Suthiphon Thaveechaiyagarn, secretary-general of the Office of Insurance Commission (OIC), said the regulator had agreed on an amendment of a draft OIC notification that liberalises the sales regime for insurance.

Currently, banks are allowed to sell insurance policies only at their branches and online. The reform unshackles the banks in their marketing of insurance. Insurance brokers and agents had been among those opposed to any changes in the sales regime. However, the OIC is yet to decide on whether to allow banks to set up mareketing booths for the sale of insurance to passers-by in public areas.

“The approval of this draft notification is aimed at upgrading the supervision of market behaviour involved in the offering of insurance policies in a way that will increase people’s confidence and trust and results in the fairer treatment of insurance policy-holders,” Suthiphon said.

After the OIC approval is given, the draft notification will be forwarded to the OIC chairman for an official signature that will enable the reform’s enforcement.

A source said that once the OIC’s approval is in hand, the banks can make the most of the increased channels to generate more insurance-based income, while consumers will reap the gains of the greater competition in the insurance market.

Currently, only agents and brokers can sell insurance policies over the phone. They had voiced their opposition to a change in the rules, citing concerns over how they would compete with the banks with their broad customer base gained through their deposit and lending activities.

Against this backdrop, the OIC had delayed making a decision on the regulatory change in order to reduce the impact on the brokers and agents.

Chuchatr Pramoolpol, OIC deputy secretary-general, said the agency forecasts that the value of insurance premiums will rise by 6.4-7.4 per cent to Bt871.04 billion for this year. Within this market, the value of premiums for life insurance is projected to increase 6.6-7.6 per cent to Bt640.08 billion and non-life insurance premiums are tipped to grow 5.7-6.7 per cent to Bt230.96 billion, he said.

Over the next one to two years, the value of total insurance premiums are forecast to rise to Bt1 trillion, on expectations of a sustained global economic recovery, rising exports, expanded manufacturing, and a recovery in private investment. Fairer income distribution across the country and the OIC’s market development measures would also play a role, Chuchatr said.

“There are bright prospects ahead for life insurance business, particularly through the growth in bancassurance,” Chuchatr said.

For the first quarter of this year, total direct premiums climbed 5.9 per cent year on year to Bt216.05 billion and accounted for 5.32 per cent of the nation’s gross domestic product.

Of the total, direct premiums from life insurance business advanced 6.79 per cent to Bt159.02 billion and direct premiums from non-life insurance edged up 3.5 per cent year on year to Bt57.03 billion. Some 51.6 per cent of life insurance was offered through bancassurance, while 42.3 per cent was made through insurance agents for the first three months of this year.

In 2017, about 49.7 per cent of life insurance was offered through insurance agents and 44.1 per cent through bancassurance.

The 133-MW combined cycle power plant, operated by subsidiary Amata B. Grimm Power (Rayong) 4 Ltd, known as ABPR 4, came on line on June 1, 2018 as stipulated under the 25-year power sale contract with the Electricity Generating Authority of Thailand (Egat).

“The coming on-stream of ABPR4 underscores our continued commitment to add new capacities to meet Thailand’s growing energy need,” said BGRIM President Preeyanart Soontornwata.

ABPR4 is the second of three combined cycle power houses BGRIM has been building at the Amata City Industrial Estate in Rayong, developed under the government’s Small Power Producer (SPP) scheme, with a combined capacity of 399 MW.

These Rayong facilities will specifically ensure availability of efficient and reliable electricity supplies to the thriving industrial park.

BGRIM will later this year systematically put a series of power generation projects on stream to consolidate its overall portfolio to more than 2,000 MW.

IT/TELECOM 

KASIKORNBANK FUNDS EXPANSION OF TTI 

Kasikornbank and Thai Transmission Industry Co Ltd (TTI) have signed a financial facility agreement of Bt1.264 billion, to be used as working capital for the company’s future expansion. TTI engages in IT and telecom network design and installation business.

BANGKOK AIRWAYS

CARRIER OFFERS PASSENGERS FIVE WAYS TO PAY ONLINE

Bangkok Airways Plc has introduced five new channels for passengers to make payments online – LinePay, WeChat, AliPay, UnionPay and an instalment plan for holders of some credit cards with 0 per cent interest for three months.

“Bangkok Airways always strives to enhance every passenger’s journey,” said president Puttipong Prasarttong-Osoth. “We are committed to developing innovative systems and new technology to make our passenger flying experience even more convenient.

“Our new online payment channels service will facilitate our digitally savvy passengers as well as to help us better compete in the digital era.

“To make sure the online transactions will be smooth and reliable, Bangkok Airways has teamed up with 2C2P, the experts in systems management.

“These added payment channels will also be able to support multi-currency payments, which should broaden opportunities for Bangkok Airways to tap into new markets in Southeast Asia and China.”

DTAC 

‘SUPER-SPEED SUPER-SALE’ TO MARK NEW SMARTPHONE ERA

Total Access Communication (DTAC) is preparing for the commercial launch of its 2300 MHz spectrum with a “Super Speed Super Sale” smartphone promotional campaign.

Roj Dachodomphan, DTAC’s Senior Vice President, Head of Postpaid Division, Total Access Communication, said: “DTAC is preparing for the commercial launch of the new 2300 MHz spectrum by offering better performance and a smoother Internet experience.

“The booming popularity of online streaming services has contributed to an increase of smartphone penetration to 75 per cent per cent. The new spectrum is expected to further boost the growth of mobile Internet usage.

DTAC is therefore launching its biggest sales campaign of the year to celebrate the commercial launch of the 2300 MHz spectrum by offering 10,000 coupons, each with a Bt2,300 smartphone discount, worth a total of Bt23 million.

Interested customers can register to win the first 5,000 coupons at http://www.dtac.co.th from midday onwards tomorrow (June 6).

The coupons can be used to purchase a smartphone at 24 participating DTAC service centres in and around Bangkok by June 12.

THREE-YEAR ROADMAP 

TICON AIMS FOR TOP POSITION, ANNOUNCES BT261M PROFIT

Ticon Industrial Connection Plc President Sopon Racharaksa said yesterday the property firm would continue pursuing its three-year roadmap, focusing on expansion into new businesses, developing more industrial properties for rent and reinforcing its expertise and properties in strategic locations, ready to support various industries and Thai and foreign investors.

Sopon said the company is confident the roadmap would ensure solid performance and make Ticon “the No 1 player in Southeast Asia by 2020”.

The company announced a net profit of Bt260.84 million, an increase of 173 per cent year on year, while the occupancy rate of its leasehold properties has risen to 71 per cent.

The company attributed this to business expansion under its roadmap and effective use of a “Total Dimension” strategy.

The company also reported total revenue of Bt1.11 billion in the first quarter of this year, a 104.6-per-cent rise compared to the same period last year.

GASTRONOMY TOURISM 

THAI TASTE FESTIVAL TO FILL TOURISTS’ TUMMIES

The Tourism Authority of Thailand (TAT) is bringing together 134 restaurants and street-food vendors for the Amazing Thai Taste Festival from June 8 to 10 at Bangkok’s Siam Square.

The main attractions at the event, which has as its theme “Eat Thai Food, Feeling Good”, will be the three street-food vendors recommended in the prestigious Michelin Guide.

Other highlights will be a unique fruit buffet and, for the first time anywhere in the world, the unveiling of Khao Tom Mad Tu-rian Lava.

Khao tom mad is a dessert of steamed sticky rice and banana wrapped in a banana leaf, but for this event, the filling will be “the king of fruits” – durian.

Visitors will also be able to taste jasmine rice from Ubon Ratchathani, which can fetch up to Bt300,000 per tonne.

TAT Deputy Governor Sujitra Jongchansitto said yesterday the event aims to open “new shades of experiences for tourists” through gastronomy tourism.

The festival is expected to attract eight million visitors and generate Bt40 million.

TIPS FOR FOOD LOVERS 

KRUA MAG GOES ONLINE AFTER 25 YEARS 

Sangdad Media Group CoLtd, a subsidiary of Sangdad Publishing – the publisher of cookbooks and ‘KRUA’ magazine, has announced the launch of the KRUA.CO website to present dynamic web content for all food lovers on an integrative digital format.

With over 30 years of experience in food, Nan and Wanweaw Hongwiwat, Sangdad Media Group’s second generation, have evolved ‘KRUA’ monthly magazine to an online portal, after 25 years.

Matching the strong online trend, and highly engaged Thai-food audiences, the new ‘KRUA.CO (Krua Dot Co)’ website, with the ‘Food Is a Big Deal’ tagline, will remain focused on local dishes and cultures along with in-depth insights into local lifestyles. All of which have always been important aspects that build KRUA identity.

“Our key focus has always been on food, but our goal with KRUA.CO was to develop the highest standard of digital food content for Thais. The website was built with unique categories and technology to ensure that everyone can relate to our content, including food videos and recipe search features.

In Thailand, food is one of our national passions so our goal was to bring this pride, level of detail and breadth of culture and history to the online space,” says Nan Hongwiwat, General Manager of Sangdad Publishing and Sangdad Media Group Co Ltd.

CA TECHNOLOGIES

NEW VICE PRESIDENT FOR SECURITY BUSINESS IN APJ 

CA Technologies has announced the appointment of Gene Ng as vice president, Security, Asia Pacific and Japan (APJ).

Based in Singapore, Ng will drive CA’s Security business in APJ to help customers make security a competitive advantage. Ng and his team will work with customers to ensure that they are resourced and well-prepared to address today’s increasingly sophisticated and damaging cybersecurity threats.

Prior to joining CA, Ng served as the regional leader and business unit executive for the Asean region at IBM Security. He has also held senior leadership positions at Blue Coat, Motorola Solutions and 3Com. Ng started his career with Price Waterhouse. Thereafter, he founded a business focused on security product distribution, services and training that became one of the top Security Value Added Distributors in the region.