TH
Enhancing Social Stability to Lead to a Sustainably Growing Organization
The Company has incorporated the ESG concept comply the Company’s good corporate governance into its corporate development, focusing on developing businesses with new partners both directly related to the life insurance business and those linked to the value chain, to enhance the company's potential and deliver value through products and services for customers and Thai society, and also helps strengthen the company amidst the challenges that arise, in order to give back and grow together with stakeholders.
Contribute to Strengthening the Economy
(Policy Influence)
(Policy Influence)
Thaire Life Assurance's business is a reinsurance business from a Life insurance company (ceding company), which has led to some of the company's growth factors being determined by policy and stakeholders, which consists of 2 main parts:
Therefore, as Thaire Life Assurance is like the backbone of the insurance business, we have a plan to increase our ability to accept work to respond to ceding policies, including providing information to various regulatory agencies as a reference for other countries' practices in setting minimum proportion policies domestic reinsurance to ensure that businesses in all sectors of Thailand receive maximum benefit from their operations"Reinsurance"
When talking about "Reinsurance" The Company's business is a tool for managing risks in the life insurance business, which will help support economic stability and promote growth. The country's economy also plays an important role in increasing the potential and capacity to accept insurance (Capacity), financial stability, liquidity, adequacy of capital and help life insurance companies cope with fluctuations that may occur in the future. With such importance, it has led to the development Reinsurance solutions are increasingly available to the market and support policyholders’ access to financial inclusion from insurance through the process where the company has joined in developing products and solutions with life insurance companies (Non-Conventional Reinsurance) such as developing life insurance products for policyholders at affordable insurance products benefits the company and strengthens Quality of Society for country so that the company and society can grow sustainably together.
Therefore, as Thaire Life Assurance is like the backbone of the insurance business, we have a plan to increase our ability to accept work to respond to ceding policies, including providing information to various regulatory agencies as a reference for other countries' practices in setting minimum proportion policies domestic reinsurance to ensure that businesses in all sectors of Thailand receive maximum benefit from their operations"Reinsurance"
When talking about "Reinsurance" The Company's business is a tool for managing risks in the life insurance business, which will help support economic stability and promote growth. The country's economy also plays an important role in increasing the potential and capacity to accept insurance (Capacity), financial stability, liquidity, adequacy of capital and help life insurance companies cope with fluctuations that may occur in the future. With such importance, it has led to the development Reinsurance solutions are increasingly available to the market and support policyholders’ access to financial inclusion from insurance through the process where the company has joined in developing products and solutions with life insurance companies (Non-Conventional Reinsurance) such as developing life insurance products for policyholders at affordable insurance products benefits the company and strengthens Quality of Society for country so that the company and society can grow sustainably together.
Sustainable in Reinsurance
The Company seeks to mitigate risks by taking sustainability issues into consideration in its reinsurance decisions under the reinsurance management framework. The Company's products are developed based on the Insurance Core Principles (ICP) of the International Association of Insurance Supervisors (IAIS) and in accordance with the criteria and regulations of the Office of Insurance Commission (OIC) to ensure that the Company has the ability to perform its obligations under the reinsurance contracts that the Company has with the reinsured.
In this regard, the management and control of reinsurance and retrocession should be consistent with and appropriate to the strategy, business operations, financial targets, risk management policies and capital adequacy ratio.
In this regard, the management and control of reinsurance and retrocession should be consistent with and appropriate to the strategy, business operations, financial targets, risk management policies and capital adequacy ratio.
Reinsurance premiums in Thailand
Source: Office of Insurance Commission/Thai Life Assurance Association and Company's forecasts
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