Thailand’s insurance sector is adopting digital tech to tackle artificial intelligence (AI) and cyber threats and deal with the medical costs of the nation’s ageing population. Further steps were taken to boost industry strength and user experience.
The strategy is headed by the Office of the Insurance Commission (OIC). Suthiphon Thaveechaiyagarn, the OIC secretary-general, disclosed that the first part of 2023 saw the insurance field expand by a higher-than-anticipated 4.81%. He further observed that this growth pattern reflects rising consumer awareness of the importance of health and property risk mitigation.
“In the past, some companies pursued unsustainable policies, notably Covid-19 insurance lump-sum payout policies, which focused on mass sales, but ultimately were forced to cease as sales exceeded underwriting capacity. This is deemed…
