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Personal Accident and Heath
Personal Accident
Introduction
Personal Accident is a relatively large and expanding account. Premium
income in 1999 was THB 2.618 billion (US$ 65.45 million) or 5.7% of the total.
Personal Accident is the class, which has seen the most intensive, and most
successful, mass marketing effort. Banks and insurance companies cross-sell
their products by offering credit cards with either Personal Accident or Travel
insurance benefits.
Some of the large banks are considering making Personal Accident insurance
mandatory for mortgage customers.
Scope of Cover
Limits for Death and Disablement are usually expressed as a multiple
of salary, 60 months' salary being the norm.
Rating and Deductibles
Rating is subject to maximum and minimum tariffs laid down by the
Department of Insurance.
Distribution Channels
Personal Accident is sold by direct mail, personally by agents and
company salesmen and by brokers (usually group schemes). Personal Accident
benefits are increasingly offered with credit cards.
Private Medical Insurance
Introduction
State hospitals are said to provide only the most basic level of care,
and anyone who can afford it uses the expanding private sector.
Private Medical Insurance premiums amounted to THB 781 million (US$ 19.5
million) in 1999, or 1.7% of the market total.
Approximately 75% of premium income is derived from Group schemes and the
balance from individual plans. It is estimated that less than 1% of the
workforce is covered by employee schemes, and the market is believed to have
enormous growth potential, particularly as Thailand's economic expansion
produces an ever-larger security and status conscious middle class. Growth is
currently inhibited by the relatively high cost of cover and the use of
out-dated policy forms.
Scope of Cover
The market offers traditional, and rather dated, medical plans such as
basic hospitalisation, major medical and outpatient benefits. Currently, our
latest service of
Executive Management insurance has already been introduced to the
market.
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