Specific contributions of insurance to the economic growth process, as well as to the social well-being of population, have been consistently highlighted in several research studies. The insurance industry contributes materially to economic growth by improving the investment climate and promoting a more efficient mix of activities and complementary development of other relevant services than would be undertaken in the absence of risk management instruments.
Representing a cross-section of insurance businesses operating in Thailand, that have in one form or another European influence over them, the EABC Insurance Working Group represents the members seeking a greater participation in the growing insurance markets of the ASEAN region. To create favourable conditions for investment and sustainable growth in the insurance market in Thailand, for the benefit of the economy and Thai consumers, it is the wish of EABC that the following issues are brought to the attention of the Royal Thai Government:
- Raise of capital requirements to strengthen the industry base and real long term investment;
- Review of current regulations/product approvals with a view to facilitate issuance of new products and minimise delays;
- Building necessary pre-conditions for Thailand to become an attractive investment destination of foreign insurance investors and to bring in expertise;
- Relaxation of foreign shareholding limits and progressive liberalisation.