Thailand focuses on industry transparency standards

In the past year, the association was able to achieve four missions.

The Thai General Insurance Association (TGIA) has announced the results of its strategic plan for the past year, focusing on advancing the general insurance business. 

Dr. Somporn Suebthawinkul, President of TGIA, emphasised their commitment to driving four main missions forward, aiming for steady and sustainable growth. 

From 18 April 2023, the TGIA Executive Committee has pursued its goal of promoting and supporting the general insurance industry as a pillar of the country's economy and social system. Their efforts focused on professional risk management, creating operational standards for transparency, and addressing societal needs.

Over the past year, TGIA has initiated various projects to achieve its missions:

1. Improve the insurance business's image and promote social and environmental responsibility. TGIA has increased public awareness about general insurance and ESG (Environment, Social, and Governance) principles. 
2. Build trust in professional risk management. TGIA supported the creation of an information centre for non-life insurance and advocated for self-regulation and government measures to promote non-life insurance. Key projects included developing crop insurance for the 2024/25 production year, proposing insurance coverage for foreign tourists, improving the compulsory car insurance system, and using technology to assist disaster-affected farmers. They also enhanced the use of the Insurance Bureau System (IBS) for better data utilisation.

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3. Develop insurance personnel to adhere to good governance. TGIA conducted training and development programs such as the Insurance Professionalism & Self-Empowering Project (IPSP) and the General Insurance Business Executive Development Project (IMDP 27). They also focused on cybersecurity, data governance, anti-money laundering, and preparing personnel for proactive roles in a modern organisation.
4. Strengthen the insurance ecosystem for business growth and stability. TGIA supported the development of a central information centre for non-life insurance and advocated for self-regulation. 

Under the Executive Committee's leadership for 2023-2025, TGIA has driven the Quick Win plan according to its strategic plan, achieving concrete progress.