Thai Re studies expansion into Asean region
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Thai Reinsurance plans to expand to Asean markets, said its chief executive officer Surachai Sirivallop.
The company will use its subsidiaries to foray into regional markets. It is conducting a feasibility study on whether this should be done via setting up its own branches or by seeking partnerships with the local firms.
“We’re studying which of these options is better,” he said.
Among the targeted countries are Indonesia, the Philippines and Vietnam, where there are large populations and new markets for the reinsurance business. Surachai said that at present the company had no need to seek a Thai partnership in this mission.
The company’s plan is aimed at serving major Thai companies and conglomerates that are expanding their businesses in Asean, he said.
This expansion is expected to be more active a few years after the full realisation of Asean Economic Community in 2015.
Thai Re offers a wide range of services, including reinsurance, while its subsidiary EMCS (Thai) provides an online service for car-damage claims.
Surachai said the company had given up the plan to set up a new subsidiary to sell insurance directly, to avoid competing with its customers, which are in the insurance industry.
