Thai insurers warned to cope with competitors from Singapore and Malaysia

BANGKOK, Feb 25 (TNA) - An insurance firm executive has warned Thai insurers to prepare for competition from Singapore and Malaysia. Kritvit Sripasutha, director and advisor of Viriyah Insurance Co, said Thailand was not inferior to other Southeast Asian nations regarding the upcoming formation of the ASEAN Economic Community but more foreign insurance firms would enter Thailand. He expects fierce competition from insurance firms of Singapore and Malaysia. He commented that Thailand was stronger in vehicle insurance as there were more road accidents in the country. Mr Kritvit pointed out that Thailand could expand its health insurance in other Southeast Asian nations because of its quality health services. Foreigners will hold more stakes in Thai insurance firms. At present, their shareholding proportion is limited at 49%. Mr Kritvit predicted that insurance premiums would grow and people would benefit more from stronger competition. (TNA)