The damage from this incident alone may lead to insurance claims surpassing THB1bn (around $29m), as reported by The Nation . The collapsed structure was the Thai Auditor General’s Office building, which was about 30% complete at the time of the disaster and had a total construction budget of THB2.1bn. The project was covered under a Construction All Risks insurance policy valued at THB2.24bn, jointly underwritten by four insurers: Dhipaya Insurance (40%), Bangkok Insurance (25%), Southeast Insurance (25%), and Viriyah Insurance (10%), reported a Vietnamese newspaper. In Thailand, several insurance companies are reportedly handling claims for a range of affected properties, including high-rise buildings, office towers, condominiums, hospitals, and vehicles in Bangkok and other major cities hit by the tremors. Insurers have stated that a clearer understanding of the total damage is expected to emerge in the coming week. To read the article by The Nation , please click here.

Myanmar's devastating earthquake death toll has crossed 1,640 as more bodies are recovered from rubble. The country and the neighbouring Thailand were rocked by a powerful tremblor and its aftershocks on 28 March 2025 around mid-day. According to the United States Geological Survey (USGS) one of the aftershocks of the powerful 7.7 magnitude earthquake measured a strong 6.4 magnitude. The quake caused roads to buckle, buildings to crumble and led to massive destruction of infrastructure and civic amenities. Its impact was felt in China, India and neighbouring Thailand. The Thai capital Bangkok suffered extensive damages. In Thailand, the death toll has touched 17 even as 83 are still reported missing. Due to the tremors, some metro and light rail services were suspended in Bangkok. Jolts of the earthquake were also felt in Vietnam. Tremors were also registered in China's southwest Yunnan province, with Beijing's quake agency reporting the jolt as a 7.9 magnitude earthquake. According to USGS earthquakes are relatively common in Myanmar, where between 1930 and 1956, six strong quakes of 7.0 and higher magnitude struck near the Sagaing fault, which runs north to south through the centre of the country and stretches for more than 1200km. Howden Re head of Asia Pacific Andy Souter told Asia Insurance Review , the Sagaing fault in Myanmar is one of the region's most active fault systems. This fault line has historically experienced significant earthquakes, with other notable M7.3+ events in 1931 and 1946 and six M7+ events since 1930. He said research studies have identified a seismic gap along the Sagaing fault, indicating the potential for a ca. M7.9 earthquake near today's rupture area. The earthquake epicentre was located in Myanmar. The country has very low insurance penetration. Large portions of the population in this region reside in structures vulnerable to earthquake shaking, with relatively few quake-resistant structures. Mr Souter said, “This is a significant human tragedy. Unfortunately, there will be a notable protection gap highlighting the continuing need to bring more insurance capital into emerging markets. In comparison to primary perils such as typhoons and floods, earthquake risk in Thailand is considered comparatively low, although earthquake models for the region indicate that they are not unlikely. “In areas like Bangkok with highly concentrated, high-value properties, it does not take long for losses to accumulate. Typically, the rating for earthquake in Thailand is included within the overall rate for property with deductibles relatively low and similar to those for the main fire peril. Despite low seismic activity in Thailand and other countries in the region like Singapore, their vulnerability to earthquake risks from large, distant events should not be underestimated.” Howden Re head of international catastrophe model research Dr Myrto Papaspiliou said, “Of Thailand's 76 provinces, only 10, primarily in the northwest, are classified as earthquake risk zones." Dr Papaspiliou said, “However, Bangkok's deep, soft alluvial soil amplifies shaking, making larger earthquakes from southern China and Myanmar felt in the city and potentially damaging. This was evident during the 2014 Chiang Rai earthquake and, most notably, the 2004 Sumatra earthquake, although the tsunami was a key driver in the latter case.” Source: asiainsurancereview.com

Australian insurers have called for urgent and coordinated action to help address the systemic cost drivers behind rising motor premiums. The 26-page "The Motor Insurance Policy Paper – A Roadmap for Reducing Rising Premiums" report released by the Insurance Council of Australia (ICA) in March 2025 shows that comprehensive motor insurance premiums are up 42% since 2019 (reaching an average of A$1,052 ($663) per year in 2024) as the input costs have soared. The report says the rising expenses across the sector include claims cost, repair cost, vehicle replacement costs, rental car costs and rising fraud and claims expenses. The report says credit hire companies provide replacement vehicles to not-at-fault drivers, then recover costs from the at-fault driver’s insurer – often at higher rates than typical rentals. Claims involving these providers have quadrupled since 2019 and are, on average, three times more expensive than standard claims, driving up costs and premiums for everyone. Data from the Australian Prudential Regulation Authority indicate that underwriting profits for motor insurance lines are declining. Insurers’ motor insurance costs as a proportion of premiums collected increased from 89% in June 2019 to 94% in June 2024, showing a decline in the profitability of this product as premiums have risen. To tackle the root causes of rising claims costs and deliver relief to consumers, the insurance industry advocates for coordinated action by state, territory, and federal governments. The major reforms advocated include addressing labour shortages, strengthening motor industry supply chains and regulating accident towing and storage fees. The ICA report suggests introducing and enforcing caps on excessive towing and storage charges across all jurisdictions. The ICA has also called for strengthening industry and law enforcement collaboration to detect and prosecute fraudulent insurance claims. The Council has said that there should be stricter oversight of credit hire companies, such as through a mandatory code of conduct, to establish enforceable standards around disclosure and claims practices. It said that without reform, these upward pressures on claims costs will continue, putting affordable and sustainable motor insurance at risk for Australian policyholders. ICA CEO Andrew Hall said, “A 42% increase in premiums over five years reflects the costs that insurers are managing; but is unsustainable for Australian motorists. “Insurers are doing their bit to reduce costs – such as streamlining operations, negotiating better repair arrangements, and investing in the repair workforce – but the reality is many cost drivers are outside the industry’s control. We need governments to step up with targeted reforms.” He said, “The Insurance Council’s roadmap lays out practical steps that, if implemented, will remove inefficiencies and unfair costs in the system. We look forward to continuing our engagement with federal, state and territory leaders and encourage them to work with us on these solutions.” Source: asiainsurancereview.com

Lower insurance costs and affordability has made Thailand one of the world's top travel destination. Thailand's popularity continues to soar after being featured recently in the HBO series The White Lotus. Recent travel insurance comparison data from travel insurance marketplace Squaremouth shows that Thailand has climbed into the 15 most popular global destinations for 2025, with a 12% increase in popularity since 2024. The Squaremouth data also revealed that trips to Thailand are not only more affordable and longer than those to other countries, but also highlights how travel insurance can provide essential protection and peace of mind. Travelers visiting Thailand spend an average of 25 days in the country, with average spends of $3,275, which is 41% lower than the international average of $5,617. Travelers also benefit from insurance premiums that are 45% below the global average of $219, allowing them to enjoy extended stays and peace of mind without the hefty price tag. The increase in trip length further contributes to the growing demand for Thailand travel insurance plans that cover everything from medical emergencies to trip cancellations, ensuring visitors are protected throughout their extended stays. Source: asiainsurancereview.com

Mr Hiroaki Shirota, chairman of the General Insurance Association of Japan (GIAJ), has released the following statement: Introductory remarks We extend our deepest condolences to those who lost loved ones due to the heavy snowfall in the Tohoku region and along the Sea of Japan coast, the road cave-in accident caused by a broken basin sewer pipe in Yashio City, Saitama Prefecture, and the serious fire in Ofunato City, Iwate Prefecture. We, the general insurance industry, will continue to make every effort to ensure prompt and appropriate claim payments. Additionally, we will take special measures to allow a moratorium on the renewal of insurance contracts and premium payment due dates, so that those affected by the disaster can return to their normal, peaceful lives as soon as possible. We would like to express our sincerest apologies once again for the inconvenience and concern caused to our customers and other concerned parties by the series of inappropriate incidents that began in 2023. To prevent any recurrence of such incidents, the GIAJ has been taking various measures to support member companies in their efforts. Regarding the information leakage incident, we held an information management compliance seminar for our member companies on February 6. The seminar featured a lecture by Kazuhiro Yasuda, an attorney at HORI & PARTNERS (a law firm), on “Information Management Issues at Multi-representative Agencies”. Prioritising the restoration of trust from customers and society, we will continue to make all-out efforts to ensure “compliance with laws and regulations” and “customer-oriented business operations.” Additionally, we aim to develop a sound competitive environment while establishing an appropriate underwriting management system. Specific initiatives Our initiatives to restore trust Late last year, the Financial System Council released a report by the “Working Group on Regulatory Systems Especially for Non-Life Insurance Businesses.” Based on the discussions of the Working Group and the contents of the report, the GIAJ is studying the issues that need to be addressed. Realising a healthy competitive environment Study on new co-insurance underwriting methods We developed a manual for the “Differential Method”, where co-insurance is underwritten without unifying the premium rates of each insurance company, and disseminated it to our member companies on March 12.   The manual includes the definition of the method, standard underwriting processes, administrative procedures and corresponding claim service procedures. As part of the process towards its realisation, the “Arranger Method”, which has been prepared with reference to syndicated loans, is also being discussed for further consideration by the relevant authorities.   To realise a sound competitive environment, it is important that each member company understands the purpose of the two sets of guidelines designed for them: “Guidelines for Business Related Equities” and “Guidelines for Secondment of Employees”, which were newly established during the current fiscal year and voluntarily upgraded.   To continue raising the level of efforts within the industry as a whole, the GIAJ will follow up and revise the guidelines as appropriate.   Improving the business quality of insurance agents and solicitors Study on introducing agency business quality evaluation criteria and operating systems At the 6th meeting held on March 3, we discussed a draft of “Evaluation Guidelines for Agency Business Quality (for general insurance agents)”, based on the results of public consultation.   These guidelines will serve as the foundation for the operation of the third-party evaluation system. The results were confirmed and approved by the Board of Directors and will be released. We will establish an “Agency Business Quality Council” by June and begin trial operations based on the guidelines.   To enhance the system’s effectiveness, we will continue to make improvements based on the issues and findings gained from the trial.   Study on enhancing and upgrading the education and examination system for agents and solicitors Starting this July, we will review the question format of the General Examination for General Insurance Solicitors (Basic Unit) to make the assessment of candidates’ basic knowledge more rigorous.   Additionally, we will continue to explore the implementation of a continuing education system and the creation of qualifications for persons responsible for compliance with laws and regulations, etc. The report by the “Working Group on Regulatory Systems Especially for Non-life Insurance Businesses” of the Financial System Council highlights the trend of “narrowing down insurance products in accordance with customer intentions” to ensure appropriate comparative recommendation sales at multi-representative agencies.   This indicates a need for system improvements in insurance solicitation practices, especially in light of future revisions of supervisory guidelines. It is crucial for insurance companies to establish solicitation systems that “can propose the best insurance products for customers” through careful dialogue with agents.   Additionally, companies should adopt practices that “carefully confirm customer intentions and recommend products considering the best interests of customers, even when their intentions are not clear”.   We will closely monitor the trend of future revisions of laws and regulations and consider how to respond to them in alignment with the purpose of these revisions.   Promoting understanding of corporate insurance To support the advancement of risk management for corporate customers, the GIAJ held a risk management seminar for companies, which was attended by approximately 200 people.   The seminar included a lecture by the Ministry of Economy, Trade and Industry, and featured a panel discussion by three practitioners involved in risk management at various companies. Each practitioner shared specific examples of their approaches and discussed their effectiveness.   Strengthening countermeasures against fraudulent claims Creation of training videos for automobile insurance adjusters on countermeasures against fraudulent claims To enhance damage diagnosis and ensure appropriate work knowledge with the aim of preventing fraudulent insurance claims, the Jiken Center (JKC: Research and Training Center for Automobile Repairs) was commissioned to create training videos for adjusters. The JKC began releasing these videos in February.   Dissemination of information on automobile repair for customers In addition to the efforts described above, we also produced an animated video that explains the key points to check from the time of an accident to the delivery of the repaired vehicle.   This initiative aims to further reduce the risk of issues related to automobile repairs by increasing automobile users' interest in the repair process.   Launch of a dedicated website on efforts to restore trust The GIAJ launched a dedicated website on “Efforts to Restore the Trust of Customers and Society.”   The website aims to accurately and clearly inform customers and society about the industry’s efforts to restore confidence and to ensure that member companies are properly aware of the status of industry-wide initiatives.   Initiatives related to the 10th Medium-Term Master Plan Strengthening natural disaster response capabilities Promoting understanding and dissemination of earthquake insurance On the occasion of the 30th anniversary of the Great Hanshin-Awaji Earthquake (Kobe Earthquake), a project titled “Let’s learn together with parents and children about earthquake preparedness” was held on January 13, 2025.   The project aimed to pass on the memories and experiences of the disaster to future generations and emphasize the importance of being prepared in advance.   In addition to hands-on contents such as a VR simulator that reproduced an earthquake and disaster prevention workshops, the event also featured a talk session and attracted approximately 3,000 visitors.   Introduction of a web-based damage status reporting system (self-reporting) To ensure prompt and appropriate claim payments in the event of a super large-scale earthquake such as a Nankai Trough Earthquake or a Tokyo Inland Earthquake, we have developed a web-based damage status reporting system (self-reporting). Previously, reporting was conducted via paper and mail. The development has now been completed.   Improved convenience through digitalisation Launch of “One-JIBAI (CALI)”, an industry-wide system for Compulsory Automobile Liability Insurance (CALI) After four years of development, we launched “One-JIBAI (CALI)”, an industry wide joint system for compulsory automobile liability insurance (CALI).   One-JIBAI (CALI) will greatly improve customer convenience by enabling non-face-to-face CALI insurance procedures, cashless premium payments, and delivery of CALI certificates in PDF format.   Enhancing general insurance literacy Survey on risk awareness and countermeasures for SMEs, and the renewal of a dedicated website for businesses The annual survey on risk awareness and countermeasures among SMEs, which has been conducted every year since 2021, was carried out last year, and the results were published on a dedicated website this year.   The special site for businesses and the special site for cyber insurance have been integrated and renewed, and the new dedicated site named “Insurance Navigation for Businesses” has been launched.   Strengthening cooperation with the life insurance industry Based on the “Comprehensive Collaborative Agreement on Insurance Education” signed by the Life Insurance Association of Japan, the Japan Institute of Life Insurance, and the GIAJ, the life and general insurance industries jointly created card game teaching materials for high school students.   These materials allow students to learn about risk and insurance through hands-on group activities.   Publication of General Insurance Journal Vol. 5 In February of this year, we published “General Insurance Journal Vol. 5”, a general insurance education magazine, and distributed it to high school teachers.   This issue contains a wealth of useful information, including interviews with experts on financial and economic education, and examples of teachers’ ideas for conducting classes effectively.   Other initiatives Third party committee on the calculation of CALI expenses At the 150th meeting of the Automobile Liability Insurance Council, the results of a review of the figures used as the basis for calculating CALI expenses, the procedures for future revisions and the future schedule were reported and approved.   The new expense calculation standards will be applied by respective insurance companies from the end of fiscal 2024.   CALI premium investment income contribution In FY2025, a total of JPY1.8tn 1,774,660 ($11.8m) was allocated to support 48 projects, including 12 new initiatives, such as the donation of life-saving emergency medical equipment and supplies.   Applications for FY2026 subsidies are scheduled to be announced around April this year.   Establishment of guidelines for communication and negotiation on unit labour costs for automobile repairs In order to develop a necessary framework for the direct payment of insurance claims and compensation to repair shops, the GIAJ has established guidelines for communication and negotiation concerning the unit price of labour for automobile repairs.   The guidelines were disseminated to its member companies in February   Support of and cooperation with emerging markets The GIAJ and the General Insurance Institute of Japan jointly hosted the ISJ Overseas Seminar in Manila, Philippines.   The seminar attracted 107 participants, including representatives from general insurance companies and insurance regulatory authorities based in the Philippines. This year’s programme was themed “Challenges for the General Insurance Industry in an Era of Uncertainty”.   Financial Services Agency director of the strategy development division Satoshi Ikeda delivered a lecture on “Own Risk and Solvency Assessment”.   Concluding remarks Earlier in March, the Cabinet approved a bill to partially amend the Insurance Business Act. It is expected that the Diet will deliberate on the bill and subsequently revise laws and regulations based on the results. We in the general insurance industry, with a firm commitment to reform, need to review our rules and practices in a more substantive manner, grounded in a deep understanding of the purpose behind these amendments. The GIAJ will also continue to steadily revise and follow up on its guidelines. The path to regaining trust is still ongoing, and there are many industry issues that need to be addressed. Although my term as chairman will last only three more months, I will work diligently and steadily with member companies to address each of these issues one by one until the end of my term. Source: asiainsurancereview.com

The Finance & Risk Frontier Events Team , along with the Philippine Insurers and Reinsurers Association , cordially invites you to attend the Finance & Risk Frontier Summit scheduled for 14-15 May 2025 at the Carlton Hotel Bangkok Sukhumvit, Thailand . PIRA members are entitle to a 10% discount upon registration. To register, kindly fill in the form . For further details, contact Nurul at: +60327750000 ext.632 | nurul@trueventus.com

PIRA supports the InsureTech Connect Asia (ITC Asia) , the leading insurance ecosystem conference in Asia Pacific, bringing together senior executives from insurers, investors, startups, and affinity partners to drive improved outcomes and efficiencies. Spanning countries like Singapore, Malaysia, Thailand, Indonesia, and beyond, ITC Asia is more than an annual conference; it's a platform for impactful networking and engaging discussions. The 2025 event, held in Singapore, will mark our fourth flagship gathering, exploring the transformative role of technology and the future of insurance. As insurers increasingly adopt digital solutions and innovative distribution channels, ITC Asia provides a bridge to strengthen partnerships, secure investments, and shape the industry’s future. Join us to dive into cutting-edge innovations and build collaborations that will redefine the insurance landscape. The event is scheduled for 3-5 June 2025 at the Sands Expo & Convention Centre, Singapore. Members of PIRA are entitled to a special discount of $200 on registration . For more information, kindly visit www.asia.insuretechconnect.com

By Herminia S. Jacinto TODAY's column is intended to honor the men and women who act as intermediaries to clients and customers in various activities like travel and insurance. But before I do that, let me tell you a short story. I have been tasked by my sister who will be visiting from the United States to organize a trip to any of the famous beach resorts in the country. I chose Boracay, which has been my favorite for a long time already. I made sure that I got the choice rooms in the popular Seawind Resort in Station 1 which is less noisy than the other stations in the White Beach. I then proceeded to reserve our plane tickets. I was able to book online tickets for myself but could not complete the bookings for the passengers coming from the US. I decided to go to the Philippine Airlines (PAL) office in West Gate, Alabang, to make the bookings. The customer service representative was very helpful and quite pleasant in assisting me and in no time at all, I had the plane tickets with me. Source: manilatimes.net

PIRA supports the 20th Asia Conference on Healthcare and Health Insurance with the theme “The Healthcare AI Revolution: The New Diagnostics for Smarter Insurance” taking place on 19-20 May 2025, PARKROYAL COLLECTION Marina Bay, Singapore. This event is o rganized by the Asia Insurance Review, and we cordially invite you to attend this unique event. PIRA member companies will receive a special registration rate. Kindly download the e-Brochure General Inquiries: Registration: weeling@asiainsurancereview.com Website:   https://www.asiainsurancereview.com/Events/Home/Asia/healthcare2025

Board directors in Australia could have their tenure limited to 10 years under a proposal being considered by the Australian Prudential Regulation Authority (APRA). This move by APRA is among several other proposals that aim to strengthen finance, insurance and pension sector governance. APRA chair John Lonsdale said, “We have got 150 directors in this country with a tenure greater than 12 years and 30 directors with a tenure greater than 20 years. We think that’s too long.” The regulator is also proposing that companies identify and document the skills and capabilities needed for both the board and each individual director. They should also evaluate boards’ and directors’ existing skills and take active steps to tackle skills gaps through professional development, succession planning and appointments. Mr Lonsdale said, “We are not proposing that APRA’s role will be to tell boards what skills and experiences they need to govern their entity. What we want is assurance that they have properly considered what skills and experience the board needs. Where gaps are identified, we want to see evidence that active steps are being taken to fill them.” Additionally, APRA is considering a requirement that at least two independent directors, including the chair, not be members of any other board within an entity’s group. APRA said around 80% of the 1,500 entities that it regulates, have governance issues at the core. A recent review found that almost 50% of boards of mutual banks had only one or no directors with contemporary industry experience. Source: asiainsurancereview.com