, but higher than the Philippines, Vietnam, Indonesia, with a rate equivalent to China, whose insurance penetration rate has significantly increased due to economic expansion. Averaged at 1.8% in the year 2000, it soared to 3.3% in

17 4.) Insurance Density: (Premiums per capita in USD) In 2008, Thailand s insurance premium expenses averaged USD per capita, divided into 77.2 USD per capita for life insurance premiums and 64.9 USD per capita for non- life insurance premiums. The Asian region insurance premium expenses averaged USD per capita, divided into USD per capita for life insurance and 60.4 USD per capita for non- life insurance. In Asia, Japan has the highest life insurance premium per capita at 3,698.6 USD, with the world insurance premium averaged at USD per capita, divided into USD per capita for life insurance and 264.2USD per capita for non- life insurance. Overall, the US has the highest insurance premium at 4,078 USD per capita. The figures illustrate that Thailand s insurance density is currently under performed compared to other countries, although an increase was evident from 2007 when insurance premium averaged at only USD per capita. Compared to neighboring countries, Thailand s insurance premium per capita is lower than Malaysia s USD per capita, but higher than the Philippines and Indonesia, with insurance premiums averaged at 29.5 USD and 25.6 USD per capita respectively. In world rankings, Thailand ranks at 61st in the market, while Taiwan ranks at 20 th, South Korea at 24 th, Malaysia at 46 th, Indonesia and the Philippines ranking lower than Thailand at 81 st and 82 nd respectively. However, between , Thailand has continually increased its spending on insurance premiums; In 1999, only 45.5 USD was spent per capita, but by 2008, Thai insurance premium which represent an immense increase to USD per capita, a % increase or an estimated 13.12% annual increase. 17

18 A closer examination of neighboring countries such as Malaysia showed insurance premium estimated at USD per capita in 1999, increasing to USD per capita in 2008, which represents a % increase, or 13.52% annual increase. Indonesia increased its insurance premium from 9.5 USD per capita in 1999, to 29.5USD per capita in 2008, an increase of %. The Philippines also saw an increase of insurance premium from 13.7 USD per capita in 1999 to 25.6 USD per capita in 2008, a 86.86% increase. Table 1.4 Insurance Density: Premiums per capita in USD Unit: USD Source : Swiss Re. sigma No.3/2009 Chart 1.2 Insurance Density: Premiums per capita in USD 2008 World United States NortAmerica Latin America Europe Asia Japan Hong Kong Singapore Taiwan South Korea Malaysia Thailand PR china India Indonesia Philippines Vietnam Africa Oceania InsuranceDensity (Premiums percapita in USD in 2008) , , , , , , , , , , , USD ,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Life Non-life 18

19 Source: Swiss Re. Sigma No.8/2009 To sum up, in comparison with countries of the Asian region with similar levels of economic development, there is a need for Thailand s insurance industry to develop and expand a further %, with insurance premium per capita no less than 240 USD per capita, or an insurance penetration rate of no less than 5%. In other words, in 2009, the Thai insurance should have had an insurance premium of no less than 650,000 million baht. In reality insurance premium that year only accounted for 368,770 million baht, the lost premium calculated as the opportunity cost of the Thai insurance business. 2.2 Growth rate of Thai insurance Industry between Statistics on the expansion rate of the Thai insurance industry between 1999 until 2009 revealed that in 1999, the insurance business was recovering after a decline in 1997 and 1998, with the lowest rate of expansion in 15 years, a deficit of 0.41% and 8.09 % respectively. Similarly, economic expansion during that period was reduced to 1.4 % and 10.5% respectively due to Thailand s severe economic recession. By 1999, the insurance business gradually revived and expanded until 2009, with a growth rate of 12.37%, including 16.67% expansion in life insurance and 3.39 % expansion in non- life insurance. However, Thailand s economic growth rate was reduced by 2.3% due to the global financial crisis in 2008 up until early Between 2001 until 2002 the Thai insurance business witnessed the highest expansion rate at % and 19.27% respectively, % growth in life insurance in 2001 and 22.41% in Non- life insurance expanded 12.93% in 2001 and 13.87% in During the same period, Thailand s economy grew by 2.2% and 5.3% respectively. 19

20 Chart 1.3: Direct premiums Unit: million baht Source: Research and Statistics Division, Examination Planning and Development Department Chart 1.4: Insurance growth In 2009, Thailand s economy contracted by 2.3% in the first 3 Source: Research and Statistics Division, Examination Planning and Development Department quarters, with indication of positive growth in the 4 th quarter. The Thai insurance industry, however, expanded 12.37% from the previous year, the highest expansion since 2003 with total insurance premium amounting 368,390 million baht. Life insurance expanded remarkably by 16.67%, with insurance premium accounting for 258,545 million baht, while non- life insurance expanded merely 3.39%, with insurance premium at 109,845 million baht. The expansion is an improvement from the first quarter of 2009, where there was a deficit of 0.75%. It is expected that in 2010, 20

21 the insurance business will expand 13% from the previous year, with total premium estimated at 415,959 million baht. Life insurance is expected to expand 15%, with premium estimated at 297,327 million baht, while non- life insurance should expand by 8%, with premium estimated at 118,633 million baht. Chart 1.5: Insurance Growth Rate and Trends for 2010 Unit: million baht Source: Research and Statistics Division, Examination Planning and Development Department It is apparent that economic growth does not necessarily lead to life insurance expansion, while non- life insurance naturally follows the economic flow. The growth of the insurance business and the country s economic growth may not follow the same pattern year after year, but the government s guidelines for continual promotion and education to the public on the importance of insurance are vital: 1. Educate and build awareness on the importance of insurance to the public so they understand the necessity and benefits they can gain from a reliable insurance system. 2. Stimulate innovative development of insurance products that corresponds to the public s risks, needs and preferences in providing protection for their well- being. 3. Foster the development and knowledge of insurance so that every group of people has access, receive benefits and gain protection from insurance. 21

22 4. Develop additional distribution channels through bancassurance, commercial banks, telephone or the postal system to reach the public more effectively. 5. Support and develop insurance agents and brokers with appropriate skills and knowledge to offer more complete information and provide quality services to the public. 2.3 The development of the Thai Insurance Industry between ) Insurance Assets, Liabilities and Capital 1.1) Assets As of December 2009, total assets of the insurance business between 1999 until 2009 amounted to 1,201,681 million baht, increased by % from 1999, which amounted a mere 300,908 million baht. It is evident that the insurance business has expanded considerably with a % increase in total assets. In 1995, life insurance assets amounted 216,520 million baht, but by 2009, there was an increase to 1,046,534 million baht, a remarkable % increase. Non- life insurance assets also showed a slight increase, from 84,388 million baht in 1995 to 155,147 million baht, or an 83.85% increase. Compared to 2008, the insurance business has assets increased by 16.31%, a 17.10% increase from the previous year in life insurance and an 11.26% increase in non- life insurance. 22

23 Chart 1.6 Total Assets of the Insurance Industry (admitted) baht Unit: million Source: Research and Statistics Division, Examination Planning and Development Department 1.2) Liabilities Between 1999 until 2009, insurance liabilities as of December 2009 amounted to 1,013,736 million baht, an increase from 232,141 million baht in 1999, estimated at a % increase, or % annual increase. Total liabilities consist of life insurance liabilities 916,946 million baht, an increase from 1999 at only 184, 135 million baht, a % increase, or % annual increase. Non- life insurance liability amounted 96,790 million baht, an increase from 48,006 million baht in 1999, calculated as a % increase or 6.83% annual increase. Compared to 2008, liabilities increased 13.37%, or 84.36% of total assets. Despite the high level of liabilities compared with the assets, the amount includes the insurance policy reserve amounting 920,925 million baht, or 90.84% of total liabilities. The insurance industry has prepared the investment assets to support enforced policies totaling 1,114,900 million baht, or % of the policy reserve. This is divided into 993,565 million baht in life insurance, or % of the policy reserve, and 121,335 million baht in 23

24 non- life insurance, or % of the policy reserve. The insurance business invested its assets in high- quality financial instruments and high liquidity in order to pay indemnities to its policyholders by investing in bonds, calculated at 61.48% of total investment assets. Chart 1.7: Liabilities of the Insurance Industry (admitted) Unit: million baht Source: Research and Statistics Division, Examination Planning And Development Department 1.3) Capital As of December 2009, it is indicated that between , the insurance industry had capital funds totaling 187,945 million baht, increased from 1999 at 68,767 million baht, or %, or annual increase. The capital designated for life insurance amounted to 129,588 million baht, an increase from 1999 at 32,385 million baht, showing % increase, or 19.95% annual increase. Funds designated for non- life insurance amounted 58,357 million baht, an increase from 1999 at 36,382 million baht, showing 60.40% increase, or 4.90% annual increase. 24

25 Compared with 2008, the insurance business demonstrated a capital increase of 48,990 million baht, or a 35.26% increase. From the end of 2008, capital for life insurance increased 36,184 million baht, a 38.74% increase, while capital for non- life insurance increased 12,806 million baht, or a 28.11% increase. Chart 1.8 Insurance Capital (admitted) Unit: million baht Source: Research and Statistics Division, Examination Planning and Development Department 2) Investment of the insurance business In 2009, insurance business investment accounted for 1,114,900 million baht, or % of total assets, an 18.02% increase from the previous year. Life insurance investment accounted for 993,565 million baht, a % increase from the previous year while non- life insurance investment accounted for 121,335 million baht, a 20.83% increase from the previous year. Investment in government bonds with low risk accounted for 685,442 million baht, or % of total investment assets, consisting of investment in life insurance amounting 652,989 million baht, or 65.72%, and investment in non- life insurance amounting 32,453 million baht, or 26.75%. 25

26 In 1999, investment assets accounted for 244,499 million baht. By 2009, total investment assets increased %, or 16.42% annual increase from Investment in life insurance increased % or 18.04% annual increase from 1999 where assets accounted for 192,961 million baht, while investment assets in non- life insurance increased %, or an 8.66 % annual increase. Chart 1.9: Investment Assets for Life Insurance Unit: million baht Source: Research and Statistics section, Examination Planning And Development Division Chart 1.10 Percentages of Investment Assets for Life insurance Source: Research and Statistics Division, Examination Planning and Development Department 26

27 Chart 1.11 Investment assets for Non- life Insurance Unit: million baht Source: Research and Statistics Division, Examination Planning and Development Department Chart 1.12 Percentages of Investment Assets for Non- Life Insurance Source: Research and Statistics Division, Examination Planning and Development Department 3) Number of Life insurance and non- life insurance policies Between 1999 until 2009, there had been a steady increase in insurance policies. While there were only 21,189,847 insurance policies in 1999, the figure increased to 51,808,022 in 2009, indicating a % increase, or 8.74% annual increase. Life 27

28 insurance policies accounted for a total of 17,060,920, a % increase from 1999, or 8.20% annual increase, while non- life insurance accounted for a total of 34,747,102, a % increase from 1999, or a 9.03% annual increase. Compared to 2008, insurance policies increased 6.67%, with 5.45 % increase in life insurance and 7.01% increase in non- life insurance policies. Table 1.5 Number of life and non- life insurance policies Unit: number of policies Source: Research and Statistics Division, Examination Planning and Development Department 28

29 Chart 1.13 Number of Insurance Policies between Source: Research and Statistics Division, Examination Planning and Development Department 4) Number of Insurance policies per capita Upon evaluating the number of insurance policies per capita between 1999 until 2009, it is indicated that in 1999, the number of policies purchased per capita was 34.36%, increasing in 2009 to 81.22%. Life insurance policies per capita increased from 11.96% in 1999 to 26.75% in 2009, while non- life insurance from 22.40% in 1999 to 54.47% IN The figures thus indicate that the insured holds more than one insurance policy. Table 1.6 Number of policyholders per capita Source: Research and Statistics Division, Examination Planning and Development Department 29

30 Chart 1.14 Insurance Policyholders per capita between Unit: % Source: Research and Statistics Division, Examination Planning and Development Department 5) Sum Insured as of GDP (Non- life Insurance) Between , insurance premium demonstrated yearly increase except for 2006 and 2009 where it contracted 3.51% and 6.03% respectively due to political unrest in 2006 and the global economic crisis in However, insurance premium increased remarkably since 1999, with total insurance premium totaling 55,238,588 million baht, signifying a % increase. While the present GDP price amounted to 9,047,631 million baht, a mere 95.11% increase from 1999, sum insured per GDP in 2009 was estimated at million baht while in 1999, it was estimated at only %, The figures thus demonstrate the increasing role non- life insurance plays in the public and private sector as well as among the Thai public as a whole. The increasing importance is brought about by efforts made by the public sector to disseminate information to the people on insurance, how it can provide protection against the potential of unexpected losses and help secure future assets, assuring a solid and stabilized quality of life. 30

31 Table 1.7 Non- life insurance premium per GDP Source: Research and Statistics Division, Examination Planning and Development Department Chart 1.15 Non- life insurance premium per GDP between Unit: million baht Source: Research and Statistics Division, Examination Planning and Development Department 31

32 6) Number of insurance companies In 2009, there were a total of 95 insurance companies in Thailand, comprising of 24 life insurance companies ( 23 locally registered companies and one foreign branch)and 69 non- life insurance companies( 59 locally registered companies, 5 health insurance branches, and 5 foreign branches), 1 life reinsurance and 1 non- life reinsurance company. Table 1.8 Sum insured as of GDP Source: Research and Statistics Division, Examination Planning and Development Department It is evident from the table that in 1999, insurance companies have not clearly divided their businesses, with 21 life insurance companies, 75 non- insurance companies and 4 companies operating their business in both life and non- life insurance, as well as one reinsurance company operating both life and non- life insurance. 32

33 7) Claims paid from insurance policies Between , the insurance industry paid claims increased according to the continuous premium growth rate. In 1999, the insurance sector paid claim benefits of 48,076 million baht in total, while in 2009, 133,828 million baht were paid in indemnities, signifying a % increase, or 15.83% annual increase. Upon closer examination, it was revealed that benefit payments for maturity life policy were due totaling 38,072 million baht, or 41.57% of total life insurance claims, as follows: cash surrender value - 21,228 million baht, or 23.18% death benefits - 10,994 million baht, or 12% As for non- life insurance, 34,487 million baht were paid in indemnities for motor insurance, calculated at 81.64% of total indemnities. It is clear that insurance can provide protection against the potential of unexpected losses and tragedies and help secure future assets and a stable quality of life. Table 1.9 Claims paid Source: Research and Statistics Division, Examination Planning and Development Department 33

34 2.4. Distribution of policyholders up- country Considering the number of life insurance policyholders is one way of measuring the people s quality of life, for it demonstrates the percentage of the population who are financially secure and protected by life insurance. Statistics in 2009 indicate that insurance coverage is spread to all regions of Thailand, with a majority concentrated in provinces with vibrant economies, while provinces with low- income demonstrate a low percentage of life insurance policy holders. Table 1.10 Provinces with the highest and lowest number of policyholders Source: Research and Statistics Division, Examination Planning and Development Department 2.5 Insurance business trends The world was affected by the global financial crisis in 2009, to which Thailand was no exception. The economic decline had repercussions on Thailand s financial stability in the 4 th quarter of 2008, slowing down the export production and the tourism industry to a great extent. The country s GDP decreased for 3 consecutive quarters in 2009, leading Thailand to be under economic recession. Financial institutions imposed stricter measures on loan approvals. 34

35 To help boost the economy and alleviate the situation, the government exercised financial measures through projects directed at low interest rates and moderate installment regimes. With Thailand s main trade partners all afflicted by the economic downturn, consequently led Thailand s GDP in 2009 to contract 2.7% (Source: Bank of Thailand) Despite the economic recession in 2009 affecting Thailand s overall economy, the insurance industry continued to grow at a steady pace with total direct premiums amounting to 368,770 million baht, a 11.87% increase from the previous year. - Life Insurance 258,545 million baht, a 15.78% increase - Non- life insurance 110,225 million baht, a 3.67% increase The increase in direct premiums can be attributed to the new and improved channels of distribution as well as updated policies that better suit the needs of the public. The 52 million policies in force increased a further 6.9%, leading to an expansion in insurance penetration from 3.62% in 2008 to 4.07% in The percentage of life insurance policyholders per capita also increased from 25.5% in 2008 to 26.75% in Total assets of the entire insurance system increased to 16.31% from 2008, that is, an increase from 1,030,293 million baht in 2008 to 1,201,719 million baht in 2009 (divided into 1, 046,534 million baht in life insurance assets and 155,185 million baht in non- life insurance assets.) Insurance capital increased from 2008 at 142,771 million baht to 187,978 million baht, or a 31.66% increase. (Capital for life insurance 129, 588 million baht and 58,390 million baht for non- life insurance.) It is expected that in 2014, the insurance industry will be able to fulfill the needs of its consumers as it continues to expand in written premiums, assets, and insurance capital to a rate of 15% - 18%, or approximately 424,126 million baht of written premiums, divided into 305,083 million baht in life insurance and 119,043 in non- life insurance. Insurance penetration is expected to stand at a rate of 4.6%. By 2014, the last year of the Insurance Development Plan Vol. 2, total written premiums of the insurance business is estimated 35

36 to be at 740,000 million baht, or double the total in 2009 with insurance penetration estimated at 6%. Chart 1.16 Direct premiums between and Trends for 2010 Unit: million baht Source: Research and Statistics Division, Examination Planning and Development Department 36

37 Chapter 2 Reason and Requirements in Formulating the Insurance Development Plan 1. Outcome of Insurance Development Plan Volume 1 The Insurance Development Plan is a national plan initiated through joint efforts and determination of the public and private sectors to seek ways to develop and improve the insurance system in Thailand. The Insurance Development Plan consists of clearly defined insurance supervisory and regulatory policies that encourage the cooperation of related establishments and agencies to help create an insurance system that is independent, standardized, and efficient. It is evident that after formulating the Insurance Development Plan Volume 1, reforms and structural changes were clearly implemented to improve the present infrastructure. Outline below is a summary evaluation of the developmental changes according to the Insurance Development Plan. 1.1 Liberalization of the Insurance industry The main objective of the Insurance Plan Vol. 1 was to revise the infrastructure and role of the organization to become more flexible, efficient, accessible, and liberalized in compliance with the resolution of the National Corporate Governance Committee on November 5, At the time, the Department of Insurance participated in the ROSCs/FSAP, a joint cooperation between the World Bank and the International Monetary Fund in the performance audit of the Insurance sector under the Financial Sector Assessment Programs: FSAPs, its evaluation being based on 37

38 Insurance Core Principles :ICP of the International Association of Insurance Supervisors: IAIS According to the ICP3: Supervisory authority, the insurance business should be allowed flexibility and transparency with adequate control over management and sufficient funds to perform its operations. In July 2006, the Pre- FSAP Committee organized a mission to the Department of Insurance to offer their recommendations, proposing that the department be liberalized to prepare for the Financial Sector Assessment Programs (FSAPs). Hence, insurance liberalization became the main priority of the Insurance Development Plan Vol. 1. Efforts were made in the revision of legislative laws to transform the organization into a liberalized establishment. Consequently, the Insurance Regulation and Promotion Commission Act BE 2007 (2007) became effective on September 1, 2007, transforming the Department of Insurance from a government agency into the Office of Insurance Commission (OIC), an independent newly devised administrative organization with a framework similar to the Bank of Thailand and the Securities and Exchange Commission. The primary role of the Office of Insurance Commission (OIC) is to supervise and promote insurance business conduct with efficiency, transparency, and reliability, while ensuring that the public receive maximum rights and protection of their insurance benefits. 38

39 1.2 Insurance Legislative Reform Aside from the transformation of a government agency into an independent organization, it is important for the Office of Insurance Commission to revise rules, criteria, regulations as well as legislative laws that are relevant, efficient, and conform to international standards. Out- dated regulations are excluded and replaced with new approaches that move toward elevating Thai standards to international benchmark. The Insurance Development Plan Vol. 1 has led to the revision of Life Insurance Act 1992 and the Non- life Insurance Act 1992 to the more improved Life Insurance Act II and Non- Life Insurance Act II effective February 2 and 6, 2008 respectively. The two new legislations underwent extensive reform which included the addition and revision of several core principles of insurance in order to build financial stability for insurance companies, set in place with a risk management system that is modern, transparent, and adhering to corporate governance. Insurance principles in the protection of public rights have been further developed in the supervision of insurance companies marketing techniques, outlining codes of conduct in sales distribution channels, and the establishment of a life insurance fund and a non- life insurance fund. Major improvements and revisions are outlined in summary as follows: 1. Reinforce supervisory measures in ensuring the stability of insurance companies: - Require insurance companies to comply with risk based capital approach - Require insurance companies to comply with Asset Liability Matching (ALM) - Require local insurance companies to transform to public companies within 5 years to increase its funding 39

40 capabilities, promote merge of companies to expand in size, attain a more stabilized financial status and create economy to scale. 2. Improve beneficiary measures in the protection of public rights - Render the Office of Insurance Commission the authority to devise guidelines and codes of conduct for insurance agents, brokers, and bank agents to conform to in order that the public receive accurate and up- to- date information before purchasing insurance policies - Require that promotional materials, pamphlets and printed images are integrated in the sale of insurance policies and to reinforce insurance brokers or agents to only use materials that are approved by the insurance companies. - Require insurance companies to disclose information on the financial status, performance evaluation and insurance data to the public to assist in consumers decision- making process - Require insurance companies to share the responsibility in damages occurred by insurance agents and authorize insurance brokers to receive premiums on behalf of the insurance company - Develop skills, knowledge and experience of insurance agents and brokers by requiring that they pass the insurance course devised by the Office of Insurance Commission before obtaining or renewing their insurance license - Include in the Supervisory Act a clause authorizing the OIC to evaluate, consider and settle disputes concerning insurance contracts - Set up a policyholder protection fund to protect the public s rights and to ensure that policyholders receive indemnity in case the company declares bankruptcy or has its license revoked. 40

41 Revision of the above legislations have led to the effective enforcement and the further issuance of several sub- Acts in the ministerial level, order of the OIC Committee and order of the Registrar. 1.3 Developing the Supervisory and Regulatory system to international standards. During the initial stages of comprehensive reform of the insurance infrastructure and legislations, the major step in ensuring that the Insurance Development Plan Volume 1 meets its objectives is to develop the Monitoring and Examination sector, outlined as follows: 1. Monitoring and Examination scheme Efforts have been made to improve techniques in the monitoring and examination of insurance companies with emphasis placed on Risk- Focused Monitoring and Examination. Basic principles include: - Monitor to single out companies that are at risk to the financial stability through monthly and annual budget reports - Companies at financial or performance risk will be encouraged to deal with the source of the issue to reduce the degree of damage The above principle of an Early Warning System (EWS) is followed by preventive and corrective measures as follows: Quantitative measures are composed of 2 ratios, the Primary and Secondary ratios : The Primary ratio 41

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