Tokio Marine expects to pay all flood
Tokio Marine Insurance (Thailand) says it has paid 61 per cent of its flood-hit customers' claims on losses worth Bt80 billion.
Lhuckchai Suttichujit, president of the company, acknowledged that the devastating flood last year had affected the company’s operating results but said it had enough reserves to ensure compensation was paid.
"We hope that all the claims will be paid by the end of the year," said Lhuckchai, adding that this excluded claims for interrupted business, for which payments would be completed next year.
The company reported that its total premiums jumped by 47 per cent to Bt5.4 billion during the fist nine months of this year. It forecasts that total premiums this year will reach Bt6.6 billion, estimated growth of 43 per cent. The significant projected growth was enhanced by the government’s first-car policy.
It is expected that the general insurance business in Thailand will grow by 25 per cent this year thanks to increasing car sales.
Lhuckchai said the company was considering adjusting the premiums it charges for car insurance, which will be summarised by early next year.
Yasutoshi Konnai, managing director of the company, said the number of Japanese firms investing in Thailand was increasing despite the flood crisis last year.
He acknowledged that some Japanese investors had moved their production bases from Thailand to other countries. However, that problem is not serious when compared with the number of incoming investors.
"The number of Japanese firms investing in Thailand doubled during the first half this year," said Konnai, adding that this trend was expected to continue. As a result, the company has developed insurance products to serve the needs of the market.
