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What would you do about 3rd party car insurance if you going to drive through Indochina country ? Nothing. Local Insurer reluctant to underwrite such coverage because of different in rules and legal system.
After 8 years of behind the scene working together between private sector among Indochina country, only Thailand, Vietnam and Laos finally agree on the system called ACMY. Traveler from Thailand who want to drive through Loas can buy the coverage in Thailand (insured by Laos Insurer) and vice versa. The system is ready to go and hopefully that other country such as Cambodia or Burma will joint in later.
Since the agreement involve consent by government of each country, the cooperation agreement between participated country have to be signed in which October 24,2008 schedule as the signing date.
It has to be postponed because Thai Government, at present, can’t sign any document without approval from the Cabinet plus, if require, also from House of Representative. Lesson is learnt from Cambodia’s Khao Praviharn issue that forced the last Prime Minister to resign. We just hope that the system can be implemented as soon as possible for the sake of tourist industry among Indochina region.
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For all the financial mess in the world right now, Allianz insurance seem to be the only one that has least effect . In local marketing drive, Allianz CP announced the new product called “ AZCP Super Power Save” to cater cost conscious car owner. The coverage based on standard Third Party Motor Insurance but add coverage on the insured car plus Theft of entire vehicle (limit amount of 200,000 Baht per occurence).
The premium is 9,500 Baht . Find out more in our “ Product & Services “ |
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The regulator for Thailand’s insurance industry used to be Department of Insurance attached to Ministry of Commerce. Due to complexity of the business and financial effect to the public, the new independent organization is created this year called “ OIC” . With independent from Ministry’s budget and regulation, its resources will deal directly and wholly on Insurance matter only. The first Commissioner is a lady named Khun Chandra. Her work this year will concentrate on lay down the financial benchmark of companies in the industry. The objective is to strength the financial stability of the insurance providers and intermediaries. We’ll definitely see more merger and acquisition among local insurance company in the near future.
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