On 6 Dec. 20, Mr. Chai Chaiwan, Chief Executive Officer and President of Thai Life Assurance Public Company Limited, said that the company operates its business with a focus on improving the efficiency of products and services, including management. Carefully manage your insurance risks. To build confidence for the company’s insurers
For the financial status of the company At present, it is very strong. As of June 30, 64, Thai Life Insurance has a capital adequacy ratio that is required by law at 334%, which is higher than the rate at the Office of Insurance Commission or OIC determines at 120%
Life insurance reserve 385,723 million baht, ready to pay claims and policy benefits to the insured according to the contract conditions It has total assets of 511,391 million baht and has been rated domestic financial strength from Fitch Ratings Institute at AAA(tha), which is the highest level of Thai business.
However, due to the epidemic situation of COVID-19 that affect the overall economy of the country But Thai Life Insurance was not affected by the aforementioned situation. because the rate of compensation of the company Before the outbreak of COVID-19 and after the epidemic At a similar rate, in 2019, the number of claims both death and health claims Individual policy types or Ordinary life and types of loans or Credit life are at 722,863 cases, totaling all claims. 11,317,364,873 baht
In 2020, the number of claims was 608,667, totaling the total amount. 10,647,685,974 baht, while January-October 2021 the number of claims was 478,467 total. 9,820,610,947 baht, which shows that the company Able to manage claims effectively
At the same time, the company has a prudent risk management policy There is a Risk Management Committee (RMC). In risk management, the Company manages risks both at the corporate level. and department level by identifying risks into different aspects such as insurance risks Market Risk operational risk Liquidity risk credit risk
including the risk of capital adequacy Strategic Risk and image risks. RMC is responsible for overseeing internal risks. which will determine the risk management policy and acceptable risks for critical systems such as insurance products, investments, mortality risk and maintenance of capital according to the level of risk and continually monitored so that the organization’s risk management system runs smoothly.
In addition, Thai Life Insurance also attaches importance to business continuity management (Business Continuity Management: BCM) to ensure that when a crisis occurs The company will be able to respond and protect the interests of stakeholders. able to maintain the reputation and image of the company as well as being able to operate a business that can create value for the company effectively
“The company is ready to stand beside customers in every situation. and take care of the insured according to the contract conditions specified in the policy both the payment of claims and various benefits Unless the insured conceals facts that are material to the insurance. or has an intention to defraud the company Therefore, we ask the insured who holds Thai Life Insurance policies to be confident that they will be taken care of throughout the policy contract.”