Tokio Marine to merge with Safety in Thailand

June 6 2019 by InsuranceAsia News Staff

Tokio Marine Insurance in Thailand is merging with Safety Insurance to become Tokio Marine Safety Insurance (Thailand).

The process is expected to complete in early 2020 and is subject to approval by the Office of Insurance Commission (OIC).

The Japanese giant paid US$390 million for IAG’s 98.6% interest in Safety Insurance in Thailand last summer.

Tokio Marine Safety Insurance (Thailand) aims to be one of Thailand’s leading insurers with a gross written premium target of Bt21.7 billion (US$670 million) and a net profit of Bt1.1 billion within three years; it aims to grow both top line and bottom line by 4% to 5% every year.

Suteechai Santivarakum, chief executive of Safety Insurance, said: “We have already submitted [the] OIC application about integration process and expected that the legal process will be completed by early 2020.”

Tokio Marine is a leader in marine while Safety is a leader in motor, with a nationwide claims service network.

Hironori Kiryu, president of Tokio Marine Insurance (Thailand), said: “As one team, there will be a lot of great benefits and opportunities to Thai society, customers, business partners and our employees from both companies.”

Tokio Marine also owns insurtech player Drivedee in Thailand — for more on Thailand’s digital motor insurance market see here.