Thai General Insurance Association (TGIA) Study on the impact of ASEAN Market Liberalisation on the Non-Life Insurances in Thailand 27 March 2015
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Agenda
1. AEC 2015: The Journey to a Single Insurance Market
2. Regulatory Changes and Liberalisation Effects
3. Capability of Thai Non-life insurers
4. Opportunity assessment of the AEC countries
5. Roadmap
AEC 2015: The Journey to
a Single Insurance Market
1
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ASEAN Economic Community (AEC) development
ASEAN Economic Community
A single market and production base
Competitive economic region
Equitable economic development
Integration into the global economy
Liberalisation and facilitation of free flow of: Goods Services Capital Investment Skilled labor
Development of 12 priority integration sectors
Strengthening food security and cooperation under agriculture sector
Laying the foundation for : Competition
policy Consumer
protection Intellectual
property rights
Infrastructure development
Development of energy and mineral cooperation
Development of SMEs
Implementation of Initiative for ASEAN Integration
Entry into force of Free Trade Agreements
AEC Blueprint (2008-2015)
Goals
Services
Top 5 priority services sectors including: 1. Air transport, 2. e-ASEAN, 3. Healthcare, 4. Tourism and 5. Logistic services For financial services sector, member countries will have to progressively liberalise, but will not take effect by 2015 to all members.
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What will the AEC during 2015-20 look like?
Still far from being a single market…… 1. Good progress for Goods, but slow progress for Services in particularly financial service sector i.e.
Bank and Insurance
• There is still a lot of sensitivity around services to ensure development and maintenance of socio-economic stability
2. Priority actions on Services Liberalisation
• No restrictions on service delivery via cross-border trade and consumption abroad
• Gradual expansion of the foreign equity participation to not less than 70 percent
• Progressive removal of other limitations on market access via commercial presence
3. Barriers on implementation
• Passive instead of Active approach with respect to Article 20: Consultation and Consensus; Article 21: Implementation on a formula for flexible participation
• Lack of central body/agency who is able to enforce and control
• Against domestic laws and regulations
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Global trend towards Liberalisation of the insurance market
Between 1995-97, ASEAN were under
negotiation in Insurance subsectors
2008 - 2015 2020
There is a global trend towards the liberalisation the insurance markets as shown by the commitments under World Trade Organization (WTO) agreements which are similar to the AEC objectives.
WTO agreements AEC Blueprint
Four modes of supply
Life insurance services Non-life insurance services Reinsurance and
Retrocession Insurance intermediation Services auxiliary to insurance
Note *
Insurance sub-sectors*
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Lessons from Liberalisation of Insurance markets in EU and Japan
Area of Impact EU Japan
Legislation
Three major directives to establish SIM (1995) • 1st Council Directive (1973) Freedom of establishment • 2nd Council Directive (1988) Freedom of services • 3rd Council Directive (1994) Freedom of single license
& control
• Insurance Business Law (1996) • Consumer Contract Law • Law of Sales of Financial Products • Person Information Protection Law • Financial Instruments and Exchange Law
Distribution
• Evolving distribution channels from traditional agents and brokers across the EU markets
• Market penetration through direct insurance via telesales and internet
• Introduction of the brokerage sys. • Liberalization of general insurance agency sys. • Introduction of sys for small-amount and short-term
insurance business
Deregulation of Market Entry
• Allowing single license from origin state to underwrite insurances in all state members
• Abolishing direct regulatory control over insurance polices and prior approval of forms and rates
• Mutual entry into life and general business by subsidiaries
• Emerging of Bancassurance through mutual entry beyond firewalls i.e. Bank Insurance company
• Non-tariff premium ratings for automobile insurance policy
Policyholder Protection
• IMD (2002/92) e.g. Disclosure of remuneration by intermediaries
• Motor Insurance Directive (2009/103/EC) e.g. all vehicles covered by compulsory 3rd party insurance; abolishment border checks on motor insurance
• Policyholders’ Protection Fund for non-life insurers • Early Warning Measure • Non-life Policyholders Protection Corporation of
Japan • Revision of the safety new sys.
Merger & Consolidation
• Decreasing numbers of non-life insurance companies within 17 EU more than 20% over a decade from 2001 – 2010.
• Occurrence of merger operations i.e. Aioi, NIPPONKOA, Nissay Dowa General, Mitsui Sumitomo Insurance, Sompo Japan, Millea Holdings, Meiji Yasuda General
Regulatory Changes and Liberalisation Effects
2
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The Future of Insurance Industry under Market Liberalisation
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Common trends in regulatory development
With greater foreign involvement, regulators from the emerging markets seek for adoption of International practices to establish effective insurance supervision in order to promote convergence towards a globally consistent supervisory framework.
We observe the following commons items on regulators agendas:
1. Increase of capital to strengthen solvency margin which is linked to risk exposure
2. Greater focus on Board and Senior Management relating to compliance and risk assessments
3. Increasing focus on business conduct and consumer protection
We highlight the following trends....
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The continuum of risk based capital frameworks
Country Solvency
Regulation
Singapore Formulaic risk based
Malaysia Formulaic risk
based
Thailand Formulaic risk based
Indonesia Formulaic risk based
Brunei Formulaic
Philippines Formulaic
Vietnam Formulaic
Cambodia Formulaic
Laos PDR Formulaic
Myanmar Formulaic
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Three-pillar approach – solo and group
Pillar 1 Quantitative capital
requirements ■ Market-consistent valuation ■ Own funds ■ Economic risk based
capital requirements – Minimum (MCR) – Solvency (SCR)
Pillar 2 Qualitative supervisory review
■ Internal control and risk management
■ Required functions
■ Own risk and solvency assessment (ORSA)
■ Supervisory review
■ Capital add-ons
Pillar 3 Market discipline
■ Transparency
■ Disclosure
■ Solvency and financial condition report (SFCR)
Market-consistent valuation
Validation of internalmodels
New focus for supervisors Maximum level of
harmonisation‘Use test’
More pressure from capital markets
More pressure fromrating agencies
Solvency II and IAIS standards Solvency II: a three pillar approach involving all aspects of the business
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Solvency II Risk Management frameworks
The ORSA defined: “The entirety of processes and procedures ... to identify, assess, monitor, manage and report the short and long term risks if faces or may face and to determine the own funds necessary to ensure that the undertaking's overall solvency needs are met at all times"
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OIC response to the AEC Blueprint
The Office of Insurance Commission (OIC) is currently in the process of finalising its 3rd Insurance Development Plan covering the strategic objectives for the period from 2015 through to 2020.
The strategic direction of the plan is:
1. Enhance the overall industry standard and enforce corporate governance
• Raise the qualifications to operate as an insurer such as increasing the minimum capital levels, more stringent ‘fit and proper’ qualifications and increased foreign ownership participation.
• Enhancing corporate governance and transparency of disclosure.
2. Improving insurers’ efficiency and promoting a competitive environment
• Enable the industry to operate more competitively which would involve, amongst other things, allowing the introduction of innovative products and de-tariffication.
3. Establishing a new image for the insurance industry through providing awareness and attracting talent
• Improve the public profile of the industry so that the benefits of insurance are better understood as well as attract better talent.
Capability of Thai Non-life insurers
3
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Our approach to the capability assessment
• Questionnaire – base survey which focus on 7 key success
factors • Distributed to TGIA members in mid-2013 • 22 companies participated
Industry survey
• Desktop research using internal/external sources • Trend and key ratio analysis disaggregated by insurance group
and insurance segments
Study of statistics
• Draw on KPMG audit and advisory experience to confirm the accuracy of survey response and completion the rest of targeted operating model (TOM)
• Formation of independent conclusion KPMG experience/insights
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Grouping of Thai Non-life insurers
Group Criteria
1. Bank subsidiaries (7) All subsidiaries of banks that operate in Thailand, regardless of size, due to having advantages over distribution
2. Foreign owned/partnered insurers (22)
Insurance companies that are entirely or partially owned (with significant influence) by foreign insurers (regardless of size) due to having access to technical expertise not available in the local market
3. Large domestic insurers (2) Insurance companies that are mainly owned or controlled by Thai and had direct premium volume greater than Baht 5 billion in 2012
4. Medium-sized domestic insurers(10) Insurance companies that are mainly owned or controlled by Thai and had direct premium volume between Baht 1 - 5 billion in 2012
5. Small-sized domestic insurers (13) Insurance companies that are mainly owned or controlled by Thai and had direct premium volume below Baht 1 billion in 2012
* Not included inactive companies (3), very small health insurer (5) and Road Accident Victim Protection
For the purpose of our analysis we have grouped Thai insurers into 5 categories to reflect common characteristics in order to provide a more meaningful interpretation of the results.
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Characteristics of the Thai market: Products
• Thai non-life insurers’ capability has been built around motor insurance segment based on business volume and high retention
• Long-established sales support network,
brand awareness, market coverage and proactive claims management are the main strength of leading insurers
• Other retail lines of business, particularly PA, are growing through alternative channels, but requires expertise in product development and carefully monitoring
• The industry relies on foreign reinsurers to provide technical support and underwriting capacity for commercial risks
Source: OIC’s statistics (2008 - July 2013)
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Characteristics of the Thai market: Distribution
Source: Thai Re’s statistics (2012 & 2013)
• Bancassurance is the major contributor to homeowner insurance, assuming all fire coverage for commercial business is included in ‘IAR’ segment.
• Telemarketing is gaining popularity to the expansion of personal line segment though the use of technology (data mining capability)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2012 2013 2012 2013 2012 2013 2012 2013 2012 2013
Fire Marine Automobile IAR PA
Perc
enta
ge o
f pol
icie
s so
ld (%
)
Line of Business
Distribution Channels
Tele-Mktg
Bank
Broker
Agent
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Characteristics of the Thai market: Profitability
Source: OIC’s statistics (2007 – 2011)
0%
10%
20%
30%
40%
2007 2008 2009 2010
Ratio (%) Net loss ratio - Fire
0% 10% 20% 30% 40% 50% 60% 70%
2007 2008 2009 2010 2011
Ratio (%) Net loss ratio - Motor
0%
20%
40%
60%
80%
100%
2007 2008 2009 2010
Ratio (%) Net loss ratio - Misc
0%
10%
20%
30%
40%
2007 2008 2009 2010
Ratio (%) Net loss ratio - Marine
Bank sub
Foreign
Large
Medium
Small
• Average loss ratio for motor segment indicates that there is a requirement for tight expense control and claims management
• Commercial business is more profitable, however technical resources and capital is required to retain locally and support overseas expansion of Thai business
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Characteristics of the Thai market: Expenses
Source: IPRB’s statistics (2007 - 2011)
• Medium/small-sized and foreign insurers incurred substantively higher cost of operations, compared to other insurance groups
• Large domestic insurers have the lowest operating expense ratio, the major benefit of reaching ‘economy of scale’
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Characteristics of the Thai market: Capital
Source: Thai Re’s statistics (2012 & 2013)
• Overall CAR under the current regime is above the 140 mark. Further deteriorations may come from a shortfall in recovering reinsurance assets arising from the floods
• With the expiration of the flood relief in March 2014 and the possible increase in reinsurance provision, some insurers may need capital injections or consider exit options
-
100
200
300
400
500
600
700
800
3Q'11 4Q'11 1Q'12 2Q'12 3Q'12 4Q'12 1Q'13 2Q'13
CAR
rat
io %
CAR Ratio
Bank subs
Foreign
Large
Medium
Small
Industry Average
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Seven key success factors
Key success factor Measurement criteria
1. Financial strength CAR level indicates whether a company can fulfill its future obligation
2. People
Having right mix of human resource with the right technical skill, avoiding reliance on small number of individuals in order to support growth
3. Actuarial capabilities Sufficiency of skillful actuarial team to conduct functions ranging from product pricing to evaluating potential bad risks, data at the right granular level is available
4. System Having a system that fully supports all areas of the business model will enable the business objectives to be met
5. Business network Extensive distribution channels and cross-border service help support future growth
6. Process Efficient business processes will enable a lean operations and help lower overhead cost while implementing leading-edge technology can help meet the need of modern customers and business partners
7. Analysis capability Capability and availability of data to conduct insightful analysis to support strategic decision making – “big data” analysis
The following 7 key success factors were derived based on Target Operating Model (TOM) framework which reflect the dimensions required for insurers to operate efficiently and effective to meet the business objectives.
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Capability gap analysis (Targeted operating model: TOM)
People
Actuarial capability
System
Business network
Process
High number of headcounts and man hours from
inefficient process
Disparate systems architecture
Stand-alone model
High volume of manual processing
No pricing capability
Business partner
High turnover, aging workforce, not
adaptive, difficult to attract new talents and
functional expertise
Limited turnover, mixed workforce, talented
employee take charge of key areas, slowly adapt
Some talented workforce, good
functional capability, adaptive, analytical thinking is limited by system and process
Experienced employee with strong functional expertise, proactive, insightful analysis, commentary and
challenge
Business performance orientation, highly
adaptive and mobility
No basic actuarial skill in house , limited to own data, limited knowledge
of markets outside Thailand
Basic actuarial skill in house, to serve
reporting needs, data and knowledge is limited
to Thailand
Mix of experienced and junior inhouse actuaries,
drilling capability is limited due to data
quality
Domestic market data only, drill down
capability, qualified pricing and reporting
actuary
Cross-border data, drill down capability,
qualified pricing and reporting actuary
System limitation which cannot meet all business need,
extensive use of EUC for reporting
Sophisticated front end systems for different lines. Use of EUC, studying alternatives
Mostly standardized systems, automatic
interface . Management reports are extracted
and formatted manually
Fully integrated system with automatic interface capability. External and
internal reports available on demand
Integrated systems, real-time updates,
external and internal reports generation at
finger tips
Employed selling agents, branch operation, high operating cost
Rely on agent/brokers , limited bargaining
power against reinsurers
Extensive domestic network/referrals,
bargaining power over reinsurance negotiation
Cross-border service-ability through
business partners or shared resources
One integrated insurance network
from direct to reinsurance
Low volume, highly manual process, lack of control, more time spent
on finding error and rework
High volume of manual to overcome system limitation, duplicate
controls, error somewhat occurred,
High level of integration, cost control, headcount freeze, moderate cost,
few delays exist
Fully integrated operations with limited manual intervention, volume processing,
contained cost
Cross-border operations and real-time updates,
volume processing, zero error, low cost
Competitive product & pricing
Integrated all across system
Cross-border service-ability
Lean operation
Analysis capability
Low understanding of results
Untimely, high level manual analysis of
operational results due to system and data
limitation
More detailed manual analysis but time
consuming process due to data validation of
multiple sources
Mix of system and manual preparation of
business analysis. Drill down capability is
limited
System and data available to fully support generation of insightful
analysis at a very granular level
System able to produceinsightful analysis from a single source of truth at great dept on a real time
basis.
Strong analysis and understanding
results
border data, drill down capability,
qualified pricingreporting
Foreign
Bank sub.
Large
Medium
Small
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Summary of key findings
Regulatory changes • A need to strengthen their risk and capital
management framework and put risk-based consideration at the forefront of business operations and decision making
Operations (Profitability & Growth) • Limited awareness of actuarial capabilities in
supporting strategic planning and decision making • Serious investment in IT infrastructure is urgently
required to improve operational efficiency, effective cost management, talent recruitment, and reporting
• Open up to employing foreign skills to support highly technical functions and human resource development to support future growth and underwriting capability
• Cross-border alliance is highly possible for those with the initial aim towards enhancing cross-border service-ability and strengthening market knowledge outside Thailand
• Scale and credibility impact bargaining power when negotiating for reinsurance
• In-dept study on product & channels from performance aspects
Opportunity assessment of the
AEC countries
4
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Key facts and figures
ASEAN diversity of Economic, Politics and Financial development is one challenge to make difficulty in accelerating a regional integration within short time.
Each AEC country is at a very different stages of development and presents different opportunities to Thai Non-life insurers.
Source: ASEAN 10 countries’ baseline Data, 2011
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Market assessment framework
Three dimensions of overall assessment were defined based on empirical studies, publications conducted by professional organizations and our experience from conducting similar research. For each dimension, indicators were defined and ranked in order to provide and overall assessment of AEC countries for Thai Non-life insurers.
Country attractiveness
Accessibility to foreigners
Thailand capability
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Country attractiveness
To measure the country attractiveness 12 indicators were defined and ranked. The indicators were a combination of measuring the existing size of other AEC non-life insurance markets and the potential for growth based on underlying drivers.
Selected indicators of Country attractiveness
Non-life Insurance Consumption (I)
Growth Enablers (G)
Human Development (H)
Business Environment (E)
Premiums volume GDP growth Health Ease of doing business
Premiums as % GDP Urbanization Education Protecting investors
Premiums per capita Population Income Paying taxes
Score Country attractiveness
61-100 Very positive impact on the demand for Non-life insurance
21-60 Likely positive impact on the demand for Non-life insurance
1-20 Unlikely positive impact on the demand for Non-life insurance
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Overall assessment – Country attractiveness
Country
Non-life Insurance Consumption
(1-100)
Growth Enabler (1-100)
Human Development
(1-100)
Business Environment
(1-100)
Weighted Score (1-100)
High Income
Singapore 47 60 100 100 77
Brunei 47 33 87 87 64
Upper Middle Income
Malaysia 60 73 100 100 83
Lower Middle Income
Indonesia 87 73 33 33 57
Philippines 73 73 47 33 57
Vietnam 87 73 47 47 64
Low Income
Cambodia 73 47 20 33 43
Laos PDR 20 47 20 33 30
Myanmar 73 87 20 33 53
Source: Table 13: Country attractiveness scoring, page 31, The AEC landscape and impact on Thai non-life insurance industry
Country accessibility score composition
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Accessibility to foreigners
To measure the accessibility of other AEC countries, three indicators were defined to provide indicative assessment of the ease of entry for foreigners into these markets.
Selected Indicator
No or minimal restrictions in favour of market entry to
foreigners (61-100)
Nominal or some restrictions in favour of
market entry to foreigners (21-60)
Certain restrictions in favour of market entry to
foreigners (1-20)
Foreign ownership 70% - 100% 49%-69% Less than 49%
New license availability New license available/M&A allowed
Join venture or representative office/ branch allowed with business expansion limit
Foreign insurer is prohibited
Foreign exchange control No restriction Some restriction with controlled limits Stringent controls in force
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Overall assessment – Accessibility to foreigner
Country
Foreign Ownership Limit
Weighting 30%
Availability of new License
Weighting 50%
Foreign exchange control
Weighting 20%
Weighted Score (1-100)
High Income
Singapore No limit Available – but must be able to
operate at a international standard No 100
Brunei No specific restriction Doubtful – most players already
partner with world class insurers No 55
Upper Middle Income
Malaysia 70% limit Available – through acquisition of
local companies No 71
Lower Middle Income
Indonesia 80% limit Available – through acquisition of
local companies No 74
Philippines No limit Available – through acquisition of
local companies Some 72
Vietnam No limit
Possible – through acquisition of
local companies however political
ties may be needed
High control 59
Low Income
Cambodia No limit Doubtful – most players already
partner with world class insurers No 55
Laos PDR No limit
Possible – joint venture or foreign
branch is allowed but political ties
are possibly needed
No 60
Myanmar Representative office only (at
present)
No - but representative office is
allowed High control 10
Source: Table 14: Market accessibility assessment, page 32, The AEC landscape and impact on Thai non-life insurance industry
Country accessibility score composition
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Thailand capability
Based on capability analysis in Non-life Thai insurers, following three aspects were selected to assess Thailand capability to compete in Non-life insurance markets in other AEC countries.
Selected Indicator
Highly likely to be able to complete (61-100)
Likely to be able to complete
(21-60)
Unlikely to be able to complete
(1-20)
Technical expertise
Developing market with high growth opportunity in both
personal lines and commercial insurance
Highly competitive market with high growth in personal line and
commercial insurance
Highly developed market with high growth in commercial
insurance only
Ability to cope with local regulations
Regulatory regime that are similar to or less advance than
Thailand e.g. absence of a RBC framework
Regulatory regimes that have features which have some
features which are dissimilar to Thailand e.g., Malaysia with high punitive damage award for motor
vehicle accidents
Regulatory regime that is more advanced than Thailand e.g.,
Singapore
Foreign direct investment by Thai
Thailand is within the top 10 of foreign investors - Thais are not within top 10
foreign investors
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Overall assessment – Thailand capability
Country
Technical Expertise Weighting 40%
Ability to cope with local regulations
Weighting 20%
Foreign investment by Thai
Weighting 40%
Weighted Score (1-100)
High Income
Singapore Commercial reinsurance including
catastrophe risk from offshore
Complex – moving towards
international practice e.g., Solvency
II
Below top 10 countries 20
Brunei Commercial line based on economy
structure (oil & gas exporter)
Moderate – based on development
of solvency measurement (% of
net written premium
Below top 10 countries 26
Upper Middle Income
Malaysia Personal lines (Takaful compliance)
and commercial lines
Moderate – regulations are
developing and are similar to Thai
e.g., RBC
Within top 10 countries 68
Lower Middle Income
Indonesia
Personal line (Takaful compliance)
and commercial lines with
catastrophe protection
Moderate – regulations are
developing and are similar to Thai
e.g., RBC
Below top 10 countries 46
Philippines Personal line and commercial lines
with catastrophe protection
Moderate – regulations are
developing and are similar to Thai
e.g., RBC
Below top 10 countries 38
Vietnam
Personal line and commercial line
based on industrial and
infrastructure projects
Moderate – based on development
of solvency measurement (% of
net written premium)
Below top 10 countries 50
Low Income
Cambodia Commercial line based on industrial
and infrastructure projects
Moderate – based on development
of solvency measurement (% of
registered capital)
Within top 10 countries 50
Laos PDR Commercial line based on industrial
and infrastructure projects
Moderate – based on development
of solvency measurement (% of
registered capital)
Within top 5 countries 58
Myanmar Commercial line based on industrial
and infrastructure projects
Moderate – for representative office
operation Within top 5 countries 74
Source: Table 15: Assessment of Thailand capability in foreign markets, page 33, The AEC landscape and impact on Thai non-life insurance industry
Thailand capability score composition
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Overall assessment
Final assessment results
• Based on the KPMG analysis, the greatest opportunity is within the upper and lower middle income countries where the potential for growth is higher since the insurance markets are already developed and a good base for further development
• This is supported by the level of M&A seen in recent years, as foreign shareholdings limits have been raised (in particular Malaysia and Indonesia)
• Whilst the long term potential for growth in C,M,V, L is very high, however, given the current stage of development this will take time
• Thailand is seen as attractive to foreign investors
Country
Country attractiveness Weighting = 20%
Accessibility to foreigners
Weighting = 20%
Thailand capability
Weighting = 60% Ranking High Income
Singapore 77 100 20 8
Brunei 64 55 26 9
Upper Middle Income
Malaysia 83 71 68 1
Lower Middle Income
Indonesia 57 74 46 4
Philippines 57 72 38 7
Vietnam 64 59 50 3
Low Income
Cambodia 43 55 50 6
Laos PDR 30 60 58 5
Myanmar 53 10 74 2
Source: Table 16: Final assessment scores, page 34, The AEC landscape and impact on Thai non-life insurance industry
High Opportunity
Moderate Opportunity
Low Opportunity
Color codes definition
Roadmap 5
36 @ 2015 KPMG Phoomchai Advisory Ltd., a Thai limited liability company and a member firm of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Thailand.
Get ready for the future
Responding to opportunities:
• Thai outbound investment Cross-border service ability
• Capturing growth in emerging markets Cross-border alliance
• Increase capability Capitalisation and technical expertise to capture opportunities in the Thai market
Responding to threats:
• Address capability gaps compared to global players System & data, actuarial capability, functional expertise
• Profitability pressure Product, distribution and operational efficiency (system & process) – data mining and performance analysis
• Regulatory changes Enterprise risk management implementation
37 @ 2015 KPMG Phoomchai Advisory Ltd., a Thai limited liability company and a member firm of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Thailand.
Creating a valued insurer – a vision for success
“"Increasingly, we see successful insurers harnessing four attributes: they are focused, efficient, agile and are trusted by their customers, regulators and investors. Above all, they place focused, efficient, agile and are trusted by their
customers, regulators and investors. Above all, they place their customers at the hear of their business."
Source: The Valued Insurer, KPMG International, 2013
38 @ 2015 KPMG Phoomchai Advisory Ltd., a Thai limited liability company and a member firm of the KPMG network of independent firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Printed in Thailand.
Roadmap (Now – 2020)
Now • Capitalisation • Operational quality and
efficiency • In-dept profitability study • Culture change
(competitiveness)
Before 2015 • Leading-edge technology • Cross-border alliance • Friendliness of working
environment foreigners • ERM • Capacity • Big data
Before 2020 • RBC II readiness
Thank You
Contact us Noel Ashpole Partner, Financial Services T: +66 (0)2 677-2794 E: [email protected]
Pantip Gulsantithamrong Executive Director, Financial Services T: +66 (0)2 677-2121 E: [email protected]
© 2015 KPMG Phoomchai Business Advisory Ltd., a Thai corporation and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Thailand. The KPMG name, logo and “cutting through complexity” are registered trademarks or trademarks of KPMG International. Produced by KPMG’s Financial Services Practice in Thailand
Chanchai Sakulkoedsin Executive Director, Financial Services T: +66 (0)2 677-2337 E: [email protected]
Itthipat Limmaneerak Associate Director, Financial Services T: +66 (0)2 677-2654 E: [email protected]