Bangkok--3 Apr--MSIG Insurance
MSIG Insurance (Thailand) Public Co.,Ltd., one of the leading international Property & Casualty insurers in Thailand, has today announced its business results for the financial year 2014. The Company reported an increase of 6.5% in Gross Written Premium (GWP) reinforced by a strong after-tax profit of over Baht 240 million. For 2015, the company targets growth of 10% while launching new services including the MSIG In-House Motor Suveyor Team to cover Bangkok and other major urban areas by Q4 and promoting its MSIG iApp to provide convenient online solutions for its customers.
Mr. Rattapol Gitisakchaiyakul, Chief Executive Officer of MSIG Insurance (Thailand) Public Co.,Ltd., disclosed the business performance as at 31 December, 2014. “MSIG’s gross written premium (GWP) achieved satisfactory growth, reaching Baht 3,627 miIlion, an annual increase of 6.5%, which was above the company’s target and the overall growth in the non-life insurance market. Motor business made up 59% of the overall GWP followed by 25% from miscellaneous classes, 13% from marine business and 3% for fire. The Company recorded growth of 20% for motor business and 8% for marine business, while personal accident, fire and miscellaneous business dropped by 1%, 7% and 20% respectively compared to the prior year.
2014 was an outstanding year for MSIG with growth supported by multiple distribution channels. Agent business posted growth of 22% and broker business increased by 2% compared to the previous year. The top line results were reflected by an equally good bottom line performance. MSIG recorded an after-tax profit Baht 240.8 million including an excellent underwriting profit as well as investment income of Baht 81.2 miilion. The company’s financial position continued to strengthen with a Capital Adequacy Ratio (CAR) of 351% at the end of 2014, three and a half times higher than the minimum required by the industry’s regulator, the Office of Insurance Commissioner.
On MSIG’s business plan for 2015, Mr. Rattapol said, “We expect to generate GWP of Baht 4,000 million or 10% growth. 80% of GWP will be retail personal lines business and the rest from commercial lines, through our nationwide branch network, agents, broker partners, direct business and on-line distribution channels.”
Mr. Rattapol commented that “We will concentrate on our growing the branch network to source more retail business. MSIG will continue to strengthen and expand its regional operations throughout Thailand this year. We have a plan to open new branches in major cities. MSIG has also improved its online presence and introduced the MSIG iApp to give easy access to services and provide more convenience to customers. The MSIG iApp is our ‘buy–claims-pay’ smartphone application to help customers online 24/7, available for travel insurance, motor 2+,3+ with motor compulsory. Customers can also use it to send accident notifications or find MSIG network garages and hospital easily”.
“After sales services are a major focus for us and we have recently set up a new department, the Business & Customer Solution Center to provide one-stop services for MSIG customers. This center is an easy access touchpoint for every customer. We have also introduced a special team of MSIG In-House Motor Surveyor, to give more efficient motor surveyor services at motor accident scenes. This will also help MSIG ensure its service quality is the best possible by getting direct and prompt feedback from customers. The MSIG In-House Motor Surveyor Team started providing services at the end of 2014 and to date covers inner area of Bangkok metropolitian. The service is expected to cover all areas of Bangkok and suburb by the third quarter and will be expanded to other major cities nationwide in the last quarter.” Mr. Rattapol said.
Commenting on the overall insurance industry in 2015, Mr. Rattapol said that, “The non-life insurance business is still growing. Total growth for the whole year is likely be around 9%, two times higher than national GDP growth. Good growth will depend on the auto industry and the liberalization of AEC as well as a recovery in purchasing power and improvement in the customer confidence index which are the drivers for the growth targeted in the non-life nsurance business.”