It seeks to capitalize on the $5.2 billion in fresh investment from China set for Thailand in 2024.
The Mitsui Sumitomo Insurance Thailand Branch (MSITB)
MSIG Insurance
(MSI Thailand), (BOC Thailand), and CPIC have entered into a memorandum of understanding to form a strategic alliance.
bancassurance
partnership in Thailand.
This pact is designed to boost the dissemination of insurance items via BOC Thai’s channels, aiming at serving business entities as well as personal customers.
This partnership aims to facilitate an anticipated influx of $5.2 billion (THB170 billion) in fresh Chinese investment into Thailand for the year 2024.
The MSITB Senior Vice President, Shingo Adachi, mentioned that this collaboration will provide customized risk protection for BOC Thai’s more than 1,000 business accounts.
The CEO of MSIG Thailand, Rattapol Gitisakchaiyakul, highlighted the company’s emphasis on retail insurance, with special attention towards travel policies designed for students who shuttle between Thailand and China.
BOC Thai Senior Executive Vice President Zheng Gang emphasized the partnership’s aim to merge insurance with financial services over the long term, supporting various cross-border endeavors such as traveling, conducting business, pursuing education, and planning for retirement.
Yang Shi, who leads CPIC’s operations in Southeast Asia, highlighted the company’s function as a reinsurer backing Chinese businesses operating internationally. He also reaffirmed CPIC’s dedication to offering its reinsurance knowledge to support this alliance.
($1.00 = THB32.78)
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