MSIG Insurance (Thailand), Mitsui Sumitomo Insurance Thailand (MSIT), Bank of China (Thai), and China Pacific Insurance have entered into a strategic agreement to expand bancassurance operations in Thailand.
The collaboration will see MSIG’s insurance products distributed through Bank of China’s Thailand network, with China Pacific Insurance serving as a reinsurer and providing underwriting support.
According to MSIT Senior Vice President Shingo Adachi, the partnership is timely given the “anticipated THB 170bn (US$5.2bn) influx of new Chinese investments into the country in 2024.”
The partnership will serve both corporate and individual customers, but in its announcement, MSIG Thailand said it will concentrate on personal lines, particularly travel insurance. Chief Executive Officer Rattapol Gitisakchaiyakul added there is a focus on “overseas students, both inbound and outbound,” noting that Thai and Chinese families are increasingly sending children abroad for education.
Bank of China views the agreement as part of a broader strategy to support financial needs tied to cross-border engagement, including travel, business, and retirement, the business said.
Apart from this new bancassurance collaboration, MSIG Thailand also recently launched a parametric insurance solution. Last month, the insurer released a travel delay offering that is available to its Travel Easy Plus policyholders.
