Bangkok--Jul 28--Spark Communications
Thais face the greatest accident risk yet are the least insured annual AIA survey of attitudes to risk and insurance protection reveals
Compared with other major Asia Pacific markets studied, people in Thailand have the highest rate of accident or injury, an annual American International Assurance (AIA) ‘Life Matters’ Index has revealed.
The “Life Matters’ Index is an annual regional survey that assesses attitude towards protection and personal risk and highlights behaviors in the region that could increase health risks. The independent study covers Hong Kong, Malaysia, Singapore, and Thailand and has been conducted by market research firm TNS. Data is collected via telephone interview from a representative sample of 500 per market.
The AIA ‘Life Matters’ index showed that almost 29 percent of those Thais questioned had been personally involved in a traffic accident and 24 percent have suffered some form of accident in the home.
Indeed, traffic accidents were the most prevalent of personal-accident incidences in both Thailand and Malaysia with the survey revealing that in both countries one in four people surveyed involved in a road accident at least once. This compared to just 7 percent and 8 percent respectively for Hong Kong and Singapore.
Yet less than a third of those questioned in Thailand are currently covered by accident and disability insurance and just 10 percent had any form of critical-illness cover. The Index also reveals that Thais are extremely aware of the need for insurance protection, with some 40 percent of respondents recognizing they needed greater levels of protection.
“The survey clearly reveals the enormous risk that people in Thailand are facing without taking the precautions of adequate insurance cover,” said Mr. Sutti Rajitrangson, Senior Vice President, Administration, AIA Thailand.
“This financial burden only takes into account loss of income,” he explained. “The Index demonstrates quite clearly that a majority (52 percent) of those questioned would be dependent on family in the case of losing their income through critical illness or accident.
“People ignore the financial impact on individuals and their families of the potentially high costs of expensive medical treatment for serious accidents and the potential longer-term implications of respite after-care and the consequences of permanent disability.”
“For example, the estimate cost in leading private hospitals for the private room and services is about Bt4,000 — 6,500 per day. This estimate expense does not include the operation cost or other examination, i.e. X-ray or Ultrasound check. If we have to admit to the hospital and stay there for 10 days, the expense may reach Bt100,000”
“This survey clearly exposes the alarming gap between actual accidents and degrees of cover, and that great many people face substantial financial risks as a consequence of inadequate insurance protection,” he said.
AIA has been operating in Thailand for more than 66 years. As of December 2004, the company has total assets of 262,610 million Baht and insurance reserves of 191,244 million Baht. Apart from ordinary life insurance, AIA offers accidental & health insurance, group insurance, credit life, payroll life, housing loans, and provident funds.
AIA is Southeast Asia’s largest life insurer, with branch offices, subsidiaries and affiliated companies located in countries and jurisdictions including Australia, Brunei, China, Guam, Hong Kong, India, Indonesia, Japan, Macau, Malaysia, New Zealand, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. AIA markets a full line of life insurance products through a multi-channel distribution system, whose core franchise is an extensive agency force. AIA is a wholly-owned subsidiary of American International Group, Inc. (AIG), the world’s leading international insurance and financial services organization.
For further information, please contact:
PR contactName:
Jarinthorn Thanasinlapakul, Pattama Prempree
Tel: 0-2653-2717-9
Email: [email protected], [email protected]
AIA contactName:
Prechada Pansing
Tel: 0-2638-7923
Email: [email protected] End.