The New Masters of Risk? How insurers are testing out their capabilities in finance
Profiles
AIG remains the undisputed leader
New Hampshire Insurance Company was voted the overall best insurer in Thailand in Euromoney’s survey. It was also voted best for claims resolution, innovation, price and product range. It is a subsidiary of AIG.
“The political and economic environment in Thailand is not stable,” says Steven Barnett, managing director and CEO of the New Hampshire Insurance Company in Thailand. This is one of the main challenges to his business, he says. The unstable environment deters potential investors, who are all potential customers.
Like many other countries, Thailand is experiencing a soft insurance market. This means that premiums are falling. New Hampshire is committed to meeting these challenges. Ranked by premium income, it is the fifth-largest general insurance company in Thailand and the number one foreign insurance company.
Barnett says that it plans to launch many speciality products, which are created to meet the needs of companies operating in various business sectors. These include: export product liability, trade credit, directors and officers’ liability and professional indemnity for financial institutions. The company recently launched a new international schools package product called InterEd Smart Risks Solution. It also plans to provide material damage, liability and marine cargo protection for infrastructure development projects.
New Hampshire is planning to use new distribution methods, which will also simplify the transaction process, including web-based channels.
The company plans to expand in Thailand – by opening new offices – if it is permitted by local regulations.
Barnett has a clear plan for New Hampshire over the medium term. “We will double our premium and more than double our profit in the next five years,” he says. “We will continue to be cost-effective and use efficient processes and automated platforms. This makes distribution easier and also makes the process easier for the customer.”
AIG established general insurance operations in Thailand in 1941, trading as Hannover Insurance Company. New Hampshire was acquired by AIG in the US in the 1950s. It then consolidated the Bangkok-based general insurance operations as New Hampshire Insurance Co on September 19 1979.
