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World Bank to promote Thailand as insurance centre of Asean

Thailand is likely to be boosted as the Asean insurance centre, in an effort to help enhance the industry to provide related services to developed economies, the country's Office of the Insurance Commission (OIC) has revealed.

The country will also serve as insurance services centre to Singapore, Malaysia, Indonesia, the Philippines and Brunei as well as help modernise industries in Laos, Vietnam and Cambodia.

Speaking at a meeting with the International Association of Insurance Supervisors, OIC secretary-general Pravej Ongartsittigul was quoted by AsiaOne as saying that the World Bank and Japan have shown interest to promote the country as the insurance centre.

As part of the proposal, the bank will work in conjunction with 10 Asean countries to develop their industry in line with the Asean Economic Community (AEC).

AEC will be finalised in 2015.

A decision on the role of the bank in promoting the country will be taken at an insurance business supervisory agencies’ meeting in Asia in December 2012.

The World Bank is also expected to provide support related to technology, including knowledge and information to countries such as Myanmar, Laos, Cambodia and Vietnam, where insurance penetration is low.