(Bangkok, Thailand) On July 11, 2018, King Wai Group announced the launch of "King Wai Insurance" in Bangkok, Thailand, an insurance business focused on bringing innovation to the Thai market and creating a differentiated business identity. The event was joined by Vice Chairman of King Wai Group, Mr. Antonio Hang Tat Chan, Deputy Secretary General of the Office of Insurance Commission (OIC), Mr. Chuchatr Pramoolpol, Vice Chairman of King Wai Group, Mr. Hang Lee Chan, Chairman of ICBC Thailand, Mr. Li Zhigang, Vice President of Thai-Chinese Chamber of Commerce, Mr. Narongsak Putthapornmongkol, Vice President of Thai-Chinese Chamber of Commerce, Mr. Boonyong Yongchareonrat, and Honorary Chairman of ICC Thailand, Mr. Kasemsit Pathomsak. This significant milestone has also bought together numerous reputable business partners from Thailand and the international scene, making the launch a prominent and rewarding evening.
King Wai Insurance will operate a broad spectrum of general insurance business which includes Property, Fire, Engineering, Marine, Pleasurecraft, Motor, Personal lines and etc. The existing team will continue their excellent services and leverage on the strong foundation of King Wai Group to generate new business opportunities and expand our product offering, strengthen capital to support business expansion to differentiate from competitors, such ambition is align with the digitalization in the insurance sector promoted by the Thailand regulators.
The insurance industry has embarked on technological transformation. The company will seize the initiative by introducing a series of digital innovation to offer competitive product and services to clients. Strategic plans have been put in place to accelerate the growth emerged from this current trend, such as to introduce digital insurance to clients, diversify the product range and increase the distribution channel.
According to the Thai General Insurance Association (TGIA), the general insurance business in Thailand has grown by 4.10% in the first quarter of 2018. The overall year growth rate of 2018 is expected to be at 3.5-4.5%. The result is partly due to the government policy to encourage investment and launching large-scale infrastructure projects. The recent recovery of the global economy has also driven the rapid expansion of import and export in Thailand. King Wai Group (Thailand) will receive full support from the international financial business of King Wai Group, to create synergies with different business sectors across the Group.
Mr. Chan said, “Under the strategic direction set by our Chairman, Dr. King Wai Chan, King Wai Insurance will transform to a technology-driven insurer. Innovation and technology are the future and we have to be at the forefront of this trend while in compliance with regulatory guidance. “King Wai Insurance” will be known as the Insurtech leader in the sector, coping with the changing needs of clients with innovative digital solutions. I am certain that we will perform to exceed expectations, reaching new heights, and setting new benchmarks in the insurance industry.”
King Wai Insurance Public Company Limited is a wholly-owned subsidiary of King Wai Group, a leading business conglomerate based in Hong Kong (founded by Dr. King Wai Chan). King Wai Group acquired 98.24% of the shares in QBE Insurance (Thailand) Public Company Limited on May 16, 2018. Following the transaction completion, the company has changed its name to “King Wai Insurance Public Company Limited”.
In June 2016, King Wai Group expanded its business to Thailand and holds majority shares of King Wai Group (Thailand) Public Company Limited (KWG).
Celebrating the launch of “King Wai Insurance Public Co., Ltd.”.: (From right) Vice Chairman of King Wai Group , Mr. Antonio Hang Tat Chan, and Deputy Secretary General of the Office of Insurance Commission (OIC), Mr. Chuchatr Pramoolpol, to celebrate the launch of “King Wai Insurance Public Co., Ltd.” as King Wai Group expands its financial service to Thailand.