Siam City Insurance’s rebranding as FWD General Insurance was announced by Mr Wouters (centre left), joined by director Kulvat Janvatanavit, independent director Vorada Thangsurbkul and director Natdanai Indrasukhsi.
FWD General Insurance has launched its non-life insurance business in Thailand to capitalise on a segment forecast to reach 285.5 billion baht in value by 2023.
The strategy is to tap into burgeoning digital insurance sales channels in the wake of the coronavirus pandemic.
According to GlobalData, Thailand’s general insurance sector was estimated at 247.6 billion baht in value as of 2018.
Bob Wouters, chief executive of FWD General Insurance, said motor, property, personal accidental and health insurance are key drivers of growth in the non-life insurance sector in Thailand.
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