First year premium and total premium up 32% and 30% respectively
ING Life Limited (ING Life) has reported a strong 32 percent increase in first year premium for Q3 2009 in comparison to Q3 2008. Total first year premium for Q3 2009 was 726 million baht compared to 549 million baht in 2008. For nine months ended September, total premium rose by 30 percent from 4,194 million baht in 2008 to 5, 449 million baht in 2009.
Mr. Rajesh Sethi, President and Chief Executive Officer, ING Life, said “The strong results reflect higher sales from our productive Tied Agency and deeper partnership with TMB Bank, our Bancassurance partner.”
Over the last five years, ING Life has recorded compounded annual growth rates of 38 percent in total premium, 35 percent in the number of policyholders and 56 percent in total assets.
“While we grow our business, we continue to invest in our new customer service centre, better agency training, LEAN six sigma processes and a new policy administration system, aiming to significantly reduce our cost, enhance our efficiency as well as providing necessary support for product innovation.”
“We thank our customers for their trust. We are committed to developing high value products delivered through the most professional agents and partners in the insurance industry. We are confident that ING Life has a bright future in the Thai market,” concluded Mr. Sethi.
Thursday, December 3, 2009
Standard Chartered (Thai)’s Consumer Banking launches “Bonus Marathon”
Aligned strategy with its global network to become World’s Best International Consumer Bank in chosen targets across Asia, Africa and the Middle East
Standard Chartered Bank (Thai) Public Company Limited unveils the bank’s focused strategy for the rest of 2009 to grow Consumer Banking and introduces its comprehensive campaign called “Bonus Marathon” in celebration of the bank’s major annual sponsorship the “Standard Chartered Bangkok Marathon”.
Mr. Vikram Issar, Senior Executive Vice President, Head of Consumer Banking, Standard Chartered (Thai) said the Bonus Marathon brings together a comprehensive range of products under Consumer Banking and offers special prices and privileges for customers during this last five months of 2009. This Bonus Marathon campaign aims to grow the bank’s Consumer Banking customer base aligning with its short-term and long-term strategies, and lay strong foundation to achieve the ambition shared by its global network in some 70 countries around the world to become the World’s Best International Consumer Bank in chosen markets and segments across Asia, Africa and the Middle East.
“Our short-term strategy is to use advantaged pricing, innovative propositions as well as product bundling that are attractively packaged to offer to our customers. In this Bonus Marathon campaign, we offer very competitive interest rates on our savings, mortgages and personal loan. We give away gifts to customers who purchase investment and banc-assurance products. We offer Marathon cash back on credit card from now till the end of the year.
“In the long-term, we want to achieve a more balanced Consumer Banking portfolio. We have been very successful with unsecured lending in the past. With changing market environment, we have adjusted our strategy to be more focused on chosen segments including wealth management, mortgage and SME. We want to shift our portfolio mix towards secured businesses to account for at least 70% by the year 2012. The Bonus Marathon campaign will help expand our customer base in the focused markets and segments.”
Ms. Auraratana Jutimitta, Executive Vice President, General Manager of Wealth Management, Consumer Banking, said the promotion offered in this Bonus Marathon will respond well to the needs of customers who are looking for high yield savings, attractive investment and insurance products, competitive lending and mortgage rates during this last five months of the year. The special promotion includes:
- The much-in-demand Marathon Savings. It is on the offer again, coinciding with the marathon season and marathon concept “the longer saving, the more interest”. This year’s Marathon Savings 4 offers a maximum of 2% interest rate per year with minimum amount of account opening of 200,000 baht. Customers receive interests on a monthly basis, with interest calculated on a daily basis. Adding more flexibility, customers can withdraw their savings twice a month without any withdrawal fee. Customers have until 30 September to open the Marathon Savings 4 account and receive a free gift of Marathon Sport Bag worth 1,000 baht.
- The Wealth Power account offers a maximum of 8.25% p.a. interest rate for one month for customers who open a fixed deposit account with minimum opening of 100,000 baht and purchase a life insurance with minimum premium of 25,000 baht.
- Customers will receive Marathon Combo Set as free gifts when purchasing the bundled products comprising of savings, investment and assurance.
- The unique mortgage innovation launched last year with huge market response and success, MortgageOne is now offering “Free on Four “ fees and charges including mortgage registration fee up to 200,000 baht, tax and duty fee, loan arrangement service charge and asset appraisal fee. This special offer and low interest rates, is valid for both new home and refinance customers, from now until 31 December 2009.
- For personal loan, the bank offers 0% interest for the first six months to customers with five-year installment plan, from 21 September – 31 December 2009
- Marathon Cash Back with maximum 7% cash back is offered to credit card holders of Standard Chartered (Thai) when using the card at nine hypermarkets and department stores including Tesco Lotus, Big C, Carrefour, Central, The Mall, Emporium, Siam Paragon, Robinson and Zen. The cash back offer is valid from now until 31 January 2010.
“This Bonus Marathon campaign for Consumer Banking will help strengthen and expand our customer base in chosen markets and segments. In a near future, we will be launching new business models and opening new branches in new format. These integrated strategies will transform our Consumer Banking and pave the way for Standard Chartered to become the World’s Best International Consumer Bank across Asia, Africa and the Middle East,” said Mr. Issar.
Standard Chartered Bank (Thai) Public Company Limited unveils the bank’s focused strategy for the rest of 2009 to grow Consumer Banking and introduces its comprehensive campaign called “Bonus Marathon” in celebration of the bank’s major annual sponsorship the “Standard Chartered Bangkok Marathon”.
Mr. Vikram Issar, Senior Executive Vice President, Head of Consumer Banking, Standard Chartered (Thai) said the Bonus Marathon brings together a comprehensive range of products under Consumer Banking and offers special prices and privileges for customers during this last five months of 2009. This Bonus Marathon campaign aims to grow the bank’s Consumer Banking customer base aligning with its short-term and long-term strategies, and lay strong foundation to achieve the ambition shared by its global network in some 70 countries around the world to become the World’s Best International Consumer Bank in chosen markets and segments across Asia, Africa and the Middle East.
“Our short-term strategy is to use advantaged pricing, innovative propositions as well as product bundling that are attractively packaged to offer to our customers. In this Bonus Marathon campaign, we offer very competitive interest rates on our savings, mortgages and personal loan. We give away gifts to customers who purchase investment and banc-assurance products. We offer Marathon cash back on credit card from now till the end of the year.
“In the long-term, we want to achieve a more balanced Consumer Banking portfolio. We have been very successful with unsecured lending in the past. With changing market environment, we have adjusted our strategy to be more focused on chosen segments including wealth management, mortgage and SME. We want to shift our portfolio mix towards secured businesses to account for at least 70% by the year 2012. The Bonus Marathon campaign will help expand our customer base in the focused markets and segments.”
Ms. Auraratana Jutimitta, Executive Vice President, General Manager of Wealth Management, Consumer Banking, said the promotion offered in this Bonus Marathon will respond well to the needs of customers who are looking for high yield savings, attractive investment and insurance products, competitive lending and mortgage rates during this last five months of the year. The special promotion includes:
- The much-in-demand Marathon Savings. It is on the offer again, coinciding with the marathon season and marathon concept “the longer saving, the more interest”. This year’s Marathon Savings 4 offers a maximum of 2% interest rate per year with minimum amount of account opening of 200,000 baht. Customers receive interests on a monthly basis, with interest calculated on a daily basis. Adding more flexibility, customers can withdraw their savings twice a month without any withdrawal fee. Customers have until 30 September to open the Marathon Savings 4 account and receive a free gift of Marathon Sport Bag worth 1,000 baht.
- The Wealth Power account offers a maximum of 8.25% p.a. interest rate for one month for customers who open a fixed deposit account with minimum opening of 100,000 baht and purchase a life insurance with minimum premium of 25,000 baht.
- Customers will receive Marathon Combo Set as free gifts when purchasing the bundled products comprising of savings, investment and assurance.
- The unique mortgage innovation launched last year with huge market response and success, MortgageOne is now offering “Free on Four “ fees and charges including mortgage registration fee up to 200,000 baht, tax and duty fee, loan arrangement service charge and asset appraisal fee. This special offer and low interest rates, is valid for both new home and refinance customers, from now until 31 December 2009.
- For personal loan, the bank offers 0% interest for the first six months to customers with five-year installment plan, from 21 September – 31 December 2009
- Marathon Cash Back with maximum 7% cash back is offered to credit card holders of Standard Chartered (Thai) when using the card at nine hypermarkets and department stores including Tesco Lotus, Big C, Carrefour, Central, The Mall, Emporium, Siam Paragon, Robinson and Zen. The cash back offer is valid from now until 31 January 2010.
“This Bonus Marathon campaign for Consumer Banking will help strengthen and expand our customer base in chosen markets and segments. In a near future, we will be launching new business models and opening new branches in new format. These integrated strategies will transform our Consumer Banking and pave the way for Standard Chartered to become the World’s Best International Consumer Bank across Asia, Africa and the Middle East,” said Mr. Issar.
ALL-NEW NISSAN X-TRAIL MAKES IMPACT AT MOTOR EXPO 2009
NISSAN MOTOR (THAILAND) CO., LTD. presented the all-new X-Trail at the 26th Thailand International Motor Expo 2009. The public debut of the all new X-Trail has proven itself by virtue of becoming the best selling SUV in Japan for seven consecutive years. The all-new X-Trail is the perfect SUV for all lifestyles. The model X-TRAIL won No. 1 SUV sales in Japan in 2002 and 2008, seven years consecutively.
Nissan also used the Motor Expo 2009 to reiterate its commitment to the Thai government and to Thai customers in bringing a special exhibit of the Eco-car to display the sketch as well as the outstanding qualifications of upcoming and much-awaited Eco-car passenger vehicle.
Visitor to the Nissan booth will be able to view on eco-themed vehicles and technologies, in an effort to communicate the company’s goals to deliver environment-friendly vehicles that improve fuel economy and reduce gas emission.
In addition to the new lineup, visitors can also expect to see Nissan’s complete range of quality vehicles that includes the 370Z, Navara, Teana, all new X-Trail, Tiida and Tiida Latio and other exciting campaign and promotions for the Motor Expo 2009
ALL-NEW X-TRAIL
The all-new X-TRAIL sports utility vehicle (SUV), since its first introduction to the Thai market in 2005, is engineered to be a functional vehicle designed for young families who live a modern life through tough urban surroundings.
Developed under the concept of tooling, the new X-Trail delivers the latest technology, authentic design and super utility found in a compact SUV.
The all-new will be powered by a 2.0L engine (MR20DE) with XTRONIC CVT, same advanced technology as the new TEANA, customers will have a pleasure driving together with fuel efficiency.
ADVANCED TECHNOLOGY
The new X-TRAIL features an XTRONIC Continuously Variable Transmission (CVT-M6), which features a special 6-speed manual shift mode with revised shift control logic, called Adaptive Shift Control (ASC). ASC adapts to the driver's personal driving style and environment to provide a smooth ride with no shift shock , quick shift response, optimize power, fun driving, durability and fuel economy while MR20DE engine is providing high performance and good fuel efficiency same as Teana.
AUTHENTIC SUV DESIGN
The ALL NEW Nissan X-TRAIL retains the nameplate's signature styling cues, which are suggestive of the SUV's outstanding capabilities under the X-Construction design. New X-Trail design tries to keep 1st generation strong concept with enhancing some area especially in practical function to support active life style and deliver more macho image with the stronger and bolder body.
Extended wheel arches and an aggressive front bumper design give X-TRAIL a tough stance. The hood slopes to allow a clear view of the vehicle's corners and the three-dimensional taillights continue the strong look.
The new X-TRAIL's body has been stiffened for increased stability and reduced NVH. Computational fluid dynamics (CFD) were utilized to analyze and improved the X-TRAIL's body design, resulting in improved performance and fuel economy.
SUPER UTILITY
X-TRAIL's cabin is designed to allow four adults to travel in comfort and style. The new interior offers improved functionality and quality craftsmanship. The accent lines flowing from the instrument panel to the door trim enhances the roomy feeling, while new soft padding on the instrument panel, door trim and armrests add a substantial yet comfortable sensation.
X-TRAIL's rear cargo area has been substantially increased over the previous model, thanks to relocated rear shock absorbers, for a class-leading capacity of 603 liters (VDA). The cargo area features a washable luggage board and a removable luggage drawer with movable partitions, located beneath the luggage board. Moreover, the luggage area capacity can be expanded further by removing the drawer and under tray to serve your maximum load.
The X-Trail is available 4 colors such as Burning Red (AX6), Black Solid (KH3), Gray Metallic (K21) and Diamond Silver (KY0).
The both generations of the X-Trail has achieved the No.1 selling SUV status for the seven consecutive years.
Offered in the 2.0L XTRONIC CVT Model, estimated retail price (MSRP) of the all new X-Trail is THB 1,065,000.
TEANA SPORTS SERIES
The new Teana Sports Series is a complement the demand for a new sporty interior and exterior. Marketed under the concept of Luxury Sports Sedan, the Teana Sports Series marks the beginning of offering for custom and after-market parts to help thrill and exhilarate Nissan fans.
NEW AERO BODY-KIT
Luxury meets sports performance through the Teana’s a new sporty exterior. Nissan has taken a standard Teana and stylized it with the latest aero body-kits while still retaining a modern luxury feel. This enhances aerodynamic efficiency and overall high-speed driving stability, a must for the sports-minded enthusiast. Parts consist of new Smoky Front Grille, Side Skirts and Rear Spoiler.
NEW INTERIOR
Teana was designed under the concept of modern luxury and relaxation. Defined by a bodyline that is a graceful and sweeping arc. It embodies sophistication, and is known as a pioneer of the "modern living" concept, the Teana evolves the interior design to focus on relaxation for all passengers.
With its highly-functional interior, the new Teana Sports Series is equipped with memory seat, curtain airbags found exclusively on the 2.5L sports series, sunroof and a new dark interior color, thus help redefine sophistication in a luxury sedan. The new Teana Sports Series is available in both 2.0L and 2.5L models equipped with Navigator and available in only Black and White pearl colors
TIIDA NISMO (S-Tune)
Marketed under the concept of “Engineered for Enthusiastic Driving”, the 1.6G and 1.8G versions of the Tiida has been fitted with the NISMO-branded tuner aerokit parts has been specially fitted on the for an enhanced driving experience from Nissan Motorsports International Co., Ltd of Japan.
- High-performance parts to help highlight the sporty look of the Tiida and help compliment customers need for premium aerokit parts
- 5 major aerokit parts include front skirts, left and right side skirts, back skirt, roof spoilers, side NISMO stickers and S-tune stickers.
- Limited availability with only 200 units will be sold and available in the Thai market.
NAVARA CALIBRE LIMITED VERSION
The Navara Calibre Limited Version comes equipped with advanced features, making the new Navara Calibre AT a truly outstanding pick-up truck with “superior” performance in all aspects.
- Combination of unique styling, generous specification and outstanding value the Navara Calibre Limited Version is painted in White Pearl Color and available in limited numbers.
- The Navara Calibre Limited Version comes with a new and unique style bar, bed liner, front bumper guard and LED kick plates.
NAVARA CALIBRE DVD VERSION
The Navara Calibre DVD Version comes installed with state of the art touch screen DVD player with remote control from Kenwood.
- The Navara Calibre DVD Version is also styled with LED kick plates and front bumper guard.
Nissan also used the Motor Expo 2009 to reiterate its commitment to the Thai government and to Thai customers in bringing a special exhibit of the Eco-car to display the sketch as well as the outstanding qualifications of upcoming and much-awaited Eco-car passenger vehicle.
Visitor to the Nissan booth will be able to view on eco-themed vehicles and technologies, in an effort to communicate the company’s goals to deliver environment-friendly vehicles that improve fuel economy and reduce gas emission.
In addition to the new lineup, visitors can also expect to see Nissan’s complete range of quality vehicles that includes the 370Z, Navara, Teana, all new X-Trail, Tiida and Tiida Latio and other exciting campaign and promotions for the Motor Expo 2009
ALL-NEW X-TRAIL
The all-new X-TRAIL sports utility vehicle (SUV), since its first introduction to the Thai market in 2005, is engineered to be a functional vehicle designed for young families who live a modern life through tough urban surroundings.
Developed under the concept of tooling, the new X-Trail delivers the latest technology, authentic design and super utility found in a compact SUV.
The all-new will be powered by a 2.0L engine (MR20DE) with XTRONIC CVT, same advanced technology as the new TEANA, customers will have a pleasure driving together with fuel efficiency.
ADVANCED TECHNOLOGY
The new X-TRAIL features an XTRONIC Continuously Variable Transmission (CVT-M6), which features a special 6-speed manual shift mode with revised shift control logic, called Adaptive Shift Control (ASC). ASC adapts to the driver's personal driving style and environment to provide a smooth ride with no shift shock , quick shift response, optimize power, fun driving, durability and fuel economy while MR20DE engine is providing high performance and good fuel efficiency same as Teana.
AUTHENTIC SUV DESIGN
The ALL NEW Nissan X-TRAIL retains the nameplate's signature styling cues, which are suggestive of the SUV's outstanding capabilities under the X-Construction design. New X-Trail design tries to keep 1st generation strong concept with enhancing some area especially in practical function to support active life style and deliver more macho image with the stronger and bolder body.
Extended wheel arches and an aggressive front bumper design give X-TRAIL a tough stance. The hood slopes to allow a clear view of the vehicle's corners and the three-dimensional taillights continue the strong look.
The new X-TRAIL's body has been stiffened for increased stability and reduced NVH. Computational fluid dynamics (CFD) were utilized to analyze and improved the X-TRAIL's body design, resulting in improved performance and fuel economy.
SUPER UTILITY
X-TRAIL's cabin is designed to allow four adults to travel in comfort and style. The new interior offers improved functionality and quality craftsmanship. The accent lines flowing from the instrument panel to the door trim enhances the roomy feeling, while new soft padding on the instrument panel, door trim and armrests add a substantial yet comfortable sensation.
X-TRAIL's rear cargo area has been substantially increased over the previous model, thanks to relocated rear shock absorbers, for a class-leading capacity of 603 liters (VDA). The cargo area features a washable luggage board and a removable luggage drawer with movable partitions, located beneath the luggage board. Moreover, the luggage area capacity can be expanded further by removing the drawer and under tray to serve your maximum load.
The X-Trail is available 4 colors such as Burning Red (AX6), Black Solid (KH3), Gray Metallic (K21) and Diamond Silver (KY0).
The both generations of the X-Trail has achieved the No.1 selling SUV status for the seven consecutive years.
Offered in the 2.0L XTRONIC CVT Model, estimated retail price (MSRP) of the all new X-Trail is THB 1,065,000.
TEANA SPORTS SERIES
The new Teana Sports Series is a complement the demand for a new sporty interior and exterior. Marketed under the concept of Luxury Sports Sedan, the Teana Sports Series marks the beginning of offering for custom and after-market parts to help thrill and exhilarate Nissan fans.
NEW AERO BODY-KIT
Luxury meets sports performance through the Teana’s a new sporty exterior. Nissan has taken a standard Teana and stylized it with the latest aero body-kits while still retaining a modern luxury feel. This enhances aerodynamic efficiency and overall high-speed driving stability, a must for the sports-minded enthusiast. Parts consist of new Smoky Front Grille, Side Skirts and Rear Spoiler.
NEW INTERIOR
Teana was designed under the concept of modern luxury and relaxation. Defined by a bodyline that is a graceful and sweeping arc. It embodies sophistication, and is known as a pioneer of the "modern living" concept, the Teana evolves the interior design to focus on relaxation for all passengers.
With its highly-functional interior, the new Teana Sports Series is equipped with memory seat, curtain airbags found exclusively on the 2.5L sports series, sunroof and a new dark interior color, thus help redefine sophistication in a luxury sedan. The new Teana Sports Series is available in both 2.0L and 2.5L models equipped with Navigator and available in only Black and White pearl colors
TIIDA NISMO (S-Tune)
Marketed under the concept of “Engineered for Enthusiastic Driving”, the 1.6G and 1.8G versions of the Tiida has been fitted with the NISMO-branded tuner aerokit parts has been specially fitted on the for an enhanced driving experience from Nissan Motorsports International Co., Ltd of Japan.
- High-performance parts to help highlight the sporty look of the Tiida and help compliment customers need for premium aerokit parts
- 5 major aerokit parts include front skirts, left and right side skirts, back skirt, roof spoilers, side NISMO stickers and S-tune stickers.
- Limited availability with only 200 units will be sold and available in the Thai market.
NAVARA CALIBRE LIMITED VERSION
The Navara Calibre Limited Version comes equipped with advanced features, making the new Navara Calibre AT a truly outstanding pick-up truck with “superior” performance in all aspects.
- Combination of unique styling, generous specification and outstanding value the Navara Calibre Limited Version is painted in White Pearl Color and available in limited numbers.
- The Navara Calibre Limited Version comes with a new and unique style bar, bed liner, front bumper guard and LED kick plates.
NAVARA CALIBRE DVD VERSION
The Navara Calibre DVD Version comes installed with state of the art touch screen DVD player with remote control from Kenwood.
- The Navara Calibre DVD Version is also styled with LED kick plates and front bumper guard.
Saturday, November 21, 2009
SEIC and GSM Advance launches “Double PA Coverage” Thailand’s first time ‘where care and warmth can be catered through air’
Southeast Insurance, together with GSM Advance, pioneers the new world of insurance by introducing Thailand’s first on-mobile insurance application; “Double PA Coverage”. The ‘Double PA Coverage’ ensures unexpected accidents via mobile phone offering the individual insurance policy for a 1-year worldwide coverage amount starting from 100,000 Baht and addition up to 200,000 Baht varied in duration in network. Exclusively for GSM Advance customers, press *198 and call out. The first 100,000 customers apply at no cost today until January 31, 2010.
Mr. Chotiphat Bijananda, Chairman of Executive Board of The Southeast Insurance, stated that “Southeast Group’s has recently Reengineered and Rebranded the Insurance and Financial Business Group consisting of Southeast Insurance, Southeast Life Insurance, and Southeast Capital for a wider recognition, refreshment of our image, and the modernization of personality. Part of them is also to secure the awareness among new generation. Along with this direction, Southeast Insurance develops new service features that match the new generation’s lifestyle and to deliver complete solutions to satisfy core demand of customers in both private and business life. Services based on wireless technology can become ‘the’ one”.
“With the concept care and warmth can be catered through air” and to capitalize on wireless technology, the Group, therefore, cooperates with the GSM Advance, to form this innovative business solution. This ‘Double PA Coverage’, which will start with privileges to GSM Advance customers, comprises of double individual insurance “PA 99” from Southeast Insurance, offering personal accident insurance of 100,000 Baht coverage for a one year period. Customers staying longer in the network receive more coverage up to 200,000 Baht” said Chotiphat
Mr. Somchai Lertsutiwong, Executive Vice President - Marketing of AIS, talked about the cooperation “Wireless technology bridges every gap with no limitations. So far, AIS has placed importance to partnerships in a broad array of industries in order to create innovative services. The cooperation with Southeast Insurance marks the unprecedented situation where wireless technology is able to deliver care and warmth to GSM Advance customers. Simply and always, individual insurance from Southeast can be applied via mobile phones for an immediate protection and privileges. In terms of AIS, not only do we render service beneficial to customers’ daily life, but also provide added value for AIS customers. Besides we believe that the service will encourage the development of new services through the synergy leveraging on strengths between different industries and, as a result, expand the market as well as fueling the growth of aggregate economy.”
The service “Double PA Coverage” from Southeast Insurance and GSM Advance is a co-service that allows GSM Advance customers to apply for the individual insurance “PA 99” from Southeast Insurance simply on mobile phone by pressing *198 and calling (free of charge). Customers receive a worldwide protection with the immediate 1-year coverage amount starting at Baht 100,000 after confirming the application. No cost for the first 100,000 applicants (limited to 1,000 applicants per day), from today to January 31, 2010. Even more special for GSM Advance customers, receive additional coverage amount every 3 month in the network up to Baht 200,000 coverage amount. GSM Advance customers who miss this opportunity may purchase the protection “PA 99” for a Baht 99 premium per year and earn all privileges of “Double PA Coverage.” AIS facilitates the payment for GSM Advance customers by consolidating application fees in next Statement after the application.
Chotiphat and Somchai together added “We are earnestly convinced that the service “Double PA Coverage” perfectly combine strengths of both parties. The easy and speedy insurance scheme coupled with sincerity from Southeast Insurance and best quality network from AIS will bring warmth and security assurance to GSM Advance customers hereafter.”
Mr. Chotiphat Bijananda, Chairman of Executive Board of The Southeast Insurance, stated that “Southeast Group’s has recently Reengineered and Rebranded the Insurance and Financial Business Group consisting of Southeast Insurance, Southeast Life Insurance, and Southeast Capital for a wider recognition, refreshment of our image, and the modernization of personality. Part of them is also to secure the awareness among new generation. Along with this direction, Southeast Insurance develops new service features that match the new generation’s lifestyle and to deliver complete solutions to satisfy core demand of customers in both private and business life. Services based on wireless technology can become ‘the’ one”.
“With the concept care and warmth can be catered through air” and to capitalize on wireless technology, the Group, therefore, cooperates with the GSM Advance, to form this innovative business solution. This ‘Double PA Coverage’, which will start with privileges to GSM Advance customers, comprises of double individual insurance “PA 99” from Southeast Insurance, offering personal accident insurance of 100,000 Baht coverage for a one year period. Customers staying longer in the network receive more coverage up to 200,000 Baht” said Chotiphat
Mr. Somchai Lertsutiwong, Executive Vice President - Marketing of AIS, talked about the cooperation “Wireless technology bridges every gap with no limitations. So far, AIS has placed importance to partnerships in a broad array of industries in order to create innovative services. The cooperation with Southeast Insurance marks the unprecedented situation where wireless technology is able to deliver care and warmth to GSM Advance customers. Simply and always, individual insurance from Southeast can be applied via mobile phones for an immediate protection and privileges. In terms of AIS, not only do we render service beneficial to customers’ daily life, but also provide added value for AIS customers. Besides we believe that the service will encourage the development of new services through the synergy leveraging on strengths between different industries and, as a result, expand the market as well as fueling the growth of aggregate economy.”
The service “Double PA Coverage” from Southeast Insurance and GSM Advance is a co-service that allows GSM Advance customers to apply for the individual insurance “PA 99” from Southeast Insurance simply on mobile phone by pressing *198 and calling (free of charge). Customers receive a worldwide protection with the immediate 1-year coverage amount starting at Baht 100,000 after confirming the application. No cost for the first 100,000 applicants (limited to 1,000 applicants per day), from today to January 31, 2010. Even more special for GSM Advance customers, receive additional coverage amount every 3 month in the network up to Baht 200,000 coverage amount. GSM Advance customers who miss this opportunity may purchase the protection “PA 99” for a Baht 99 premium per year and earn all privileges of “Double PA Coverage.” AIS facilitates the payment for GSM Advance customers by consolidating application fees in next Statement after the application.
Chotiphat and Somchai together added “We are earnestly convinced that the service “Double PA Coverage” perfectly combine strengths of both parties. The easy and speedy insurance scheme coupled with sincerity from Southeast Insurance and best quality network from AIS will bring warmth and security assurance to GSM Advance customers hereafter.”
Friday, November 13, 2009
Industry hits 18% growth
Thai insurance businesses performed strongly in the first three quarters of this year, generating 187.52 billion baht in premium income, up 18% over the same period last year.
The Thai Life Assurance Association attributed the gains to new product designs and effective sales of bancassurance via branches of commercial banks.
Bussara Ungphakorn, the association's director, said the industry has also benefited from government encouragement of long-term savings through life insurance by doubling the premium amounts that can be deducted from personal taxable income to 100,000 baht a year.
The growth is also in line with economic improvement, she said.
"We expect the life business will continue to grow at the same pace, pushing up premium income for the entire year to 254.74 billion baht, up 15% year-onyear," Mrs Bussara said.
Out of total premiums received in the first nine months, new business premiums were up 29% to 64.2 billion baht,and renewal premiums rose 13% to 123.32 billion.
Of the new business premiums, firstyear premiums rose 26% to 41.3 billion while single premiums rose 36% to 22.9 billion baht.
American International Assurance (AIA) led the industry with 61 billion baht in premium income for a 33% market share. It was followed by Thai Life Insurance with 26.22 billion and a 14%share, Muang Thai Life Assurance with 15.89 billion (8%), Siam Commercial New York Life with 14.68 billion (7.83%), and Bangkok Life Assurance with 14.52 billion and a 7.74% share.
Mrs Bussara said insurers planned more new products to promote the industry in the near future including pension policies to serve the growing ageing population.
An AIA executive said that AIA Universal Life, which offers high flexibility and guaranteed minimum returns, had posted impressive results since their launch early this year.
From March to September this year,the company signed up more than 40,000 new policies or 1.1 billion baht in firstyear premiums, said Sataya Tepbunterng,general manager for agency distribution of AIA Thailand.
The insurer is the only company in Thailand to offer universal life to date.
The Thai Life Assurance Association attributed the gains to new product designs and effective sales of bancassurance via branches of commercial banks.
Bussara Ungphakorn, the association's director, said the industry has also benefited from government encouragement of long-term savings through life insurance by doubling the premium amounts that can be deducted from personal taxable income to 100,000 baht a year.
The growth is also in line with economic improvement, she said.
"We expect the life business will continue to grow at the same pace, pushing up premium income for the entire year to 254.74 billion baht, up 15% year-onyear," Mrs Bussara said.
Out of total premiums received in the first nine months, new business premiums were up 29% to 64.2 billion baht,and renewal premiums rose 13% to 123.32 billion.
Of the new business premiums, firstyear premiums rose 26% to 41.3 billion while single premiums rose 36% to 22.9 billion baht.
American International Assurance (AIA) led the industry with 61 billion baht in premium income for a 33% market share. It was followed by Thai Life Insurance with 26.22 billion and a 14%share, Muang Thai Life Assurance with 15.89 billion (8%), Siam Commercial New York Life with 14.68 billion (7.83%), and Bangkok Life Assurance with 14.52 billion and a 7.74% share.
Mrs Bussara said insurers planned more new products to promote the industry in the near future including pension policies to serve the growing ageing population.
An AIA executive said that AIA Universal Life, which offers high flexibility and guaranteed minimum returns, had posted impressive results since their launch early this year.
From March to September this year,the company signed up more than 40,000 new policies or 1.1 billion baht in firstyear premiums, said Sataya Tepbunterng,general manager for agency distribution of AIA Thailand.
The insurer is the only company in Thailand to offer universal life to date.
Allianz swings to profit
Allianz SE unveiled forecast-beating quarterly earnings yesterday, boosted by life insurance and asset management, though it warned economic weakness was still hitting demand in the broader insurance market.
"Property-casualty as well as life insurance face markedly weaker demand due to the economic downturn with rising business insolvencies and rising unemployment," Europe's biggest insurer said yesterday in its third-quarter report.
"Prices are moving upward only slowly - if at all - and only in specific areas of business," it added.
Allianz said it was well-positioned to take advantage of improvements in the economy, after its life and health insurance and asset management businesses helped it post a 23% rise in operating profit in the third quarter.
Allianz rival AXA SA, Europe's second biggest insurer, on Oct 29 posted slightly weaker-than-expected quarterly sales,but said the outlook for its business had improved.
"Allianz more than fulfilled the forecasts, both bottom line and at the operating level," said UniCredit analyst Andreas Weese in a client note.
"While property-casualty insurance was largely in line with expectations,life and health insurance and financial services exceeded the forecasts," Weese said.
Allianz's shares were trading up 3.8%at 82.35 a share early yesterday, outpacing a 1.86% gain in the DJ Stoxx European insurance index.
The company's main business of property and casualty insurance posted an 18% decline in operating profit from the year-earlier quarter.
"While pricing is on an upward trend,our volumes remain challenged due to weaker demand, the effects of our portfolio cleaning measures and selective underwriting," Allianz said of the segment, which normally accounts for some 60% of group operating profit but in the third quarter contributed little more than half.
Allianz reported quarterly operating profit of 1.929 billion ($2.9 billion), above the average forecast of 1.804 billion in a Reuters poll of 18 analysts.
It also swung to a quarterly net profit of 1.3 billion, above the 1.2 billion expected in the poll, from a 2 billion loss in the third quarter of 2008, when it sold its unprofitable Dresdner Bank unit to Commerzbank.
Allianz's shares have risen by 5.8%since the start of the year, lagging a gain of nearly 10% in the DJ Stoxx European insurance index.
Data from Thomson Reuters StarMine,which weights analysts' forecasts according to their track record, Allianz trades at 7.7 times 12-month forward earnings, making it cheaper than French rival AXA, which trades at a multiple of 8.4.
"Property-casualty as well as life insurance face markedly weaker demand due to the economic downturn with rising business insolvencies and rising unemployment," Europe's biggest insurer said yesterday in its third-quarter report.
"Prices are moving upward only slowly - if at all - and only in specific areas of business," it added.
Allianz said it was well-positioned to take advantage of improvements in the economy, after its life and health insurance and asset management businesses helped it post a 23% rise in operating profit in the third quarter.
Allianz rival AXA SA, Europe's second biggest insurer, on Oct 29 posted slightly weaker-than-expected quarterly sales,but said the outlook for its business had improved.
"Allianz more than fulfilled the forecasts, both bottom line and at the operating level," said UniCredit analyst Andreas Weese in a client note.
"While property-casualty insurance was largely in line with expectations,life and health insurance and financial services exceeded the forecasts," Weese said.
Allianz's shares were trading up 3.8%at 82.35 a share early yesterday, outpacing a 1.86% gain in the DJ Stoxx European insurance index.
The company's main business of property and casualty insurance posted an 18% decline in operating profit from the year-earlier quarter.
"While pricing is on an upward trend,our volumes remain challenged due to weaker demand, the effects of our portfolio cleaning measures and selective underwriting," Allianz said of the segment, which normally accounts for some 60% of group operating profit but in the third quarter contributed little more than half.
Allianz reported quarterly operating profit of 1.929 billion ($2.9 billion), above the average forecast of 1.804 billion in a Reuters poll of 18 analysts.
It also swung to a quarterly net profit of 1.3 billion, above the 1.2 billion expected in the poll, from a 2 billion loss in the third quarter of 2008, when it sold its unprofitable Dresdner Bank unit to Commerzbank.
Allianz's shares have risen by 5.8%since the start of the year, lagging a gain of nearly 10% in the DJ Stoxx European insurance index.
Data from Thomson Reuters StarMine,which weights analysts' forecasts according to their track record, Allianz trades at 7.7 times 12-month forward earnings, making it cheaper than French rival AXA, which trades at a multiple of 8.4.
Sunday, November 8, 2009
Bank sales buoy Samaggi
Siam Commercial Samaggi Insurance Plc (SCSMG) expects its sales to grow by as much as 20% next year, helped by healthy bancassurance business.
Managing director Chiravuthi Bunyasiri said bancassurance, mainly through Siam Commercial Bank (SCB), was the major sales contributor at 64%, up from 52% in the same period last year.
Just 6% of direct premiums came from agents, with 16% from brokers and 14%from other channels.
For the first nine months, the company reported direct premiums of 2.13 billion baht, down 19% from a year earlier, due to a more selective approach in underwriting high-risk motor insurance.
While underwriting profit fell 5.15%to 432.67 million baht, investment income rose 64.5% to 75.16 million. Net profit for the first nine months was 115.73 million baht, a drop from 140.35 million in the same period last year.
SCSMG lost 310.76 million baht last year against a profit of 285.07 million for 2007, mainly on losses from investments, after the SET index plummeted in the last quarter of 2008 following the outbreak of the global financial crisis.
Since late last year, the company has entirely cut its exposure in stocks from 10% in 2008- and raised its investments in debentures, government bonds and treasury bills.
Managing director Chiravuthi Bunyasiri said bancassurance, mainly through Siam Commercial Bank (SCB), was the major sales contributor at 64%, up from 52% in the same period last year.
Just 6% of direct premiums came from agents, with 16% from brokers and 14%from other channels.
For the first nine months, the company reported direct premiums of 2.13 billion baht, down 19% from a year earlier, due to a more selective approach in underwriting high-risk motor insurance.
While underwriting profit fell 5.15%to 432.67 million baht, investment income rose 64.5% to 75.16 million. Net profit for the first nine months was 115.73 million baht, a drop from 140.35 million in the same period last year.
SCSMG lost 310.76 million baht last year against a profit of 285.07 million for 2007, mainly on losses from investments, after the SET index plummeted in the last quarter of 2008 following the outbreak of the global financial crisis.
Since late last year, the company has entirely cut its exposure in stocks from 10% in 2008- and raised its investments in debentures, government bonds and treasury bills.
Saturday, October 31, 2009
AIG sells Taiwan unit for $2.15bn
American International Group struck a deal to sell its Taiwan life insurance for $2.15 billion,marking its largest disposal of a division since a government bailout last year saved it from collapse.
Primus Financial, a new firm founded by Citigroup's former Asia investment banking head, together with a Hong Kong partner, agreed to buy Nan Shan Life,ending a five-month auction that saw big interest from many corporates and private equity bidders.
"The deal priced Nan Shan at about one time price to book, which is fair when you compare 1.9 times for Cathay Financial and Fubon Financial, and one time for smaller rival Shin Kong Financial," said Dexter Hsu, an analyst at JP Morgan in Taiwan yesterday.
With the Nan Shan agreement sealed,AIG is now likely to raise cash from two other major assets in Asia.
Hong Kong-based life insurer AIA is seeking a more-than $2 billion initial public offering while American Life Insurance Co, which generates half its revenue in Japan, is seeking a reported $5 billion in an IPO.
Both companies have also attracted acquisition interest, though nothing yet has materialised.
The sale of Nan Shan, in an auction run by Morgan Stanley, allows AIG to check one business off its list of units to sell, after the United States injected $80 billion in taxpayer money into the firm after it nearly collapsed late last year.
Primus, run by former Citi executive Robert Morse, and Hong Kong investment group China Strategic Holdings would pay $2.15 billion for AIG's 97.5%stake in Nan Shan, AIG said yesterday.
Earlier this year, Primus co-chief executive Wing-fai Ng said in an interview with Reuters that Primus planned to use Nan Shan, Taiwan's No.3 life insurer,as a base to expand to Hong Kong, Malaysia and Japan.
Nan Shan has assets of $46.4 billion and employs 36,000 sales agents in Taiwan and has a market share of 10%with its four million customers.
Some analysts and bankers involved in the deal said putting a valuation on the AIG's Taiwan life insurance unit was difficult.
"The pricing is tricky. If you just look at the book value of Nan Shan, then the acquisition price is at a 30% discount,"said Pandora Lee, an analyst with UBS.
First Commercial Bank and Taiwan Cooperative Commercial Bank in Taiwan are arranging a NT$20 billion (around US$588 million) loan for Primus to back its purchase of Nan Shan, according to Thomson Reuters LPC.
FCB and Taiwan Cooperative are expected to each prefund NT$10 billion (around US$294 million) of the loan before Primus settling the Nan Shan transaction.
The agreement marks the end of an auction that spanned several months and involved multiple bidders, including private equity firms, such as the Carlyle Group. Primus had been competing in the end with Chinatrust Financial.
Primus Financial, a new firm founded by Citigroup's former Asia investment banking head, together with a Hong Kong partner, agreed to buy Nan Shan Life,ending a five-month auction that saw big interest from many corporates and private equity bidders.
"The deal priced Nan Shan at about one time price to book, which is fair when you compare 1.9 times for Cathay Financial and Fubon Financial, and one time for smaller rival Shin Kong Financial," said Dexter Hsu, an analyst at JP Morgan in Taiwan yesterday.
With the Nan Shan agreement sealed,AIG is now likely to raise cash from two other major assets in Asia.
Hong Kong-based life insurer AIA is seeking a more-than $2 billion initial public offering while American Life Insurance Co, which generates half its revenue in Japan, is seeking a reported $5 billion in an IPO.
Both companies have also attracted acquisition interest, though nothing yet has materialised.
The sale of Nan Shan, in an auction run by Morgan Stanley, allows AIG to check one business off its list of units to sell, after the United States injected $80 billion in taxpayer money into the firm after it nearly collapsed late last year.
Primus, run by former Citi executive Robert Morse, and Hong Kong investment group China Strategic Holdings would pay $2.15 billion for AIG's 97.5%stake in Nan Shan, AIG said yesterday.
Earlier this year, Primus co-chief executive Wing-fai Ng said in an interview with Reuters that Primus planned to use Nan Shan, Taiwan's No.3 life insurer,as a base to expand to Hong Kong, Malaysia and Japan.
Nan Shan has assets of $46.4 billion and employs 36,000 sales agents in Taiwan and has a market share of 10%with its four million customers.
Some analysts and bankers involved in the deal said putting a valuation on the AIG's Taiwan life insurance unit was difficult.
"The pricing is tricky. If you just look at the book value of Nan Shan, then the acquisition price is at a 30% discount,"said Pandora Lee, an analyst with UBS.
First Commercial Bank and Taiwan Cooperative Commercial Bank in Taiwan are arranging a NT$20 billion (around US$588 million) loan for Primus to back its purchase of Nan Shan, according to Thomson Reuters LPC.
FCB and Taiwan Cooperative are expected to each prefund NT$10 billion (around US$294 million) of the loan before Primus settling the Nan Shan transaction.
The agreement marks the end of an auction that spanned several months and involved multiple bidders, including private equity firms, such as the Carlyle Group. Primus had been competing in the end with Chinatrust Financial.
BAY taps bancassurance
Bank of Ayudhya has set an ambitious growth target for its bancassurance business next year, helped by its "boxed"insurance policies, says senior vicepresident Kris Chantanotoke.
The bank aims to increase first-year premiums by 50% next year, thanks to its low base and the growth potential of business segmentation. For the first eight months of the year, BAY recorded firstyear premiums of 3.5 billion baht. The bank expects to achieve its target of 4 billion this year compared with 3 billion last year.
Business expansion will be supported by its products and services, particularly the bundled or boxed policies. BAY is the first bank in Thailand to offer this convenient and simple product.
For the remainder of the year, the bank expects to sell 200,000 boxes (policies). BAY, the country's fifth-largest bank by total assets, launched three insurance boxes after the bank entered the market three years ago.
Bancassurance in Thailand has grown for more than five years and the market showed significant growth in the past two years because of added players. The market started with some banks around 2004, but now most banks in the country offer the financial product.
Thailand's third-largest bank by total assets, Siam Commercial Bank, ranks number one in bancassurance, followed by Kasikornbank and Bangkok Bank,respectively. The nationwide network of large banks is supporting the rapid growth rate of bancassurance.
Mr Kris forecast that the country's insurance market would grow 13% next year, while the bancassurance business is expected to grow 15%. He said that 95% of insurance sales from the products of its three partners come from its branches, with 3% from telemarketing.
The bank aims to increase first-year premiums by 50% next year, thanks to its low base and the growth potential of business segmentation. For the first eight months of the year, BAY recorded firstyear premiums of 3.5 billion baht. The bank expects to achieve its target of 4 billion this year compared with 3 billion last year.
Business expansion will be supported by its products and services, particularly the bundled or boxed policies. BAY is the first bank in Thailand to offer this convenient and simple product.
For the remainder of the year, the bank expects to sell 200,000 boxes (policies). BAY, the country's fifth-largest bank by total assets, launched three insurance boxes after the bank entered the market three years ago.
Bancassurance in Thailand has grown for more than five years and the market showed significant growth in the past two years because of added players. The market started with some banks around 2004, but now most banks in the country offer the financial product.
Thailand's third-largest bank by total assets, Siam Commercial Bank, ranks number one in bancassurance, followed by Kasikornbank and Bangkok Bank,respectively. The nationwide network of large banks is supporting the rapid growth rate of bancassurance.
Mr Kris forecast that the country's insurance market would grow 13% next year, while the bancassurance business is expected to grow 15%. He said that 95% of insurance sales from the products of its three partners come from its branches, with 3% from telemarketing.
Tuesday, October 20, 2009
Aviva expects windfall from Delta float
British insurer Aviva expects to pocket 1.2 billion ($1.79 billion) for future growth and possible acquisitions when it floats Dutch unit Delta Lloyd in Europe's largest IPO this year.
Aviva said yesterday that Delta Lloyd shares would be offered on Euronext's Amsterdam exchange at between 15.5 and 19 each, valuing the business at 2.6 billion to 3.1 billion.About 42% of Delta's shares will be sold, leaving Aviva as the group's biggest investor with 57%. The balance is held by Dutch charitable trust Fonds NutsOhra.
"This step, which will be the largest IPO in western Europe this year, will free up capital for us to use elsewhere and give us the option of exploring further growth opportunities," Aviva chief executive Andrew Moss said in a statement.
"There are no surprises there, the timing and details were as people were expecting," said MF Global analyst Peter Eliot."From Aviva's point of view, it is probably less than they would have like to have received for it, at less than embedded value, but at the same time it is a loss-making business."
At the upper end of the price range,the shares represent a 24% discount to Delta Lloyd's market-consistent embedded value (MCEV), a measure of insurance companies' worth which includes the present value of future earnings from life policies.
Delta Lloyd calculated its own MCEV at 4.1 billion at the end of June.Reuters reported on Sunday that the IPO would be offered at a discount to MCEV to stimulate investor interest amid a raft of competing share sales.
But under Aviva's more conservative approach, Delta Lloyd had an MCEV of
2.7 billion at the half-year, putting the IPO at a slight premium at the midpoint of the price range.
Aviva said in August that it would consider using the proceeds of the Delta IPO to acquire rivals weakened by the financial crisis.
The company yesterday reiterated that Delta Lloyd's stock market listing could also help it make acquisitions as the Benelux insurance market undergoes a period of consolidation.
Aviva would have to give its approval to any merger or takeover involving Delta Lloyd that took the British insurer's stake below 50%.
Delta Lloyd said yesterday that it made a net loss of ฃ88 million ($143.4 million)in the nine months to Sept 30, while life new business sales for the period fell 12% to ฃ2.8 billion.
Trading in Delta Lloyd shares is expected to begin in Amsterdam on Nov 3, Aviva said.
Aviva said yesterday that Delta Lloyd shares would be offered on Euronext's Amsterdam exchange at between 15.5 and 19 each, valuing the business at 2.6 billion to 3.1 billion.About 42% of Delta's shares will be sold, leaving Aviva as the group's biggest investor with 57%. The balance is held by Dutch charitable trust Fonds NutsOhra.
"This step, which will be the largest IPO in western Europe this year, will free up capital for us to use elsewhere and give us the option of exploring further growth opportunities," Aviva chief executive Andrew Moss said in a statement.
"There are no surprises there, the timing and details were as people were expecting," said MF Global analyst Peter Eliot."From Aviva's point of view, it is probably less than they would have like to have received for it, at less than embedded value, but at the same time it is a loss-making business."
At the upper end of the price range,the shares represent a 24% discount to Delta Lloyd's market-consistent embedded value (MCEV), a measure of insurance companies' worth which includes the present value of future earnings from life policies.
Delta Lloyd calculated its own MCEV at 4.1 billion at the end of June.Reuters reported on Sunday that the IPO would be offered at a discount to MCEV to stimulate investor interest amid a raft of competing share sales.
But under Aviva's more conservative approach, Delta Lloyd had an MCEV of
2.7 billion at the half-year, putting the IPO at a slight premium at the midpoint of the price range.
Aviva said in August that it would consider using the proceeds of the Delta IPO to acquire rivals weakened by the financial crisis.
The company yesterday reiterated that Delta Lloyd's stock market listing could also help it make acquisitions as the Benelux insurance market undergoes a period of consolidation.
Aviva would have to give its approval to any merger or takeover involving Delta Lloyd that took the British insurer's stake below 50%.
Delta Lloyd said yesterday that it made a net loss of ฃ88 million ($143.4 million)in the nine months to Sept 30, while life new business sales for the period fell 12% to ฃ2.8 billion.
Trading in Delta Lloyd shares is expected to begin in Amsterdam on Nov 3, Aviva said.
Saturday, October 17, 2009
WATCHDOG FAULTS GEITHNER OVER AIG BONUS PAYMENTS
Treasury Secretary Timothy Geithner is "ultimately responsible" for regulators failing to rein in massive bonus payments at American International Group (AIG) because he led the agencies that provided AIG's lifelines, according to a bail-out watchdog.
Geithner, who was president of the Federal Reserve Bank of New York before taking over at Treasury in January, has said he did not learn until March about the $1.75 billion (Bt58.66 billion) in bonuses and other compensation promised to AIG employees. But Geithner's subordinates at the New York Fed learned of the payments in November, according to Neil Barofsky, the special inspector general for the $700-billion financial bail-out.
"MANAGEMENT FAILURE"
Even if no one told Geithner about the payments, "this is a failure of communication and a failure of management", Barofsky told the House Committee on Oversight and Government Reform on Wednesday. Geithner has been "the head of an organisation that was involved in the bail-out of AIG", he added.
A Treasury spokeswoman said in a statement that the Obama administration's pay czar continues to develop compensation plans for AIG and the other companies that received the costliest bail-outs.
Geithner helped lead Fed efforts starting last fall to prop up AIG with billions in emergency financing. After becoming Treasury secretary, his department and the Fed continued unveiling new aid packages for AIG.
The government has committed a total of more than $180 billion to wind down the New York-based insurance and financial services conglomerate, and Treasury now owns about 80 per cent of the company.
Barofsky wrote that Treasury did not understand AIG's pay structures when it gave the firm billions in aid last fall. He said on Wednesday that officials at the New York Fed "still did not have their arms wrapped around" AIG's compensation structure when he finished his audit last month.
TREASURY CRITICISED
Officials discovered 620 bonus programmes totaling $455 million, and 13 retention plans allocating $1 billion, according to the report. AIG has asked employees to return some of the money voluntarily.
Barofsky criticised Treasury, under then-secretary Henry Paulson, for "outsourcing" its oversight duties to the Fed, which he said had different priorities from Treasury. As a financial institution, the Fed "didn't really view these [bonuses] as being much of a big deal", he said, because they were a tiny part of the aid AIG received.
Treasury was charged with recovering taxpayer money, and would have been "more sensitive" to the appearance that AIG used taxpayer money to grant large bonuses, Barofsky said.
Lawmakers questioned Geithner's leadership on AIG and whether he was truthful in saying he learned about the bonuses in March. Several said Geithner should have known, and that Treasury should have done more to recover the bonus money.
Geithner, who was president of the Federal Reserve Bank of New York before taking over at Treasury in January, has said he did not learn until March about the $1.75 billion (Bt58.66 billion) in bonuses and other compensation promised to AIG employees. But Geithner's subordinates at the New York Fed learned of the payments in November, according to Neil Barofsky, the special inspector general for the $700-billion financial bail-out.
"MANAGEMENT FAILURE"
Even if no one told Geithner about the payments, "this is a failure of communication and a failure of management", Barofsky told the House Committee on Oversight and Government Reform on Wednesday. Geithner has been "the head of an organisation that was involved in the bail-out of AIG", he added.
A Treasury spokeswoman said in a statement that the Obama administration's pay czar continues to develop compensation plans for AIG and the other companies that received the costliest bail-outs.
Geithner helped lead Fed efforts starting last fall to prop up AIG with billions in emergency financing. After becoming Treasury secretary, his department and the Fed continued unveiling new aid packages for AIG.
The government has committed a total of more than $180 billion to wind down the New York-based insurance and financial services conglomerate, and Treasury now owns about 80 per cent of the company.
Barofsky wrote that Treasury did not understand AIG's pay structures when it gave the firm billions in aid last fall. He said on Wednesday that officials at the New York Fed "still did not have their arms wrapped around" AIG's compensation structure when he finished his audit last month.
TREASURY CRITICISED
Officials discovered 620 bonus programmes totaling $455 million, and 13 retention plans allocating $1 billion, according to the report. AIG has asked employees to return some of the money voluntarily.
Barofsky criticised Treasury, under then-secretary Henry Paulson, for "outsourcing" its oversight duties to the Fed, which he said had different priorities from Treasury. As a financial institution, the Fed "didn't really view these [bonuses] as being much of a big deal", he said, because they were a tiny part of the aid AIG received.
Treasury was charged with recovering taxpayer money, and would have been "more sensitive" to the appearance that AIG used taxpayer money to grant large bonuses, Barofsky said.
Lawmakers questioned Geithner's leadership on AIG and whether he was truthful in saying he learned about the bonuses in March. Several said Geithner should have known, and that Treasury should have done more to recover the bonus money.
Tuesday, October 13, 2009
AIG SELLS TAIWAN UNIT
American International Group said yesterday it would sell its Taiwan unit for US$2.15 billion (Bt71.66 billion) as the insurance giant raised money to pay off a huge US government bail-out loan.
AIG announced that Hong Kong-based Primus Financial Holdings would take over Nan Shan, Taiwan's No 2 life insurer, in what observers said was the largest deal ever to take place in the island's financial sector. "[Primus] has pledged to continue Nan Shan's commitment to its policyholders, agents, and employees, as well as to the people of Taiwan," said Robert Benmosche, AIG chief executive officer.
After an auction that lasted several months, Primus beat several rivals for Nan Shan, including Taiwan's Chinatrust Financial Holding. Primus Financial has promised not to change Nan Shan's brand or the existing compensation and benefits packages.
"We have the highest respect for Nan Shan's dedicated management team, agents and employees who have built the company into the prominent Taiwan institution that it is today," said Primus chairman Robert Morse.
AIG announced that Hong Kong-based Primus Financial Holdings would take over Nan Shan, Taiwan's No 2 life insurer, in what observers said was the largest deal ever to take place in the island's financial sector. "[Primus] has pledged to continue Nan Shan's commitment to its policyholders, agents, and employees, as well as to the people of Taiwan," said Robert Benmosche, AIG chief executive officer.
After an auction that lasted several months, Primus beat several rivals for Nan Shan, including Taiwan's Chinatrust Financial Holding. Primus Financial has promised not to change Nan Shan's brand or the existing compensation and benefits packages.
"We have the highest respect for Nan Shan's dedicated management team, agents and employees who have built the company into the prominent Taiwan institution that it is today," said Primus chairman Robert Morse.
Monday, October 12, 2009
BAY taps bancassurance
Bank of Ayudhya has set an ambitious growth target for its bancassurance business next year, helped by its "boxed"insurance policies, says senior vicepresident Kris Chantanotoke.
The bank aims to increase first-year premiums by 50% next year, thanks to its low base and the growth potential of business segmentation. For the first eight months of the year, BAY recorded firstyear premiums of 3.5 billion baht. The bank expects to achieve its target of 4 billion this year compared with 3 billion last year.
Business expansion will be supported by its products and services, particularly the bundled or boxed policies. BAY is the first bank in Thailand to offer this convenient and simple product.
For the remainder of the year, the bank expects to sell 200,000 boxes (policies). BAY, the country's fifth-largest bank by total assets, launched three insurance boxes after the bank entered the market three years ago.
Bancassurance in Thailand has grown for more than five years and the market showed significant growth in the past two years because of added players. The market started with some banks around 2004, but now most banks in the country offer the financial product.
Thailand's third-largest bank by total assets, Siam Commercial Bank, ranks number one in bancassurance, followed by Kasikornbank and Bangkok Bank,respectively. The nationwide network of large banks is supporting the rapid growth rate of bancassurance.
Mr Kris forecast that the country's insurance market would grow 13% next year, while the bancassurance business is expected to grow 15%. He said that 95% of insurance sales from the products of its three partners come from its branches, with 3% from telemarketing.
The bank aims to increase first-year premiums by 50% next year, thanks to its low base and the growth potential of business segmentation. For the first eight months of the year, BAY recorded firstyear premiums of 3.5 billion baht. The bank expects to achieve its target of 4 billion this year compared with 3 billion last year.
Business expansion will be supported by its products and services, particularly the bundled or boxed policies. BAY is the first bank in Thailand to offer this convenient and simple product.
For the remainder of the year, the bank expects to sell 200,000 boxes (policies). BAY, the country's fifth-largest bank by total assets, launched three insurance boxes after the bank entered the market three years ago.
Bancassurance in Thailand has grown for more than five years and the market showed significant growth in the past two years because of added players. The market started with some banks around 2004, but now most banks in the country offer the financial product.
Thailand's third-largest bank by total assets, Siam Commercial Bank, ranks number one in bancassurance, followed by Kasikornbank and Bangkok Bank,respectively. The nationwide network of large banks is supporting the rapid growth rate of bancassurance.
Mr Kris forecast that the country's insurance market would grow 13% next year, while the bancassurance business is expected to grow 15%. He said that 95% of insurance sales from the products of its three partners come from its branches, with 3% from telemarketing.
Sunday, September 20, 2009
Efforts to regulate jet skis to be stepped up
Authorities are stepping up efforts to regulate jet ski operators following alleged scams involving extortion of foreigners over damage to jet skis on Phuket and other incidents.
Phuket officials, jet ski operators and representatives of insurance companies yesterday met to discuss measures to promote tourism in the resort island and to bring jet ski operations into the insurance system to prevent possible extortion of foreigners.
The move came after the recent distribution of video recordings featuring foreign tourists allegedly being ripped off over damage to jet skis on Phuket and other incidents.
Phuket deputy governor Samith Palwatwichai said a committee will be set up to look at the possibility of having all jet skis in the province insured.
Mr Samith said local authorities, insurers and jet ski operators will meet again on Wednesday to thrash out the details of insurance premiums for jet skis.
A total of 219 jet skis are available for rent on Surin, Bangtao, Kamala, Patong and Kata-Karon beaches.
Mr Samith said the provincial marine office had been asked to survey and register jet ski operators in the province.
The deputy governor said operators will be asked to stop overcharging and extorting tourists or demanding exorbitant compensation for minor damage to jet skis.
Suvimol sae Lim, director of the Phuket insurance commission office, said Phuket should serve as a trail-blazer in jet ski insurance as so far no insurers had ever provided coverage for jet ski operators in the country.
She said if jet ski insurance was introduced in the province, this would help sort out problems involving the extortion of foreigners over damage.
Tourists who rented jet skis would feel confident they would not be taken advantage of, Ms Suvimol said.
"If Phuket is successful, it will serve as an example for other provinces which has jet ski operators," she said.
Ms Suvimol said initially proposed insurance packages would cover damage to jet skis, insure against loss of income due to the damage to jet skis and provide coverage to tourists renting them.
So far only the Bangkok Insurance company has offered to provide cover for jet skis in Phuket, Ms Suvimol said.
Anusorn Sa-re, head of the Phuket association of jet ski operators, said he agreed with the proposal and said the insurance premium must be acceptable to operators. He said operators can only earn income between December and May. They could not make money during the remainder of the year as it is the monsoon season.
Recently, video clips have been distributed showing a female British tourist being arrested for marijuana possession at a full moon party on Koh Phangan and a British marine and a US marine being threatened to pay exorbitant compensation for damage to rented jet skis on Phuket in separate incidents.
Phuket officials, jet ski operators and representatives of insurance companies yesterday met to discuss measures to promote tourism in the resort island and to bring jet ski operations into the insurance system to prevent possible extortion of foreigners.
The move came after the recent distribution of video recordings featuring foreign tourists allegedly being ripped off over damage to jet skis on Phuket and other incidents.
Phuket deputy governor Samith Palwatwichai said a committee will be set up to look at the possibility of having all jet skis in the province insured.
Mr Samith said local authorities, insurers and jet ski operators will meet again on Wednesday to thrash out the details of insurance premiums for jet skis.
A total of 219 jet skis are available for rent on Surin, Bangtao, Kamala, Patong and Kata-Karon beaches.
Mr Samith said the provincial marine office had been asked to survey and register jet ski operators in the province.
The deputy governor said operators will be asked to stop overcharging and extorting tourists or demanding exorbitant compensation for minor damage to jet skis.
Suvimol sae Lim, director of the Phuket insurance commission office, said Phuket should serve as a trail-blazer in jet ski insurance as so far no insurers had ever provided coverage for jet ski operators in the country.
She said if jet ski insurance was introduced in the province, this would help sort out problems involving the extortion of foreigners over damage.
Tourists who rented jet skis would feel confident they would not be taken advantage of, Ms Suvimol said.
"If Phuket is successful, it will serve as an example for other provinces which has jet ski operators," she said.
Ms Suvimol said initially proposed insurance packages would cover damage to jet skis, insure against loss of income due to the damage to jet skis and provide coverage to tourists renting them.
So far only the Bangkok Insurance company has offered to provide cover for jet skis in Phuket, Ms Suvimol said.
Anusorn Sa-re, head of the Phuket association of jet ski operators, said he agreed with the proposal and said the insurance premium must be acceptable to operators. He said operators can only earn income between December and May. They could not make money during the remainder of the year as it is the monsoon season.
Recently, video clips have been distributed showing a female British tourist being arrested for marijuana possession at a full moon party on Koh Phangan and a British marine and a US marine being threatened to pay exorbitant compensation for damage to rented jet skis on Phuket in separate incidents.
Friday, September 18, 2009
Former execs of Thanasin Insurance face fraud charges
The Department of Special Investigation has resolved that former executives of Thanasin Insurance should face charges for doctoring financial statements and using false documents.
DSI spokesman Pol Colonel Narat Sawettanant said yesterday that the seven former executives had violated the Public Companies Act, the Insurance Act and the Criminal Code. They also caused damages worth Bt300 million.
The case has been forwarded to state prosecutors.
The insurance company was stopped from doing business in early 2007 and the Office of Insurance Commission and DSI later launched a joint investigation into its transactions.
Narat said the probe found that the executives had concealed facts about the firm's true financial situation. The investigation also secured evidence showing that they had doctored the firm's accounts to convince others that its capital met legal requirements.
In February this year, Supachai Srisupaaksorn, president of Klongchan Credit Union Cooperative, joined up with friends and cooperatives to buy an 80 per cent stake in Thanasin for Bt324 million. Thanasin was subsequently renamed Union Inter Insurance, even though about 20 per cent of the stake is still held by some 30 original shareholders. The firm was recently allowed to resume business.
DSI spokesman Pol Colonel Narat Sawettanant said yesterday that the seven former executives had violated the Public Companies Act, the Insurance Act and the Criminal Code. They also caused damages worth Bt300 million.
The case has been forwarded to state prosecutors.
The insurance company was stopped from doing business in early 2007 and the Office of Insurance Commission and DSI later launched a joint investigation into its transactions.
Narat said the probe found that the executives had concealed facts about the firm's true financial situation. The investigation also secured evidence showing that they had doctored the firm's accounts to convince others that its capital met legal requirements.
In February this year, Supachai Srisupaaksorn, president of Klongchan Credit Union Cooperative, joined up with friends and cooperatives to buy an 80 per cent stake in Thanasin for Bt324 million. Thanasin was subsequently renamed Union Inter Insurance, even though about 20 per cent of the stake is still held by some 30 original shareholders. The firm was recently allowed to resume business.
Friday, September 11, 2009
Southeast in rebranding drive
The Southeast business group, owned by liquor billionaire Charoen Sirivadhanabhakdi, is preparing to invest about 400 million baht over the next four years in rebranding, information technology infrastructure and product and distribution expansion.
"Rebranding including new TV commercials, public relations and product and service development is expected to cost the group about 100 million baht in the first phase, which lasts about 12 months," said Chotiphat Bijananda, Mr Charoen's son-in-law and the chairman of the executive board of the Southeast Group.
"We are ready to invest a similar amount in phases over the next three years after that if the first phase proves successful."
The group includes Southeast Life Insurance, Southeast Insurance (2000)Co Ltd, and Southeast Capital Ltd.
The Southeast Group yesterday introduced its new corporate identity and TV commercials, its first brand investment in the last 13 years, as it aims to position itself as the country's leading insurance and financial service provider as it prepares for the economic recovery.The TV commercials start airing today.
The company also partnered with IBM Thailand to transform its IT systems to create a more dynamic infrastructure for better risk management and customer service enhancement. AIS also helped to develop new products and services,although details have not yet been disclosed.
According to Mr Chotiphat, the group's rebranding and organisational restructuring should enable its two insurance firms to rank in the top nine by 2013.
Southeast Life Insurance by 2013 is projected to see its written premiums for new business rise by 500%, with direct premiums of Southeast Insurance to increase by 140%.
Southeast Capital, which deals mainly with leasing, hire-purchase and operating leases, expects to see its car leases rise by 280%.
In 2008, according to the Office of the Insurance Commission, Southeast Life reported total premiums worth 1.72 billion baht, up 10% from a year earlier,but it registered first-year premiums worth 198 million baht, a rise of 49%from a year before.
The group's general insurance firm produced 1.82 billion baht, up 11.32%from a year earlier.
According to Mr Chotiphat, the life insurance business expects new premiums to grow 56.9% by the end of this year, with insurance firm production to grow by 11.51%.
The number of car leases by Southeast Capital is projected to rise by 15.67% to 1,970 units.
"Rebranding including new TV commercials, public relations and product and service development is expected to cost the group about 100 million baht in the first phase, which lasts about 12 months," said Chotiphat Bijananda, Mr Charoen's son-in-law and the chairman of the executive board of the Southeast Group.
"We are ready to invest a similar amount in phases over the next three years after that if the first phase proves successful."
The group includes Southeast Life Insurance, Southeast Insurance (2000)Co Ltd, and Southeast Capital Ltd.
The Southeast Group yesterday introduced its new corporate identity and TV commercials, its first brand investment in the last 13 years, as it aims to position itself as the country's leading insurance and financial service provider as it prepares for the economic recovery.The TV commercials start airing today.
The company also partnered with IBM Thailand to transform its IT systems to create a more dynamic infrastructure for better risk management and customer service enhancement. AIS also helped to develop new products and services,although details have not yet been disclosed.
According to Mr Chotiphat, the group's rebranding and organisational restructuring should enable its two insurance firms to rank in the top nine by 2013.
Southeast Life Insurance by 2013 is projected to see its written premiums for new business rise by 500%, with direct premiums of Southeast Insurance to increase by 140%.
Southeast Capital, which deals mainly with leasing, hire-purchase and operating leases, expects to see its car leases rise by 280%.
In 2008, according to the Office of the Insurance Commission, Southeast Life reported total premiums worth 1.72 billion baht, up 10% from a year earlier,but it registered first-year premiums worth 198 million baht, a rise of 49%from a year before.
The group's general insurance firm produced 1.82 billion baht, up 11.32%from a year earlier.
According to Mr Chotiphat, the life insurance business expects new premiums to grow 56.9% by the end of this year, with insurance firm production to grow by 11.51%.
The number of car leases by Southeast Capital is projected to rise by 15.67% to 1,970 units.
Sunday, September 6, 2009
AIG selling asset-management unit to Hong Kong firm
American International Group Inc says on Saturday it has reached a deal to sell a portion of its asset management business to a Hong Kong-based investment firm for $500 million.
The sale to Bridge Partners LP, which is owned by Pacific Century Group, includes about $300 million in cash at closing, additional future consideration that includes a performance note and a continuing share of carried interest.
The sale is just the latest for the troubled insurance giant.
AIG is trying to sell assets to repay billions of dollars in federal loans. The package, which helped it avoid failing,was worth up to $182.5 billion.
The latest units being sold operate in 32 countries and manage about $88.7 billion of investments by institutional and retail clients, AIG said in a release.
AIG will retain its in-house investment arm that oversees about $480 billion of assets under management.
Win J. Neuger will continue as CEO of the units being sold and the existing management team will remain in place,the company said. The transaction is subject to receipt of regulatory approvals.
AIG shares fell $1.70, or 4%, to $40.05 on Friday, then fell another 32 cents to $39.73 in after-hours trading.
The sale to Bridge Partners LP, which is owned by Pacific Century Group, includes about $300 million in cash at closing, additional future consideration that includes a performance note and a continuing share of carried interest.
The sale is just the latest for the troubled insurance giant.
AIG is trying to sell assets to repay billions of dollars in federal loans. The package, which helped it avoid failing,was worth up to $182.5 billion.
The latest units being sold operate in 32 countries and manage about $88.7 billion of investments by institutional and retail clients, AIG said in a release.
AIG will retain its in-house investment arm that oversees about $480 billion of assets under management.
Win J. Neuger will continue as CEO of the units being sold and the existing management team will remain in place,the company said. The transaction is subject to receipt of regulatory approvals.
AIG shares fell $1.70, or 4%, to $40.05 on Friday, then fell another 32 cents to $39.73 in after-hours trading.
Friday, September 4, 2009
OIC seeks new tax breaks
The Insurance Commission has asked the Finance Ministry to increase tax deductions for three insurance categories to boost the industry's growth.
Regulators recently completed a review of tax incentives offered against premium payments for different types of insurance, said Chantra Purnariksha,the secretary-general of the Office of the Insurance Commission (OIC).
The commission will propose that individual tax deductions for life insurance premiums be doubled to up to 200,000 baht per year to encourage longterm saving, she said.
Regulators will also propose that tax deductions for premium payments to investment-linked life insurance policies be doubled to up to 200,000 baht for the first year. From the third year of coverage,deductions should be made similar to tax incentives offered for contributions to long-term equity and retirement mutual funds, now set at up to 500,000 baht per year or 15% of income, whichever is lower.
The Insurance Commission also proposes that premium payments for health insurance riders to life insurance policies also be made deductable.
The Revenue Department currently disallows tax deductions for premiums paid to health insurance riders. Insurance regulators propose that premium payments of up to 50,000 baht per year for health coverage be made deductable from personal income tax.
In any case, tax deductions should be permitted only for life insurance policies with terms of at least 10 years.
Mrs Chantra said premium payments for life insurance currently amount to 300 billion baht per year, with another 100 billion paid for general insurance policies.
The commission projects premium payments at 5% of GDP within two years,up from 3.9% this year.
Regulators recently completed a review of tax incentives offered against premium payments for different types of insurance, said Chantra Purnariksha,the secretary-general of the Office of the Insurance Commission (OIC).
The commission will propose that individual tax deductions for life insurance premiums be doubled to up to 200,000 baht per year to encourage longterm saving, she said.
Regulators will also propose that tax deductions for premium payments to investment-linked life insurance policies be doubled to up to 200,000 baht for the first year. From the third year of coverage,deductions should be made similar to tax incentives offered for contributions to long-term equity and retirement mutual funds, now set at up to 500,000 baht per year or 15% of income, whichever is lower.
The Insurance Commission also proposes that premium payments for health insurance riders to life insurance policies also be made deductable.
The Revenue Department currently disallows tax deductions for premiums paid to health insurance riders. Insurance regulators propose that premium payments of up to 50,000 baht per year for health coverage be made deductable from personal income tax.
In any case, tax deductions should be permitted only for life insurance policies with terms of at least 10 years.
Mrs Chantra said premium payments for life insurance currently amount to 300 billion baht per year, with another 100 billion paid for general insurance policies.
The commission projects premium payments at 5% of GDP within two years,up from 3.9% this year.
Monday, August 31, 2009
Santika probe nears an end
The police expect to wrap up their investigation this week into the Santika pub inferno.
Pol Maj Gen Likhit Lin-ouan, the deputy city police commissioner heading the team investigating the fire at Santika pub on Soi Ekamai in the first few minutes of Jan 1,2009, said officers would question another five or six witnesses, including those injured in the fire, before submitting their report to Prime Minister Abhisit Vejjajiva.
Video footage of the incident would be shown to witnesses to help police verify the facts, he said, after calling a meeting with his team to discuss the progress of their inquiries.
The blaze, which erupted as revellers celebrated the New Year, killed 66 people and injured hundreds of others.
A police team has been sent to track down Suriya Ritrabue, the managing director of White and Brothers, the pub operator, who is still on the run,Pol Maj Gen Likhit said.
Deputy Interior Minister Boonjong Wongtrairat yesterday said teams had been set up in Bangkok and other provinces to inspect safety measures at pubs and night entertainment venues.
There were six teams in Bangkok and 11 others in the provinces, said the deputy minister after chairing a meeting with a ministry panel inspecting pubs and entertainment venues.
He said the teams had been set up to prevent a recurrence of the Santika fire. Fire drills were held yesterday at two major pubs in Bangkok.
Mr Boonjong said the teams would not arrest anybody during their inspections. They would educate operators and visitors about safety measures and insurance policies.
He said operators of entertainment venues would be required to take out public liability insurance.
The ministry had reached a conclusion on the public liability insurance fees, which would vary depending on the size and type of business, Mr Boonjong said.
Entertainment venues required to take out insurance cover would include those with dance shows, which would pay 10,000 baht a year; venues with food and alcohol served by staff (8,000 baht); massage parlours (10,000 baht),venues with an area of up to 300 square metres and selling food and alcohol (8,000 baht); and venues with an area of more than 300sqm (10,000 baht).
He said the insurance cover would provide at least 100,000 baht a person to a third party in case of death or complete disability and medical coverage of at least 100,000 baht a person to the injured. Outlets would also be required to take out insurance of at least 5 million baht covering patrons' personal property.
More than 30 insurance firms have shown an interest in providing coverage which would cover fires, bombs and building collapse, he said.
Pol Maj Gen Likhit Lin-ouan, the deputy city police commissioner heading the team investigating the fire at Santika pub on Soi Ekamai in the first few minutes of Jan 1,2009, said officers would question another five or six witnesses, including those injured in the fire, before submitting their report to Prime Minister Abhisit Vejjajiva.
Video footage of the incident would be shown to witnesses to help police verify the facts, he said, after calling a meeting with his team to discuss the progress of their inquiries.
The blaze, which erupted as revellers celebrated the New Year, killed 66 people and injured hundreds of others.
A police team has been sent to track down Suriya Ritrabue, the managing director of White and Brothers, the pub operator, who is still on the run,Pol Maj Gen Likhit said.
Deputy Interior Minister Boonjong Wongtrairat yesterday said teams had been set up in Bangkok and other provinces to inspect safety measures at pubs and night entertainment venues.
There were six teams in Bangkok and 11 others in the provinces, said the deputy minister after chairing a meeting with a ministry panel inspecting pubs and entertainment venues.
He said the teams had been set up to prevent a recurrence of the Santika fire. Fire drills were held yesterday at two major pubs in Bangkok.
Mr Boonjong said the teams would not arrest anybody during their inspections. They would educate operators and visitors about safety measures and insurance policies.
He said operators of entertainment venues would be required to take out public liability insurance.
The ministry had reached a conclusion on the public liability insurance fees, which would vary depending on the size and type of business, Mr Boonjong said.
Entertainment venues required to take out insurance cover would include those with dance shows, which would pay 10,000 baht a year; venues with food and alcohol served by staff (8,000 baht); massage parlours (10,000 baht),venues with an area of up to 300 square metres and selling food and alcohol (8,000 baht); and venues with an area of more than 300sqm (10,000 baht).
He said the insurance cover would provide at least 100,000 baht a person to a third party in case of death or complete disability and medical coverage of at least 100,000 baht a person to the injured. Outlets would also be required to take out insurance of at least 5 million baht covering patrons' personal property.
More than 30 insurance firms have shown an interest in providing coverage which would cover fires, bombs and building collapse, he said.
Friday, August 28, 2009
DISCOUNTS, NEW DEALS ON OFFER
Thailand's firstever insurance fair, Insurance Week, will offer discounts of up to 30 per cent on premiums, General Insurance Association president Jiraphant Asvatanakul said yesterday. At the fair - to be held from this coming Wednesday to Sunday at Impact Arena Muang Thong Thani - the association will promote products by designing them simply with convenient sales channels in an attempt to convince people to be more concerned about life protection.
It would like to see people hold only one card, recording all kinds of policies taken out by the insured. If this were legally possible, both consumers and insurance companies would share the benefits, he said.
Sara Lamsam, president of the Thai Life Assurance Association and Muang Thai Life Assurance's president, said lifeassurers would offer many specially priced products covering every category of customer.
Micro protection, an insurance policy for low-income earners is one of the products available at the fair.
Also on show will be a savings lifeassurance product with a premium of Bt300 a month, and a singlepremium product with protectionperiod options of three, five and 10 years with a return of 2 to 4 per cent, excluding tax benefits.
Products linked with investment - universal life or unitlinked - will be on offer at special rates, while there will also be a personal accident policy offered at a premium of Bt0.70 per day for an insured sum of Bt100,000.
Regarding Muang Thai Life Assurance's products, Sara said the company would launch a new healthrider product at the fair, providing insurance cover for four serious diseases.
If a policyholder falls ill from one of the specified diseases, they will receive Bt1 million. Moreover, they will be protected for another 10 years without paying any further premiums. If they later fall ill from another of the four listed diseases, the company will pay an additional Bt1 million.
However, disease and premium details are not yet available, as the product will be officially launched at the fair.
Chantra Purnariksha, secretarygeneral of the Office of Insurance Commission, said that besides cheap insurance products, visitors to Insurance Week would be able to gain extensive knowledge, as well as benefiting from activities involving the awarding of items such as free rice and sugar packs, plus a lucky draw for gold.
Job opportunities within the sector will be another feature, she said.
For example, the UKlang garage insurance association is hoping to recruit 5,000 technicians at the fair.
It would like to see people hold only one card, recording all kinds of policies taken out by the insured. If this were legally possible, both consumers and insurance companies would share the benefits, he said.
Sara Lamsam, president of the Thai Life Assurance Association and Muang Thai Life Assurance's president, said lifeassurers would offer many specially priced products covering every category of customer.
Micro protection, an insurance policy for low-income earners is one of the products available at the fair.
Also on show will be a savings lifeassurance product with a premium of Bt300 a month, and a singlepremium product with protectionperiod options of three, five and 10 years with a return of 2 to 4 per cent, excluding tax benefits.
Products linked with investment - universal life or unitlinked - will be on offer at special rates, while there will also be a personal accident policy offered at a premium of Bt0.70 per day for an insured sum of Bt100,000.
Regarding Muang Thai Life Assurance's products, Sara said the company would launch a new healthrider product at the fair, providing insurance cover for four serious diseases.
If a policyholder falls ill from one of the specified diseases, they will receive Bt1 million. Moreover, they will be protected for another 10 years without paying any further premiums. If they later fall ill from another of the four listed diseases, the company will pay an additional Bt1 million.
However, disease and premium details are not yet available, as the product will be officially launched at the fair.
Chantra Purnariksha, secretarygeneral of the Office of Insurance Commission, said that besides cheap insurance products, visitors to Insurance Week would be able to gain extensive knowledge, as well as benefiting from activities involving the awarding of items such as free rice and sugar packs, plus a lucky draw for gold.
Job opportunities within the sector will be another feature, she said.
For example, the UKlang garage insurance association is hoping to recruit 5,000 technicians at the fair.
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