Thai Life Insurance Plc, Thailand’s third largest life insurer, is studying the possibility of entering the Cambodian market.
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The Thai insurance company is conducting market studies for Cambodia, as well as Laos and Myanmar, as reported yesterday by The Bangkok Post. The studies will be completed this year.
The company has outlined its 10-year strategic plan, which includes flexing its investment muscle overseas and shifting to digital. It aims to become one of the top five life insurers for first-year and total premiums in the region.
Although insurance penetration remains low in Thailand, several Thai insurance firms are making inroads into other Asean markets.
“Digital technology has changed customer behaviour substantially. The company must set business plans for 10, five and three years to achieve sustainable growth,” said Chai Chaiyawan, president of the company.
According to the strategy, the company will focus on protection policies, savings insurance plans and motor insurance.
During the first nine months of 2017, Thai Life reported revenues of 71.45 billion baht (about $2.26 billion).
Jan Arend Wes, CEO of Sovannaphum Life Assurance PLC, told Khmer Times that Cambodia’s insurance sector has great potential, with many companies and individuals still being underinsured.
“Proof is everywhere. Over the last four or five years, insurance companies have entered the local market at an increasingly faster rate. It just makes sense to be a part of this buoyant market,” he said.