Covid claims projected to pass B500m
published : 4 May 2021 at 04:00
2 Mr Anon says that some 100,000 new Covid insurance policies are filed on average per day since mid-April. Insurance companies still provide Covid insurance, as it can help people manage their risks. Apichit Jinakul
Total Covid-19 insurance claims since policies launched in March 2020 are expected to reach 500 million baht as of the end of April, spurred by a surge last month, says Office of the Insurance Commission (OIC) secretary-general Suthiphon Thaveechaiyagarn.
Total Covid insurance policies jumped by 3.15 million during April 1-22 to 13.8 million total policies as of April 22.
Total premiums received stood at 5.92 billion baht, while the accumulated value of claims is 195 million baht.
MQDC, MTL offer package for seniors
1
published : 9 Mar 2021 at 04:00
1 Mr Sara (left) and Mr Visit, who noted that the country s senior population is expected to reach 20% of the total population in the next five years.
Property developer Magnolia Quality Development Corporation (MQDC) in alliance with Muang Thai Life (MTL) Assurance is offering an end of life package to senior citizens that includes lifetime care, health insurance and a non-transferable lease on a condo or house for 35 million baht.
The senior residential community, named Aspen Tree, is a 30-year leasehold right for people aged 50 and up. However, residents can stay until death with health insurance protection up to 99 years of age.
MTB gets B200m capital boost for online expansion
published : 29 Jan 2021 at 04:00
The injection has increased MTB s total registered capital to 324 million baht.
MTB is the only MTGH subsidiary authorised by the Office of the Insurance Commission to sell both life and non-life insurance products.
In 2018, MTB launched Gettgo, a price comparison and online sales platform, in response to the increasing role of smartphones and fintech in the insurance industry.
Advanced mobile technologies have changed the behaviour of insurance customers. The insurance brokerage business has been growing quite well over the past few years, especially sales through online distribution channels spurred by new lifestyles, said Tanat Jakrawatana, MTB s managing director.
10 President and chief executive of Muang Thai Life Assurance Sara Lamsam at the MTL Trusted Lifetime Partner press conference held on Monday.
Muang Thai Life Assurance (MTL) expects its first-year premiums for life insurance to grow 8-10% this year, spurred by health protection and investment that contribute about 70% of the total product mix, after two years of contraction.
Total premium received is expected to show positive growth in 2023 thanks to paid-up and pending maturity of the endowment insurance products.
The company reported contraction in total premiums received during 2019-2020 for both new and renewed policies as the company moved its focus from the product mix or endowment products, which pay a lump sum protection for specific terms, to protection and investment products, the returns from which can be adjusted in accordance with the market interest rate.
Thailand-based Muang Thai Life Assurance Plc became the first Thai insurer to win a permit to set up a representative office in Myanmar, which boasts a large population and a booming economy.
Myanmar authorities granted the company a permit last month, making it the fifth foreign insurer to set foot in the country.
For the first time in more than 50 years, the state-owned Myanma Insurance and the Insurance Business Supervisory Board (IBSB) has given insurance companies conditional approval to start operating in the country.
Twelve companies met the criteria set by the IBSB and Myanma Insurance.
Before the military government nationalised many businesses in 1963, 70 local and foreign insurance companies had been operating in the country.