MICROCAPITAL BRIEF: Thai Office of Insurance Commission Promotes Microinsurance, Introduces $6 Life Product

The Office of Insurance Commission (OIC), a government agency that regulates and supervises the insurance industry of Thailand, has started a drive to promote microinsurance in the country and announced that it will launch a life insurance policy aimed at poor people [1]. The annual premium for the policy will be THB 200 (USD 6.2), and it will provide coverage of up to THB 100,000 (USD 3,090). Stores such as 7-Eleven, a convenience store subsidiary of Japan-based retail group Seven and I Holdings, will be selling the insurance. As reported by MicroCapital in 2013, 7-Eleven was granted a license to sell microinsurance products in the country and has offered life microinsurance policies with annual premiums ranging from THB 490 (USD 15) to THB 1,000 (USD 31).

By Nisha Koul, Research Associate

Sources and Additional Resources:

[1] National News Bureau of Thailand, “OIC launches campaign to boost popularity of micro insurance,” http://thainews.prd.go.th/centerweb/newsen/NewsDetail?NT01_NewsID=WNECO5704280010008

MicroCapital Story, April 16, 2013, “Employers in Thailand Required to Purchase Health Insurance for Migrant Workers,” https://www.microcapital.org/microcapital-brief-employers-in-thailand-required-to-purchase-health-insurance-for-migrant-workers/

MicroCapital Story, February 22, 2013, “7-Eleven to Sell Microinsurance in Thailand,” https://www.microcapital.org/microcapital-brief-7-eleven-to-sell-microinsurance-in-thailand/

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