Briefs

The Treasury Department has delayed the implementation of its new land-appraisal rates by six months due to the severe flooding.

The new property values – used as a reference in determining taxes and fees on land transactions – for the next four-year period (2012-2015) were supposed to be implemented tomorrow. 

Treasury Department director-general Naris Chaiyasoot said the delay was requested by the Land Department, which reasoned that the new values, which are about 20-per-cent higher than those in the 2008-2011 cycle, would lead to higher transaction fees, exacerbating the problems faced by flood-hit individuals and corporations.

 

Thai Life’s new business up 8%

Thai Life Insurance yesterday announced that new business grew 8 per cent to Bt7.32 billion during the first 11 months of this year.

The company said total premiums rose by 9 per cent to Bt31.8 billion, of which renewal premiums accounted for Bt24.47 billion, up 9 per cent. 

President Chai Chaiyawan said contributions by insurance agents continued to see strong growth, jumping to 22 per cent of total premiums. The firm has approximately 50,000 agents nationwide.

In addition, new marketing channels such as bancassurance and telesales have boosted premiums. 

Standard & Poor’s ranks the company as the country’s second-biggest life insurer, with a 12.4-per-cent share of the overall market in 2010. 

 

Bt40 bn infrastructure funds 

About 10 infrastructure funds will be launched next year to raise a combined amount of nearly Bt40 billion, according to the Securities and Exchange Commission (SEC). Listed companies have shown huge interest during discussions of the infrastructure funds, SEC secretary-general Worapol Sokatiyanurak said.

Four proposals have been submitted to the SEC so far: two funds to finance power plants, one to finance a renewable-energy project, and one for a water-management project. Each would require a fund of about Bt3 billion-Bt4 billion.

“We expect that throughout next year, the number of funds will reach 10, with required fund mobilisation of about Bt40 billion," he said. 

 

Muang Thai offers disaster coverage

Despite the rising risk of natural disasters, Muang Thai Insurance announced it would provide coverage for all types of disaster risk, which would require adjustment of its premiums by 10-15 per cent. 

Nualphan Lamsam, president of the company, said clients would be able to apply for coverage for risks posed by all types of natural disasters starting tomorrow. However, such policies will be subject to limits on compensation and losses, depending on the specific type of risk.“The company has already extended the re-insurance agreement with our re-insurer for next year,” Nualphan said.