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ผู้เขียน หัวข้อ: Risk charge method under fire  (อ่าน 666 ครั้ง)

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saku98

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Risk charge method under fire
« เมื่อ: 29 สิงหาคม 2020, 10:31:39 AM »
Insurance companies are requesting that the Office of the Insurance Commission (OIC) review the risk charge calculation version 2 that was implemented last year, citing its negative impact on the industry's capital adequacy ratio (CAR).

According to the OIC website, the industry average CAR at the end of the third quarter of 2019 was 387% of total risk charged for life insurance companies and 347% for non-life companies. Those ratios have dropped since the risk-based capital version 2 (RBC2) was implemented in the fourth quarter of 2019.

The average CAR for life insurance firms declined to 362% at the end of 2019 and 295% in the first quarter this year. The average CAR for non-life insurance companies dropped to 285% at the end of 2019 and picked up slightly in the first quarter of this year to 304%.

Industry capital is still robust and exceeds the minimum CAR level of 100% and the supervisory CAR level of 120%.

An industry source who requested anonymity said the Thai rule is stricter than in other countries.

Pichet Jiaramaneetaweesin, president of the Society of Actuaries of Thailand, said insurance firms are facing declining interest rates and government bond returns, a key factor in calculating asset and debt obligations.

The 10-year Thai government bond's yield hit a low of 0.97% in March and had risen to 1.45% as of Thursday.

Mr Pichet said the lower interest rate could make the present value of debt higher, and the impact on CAR in the following quarter could be even higher if the eight-period time frame moves to the low-interest rate.

He said fast growth of new business (new insurance sales) also requires capital reserves.

Anon Vangvasu, president of the Thai General Insurance Commission, said the impact to non-life insurance in the first half of the year was not as significant as it was for car insurance, which makes up 60% of total non-life insurance premiums.

Covid-19 premiums were worth 4 billion baht in the first half of 2020, while crop insurance was worth 1 billion baht.

"Not all insurers are selling Covid-19 insurance, and some medium and small insurance firms could be suffering from economic sentiment and lower investment returns," Mr Anon said.

Mr Pichet said the economic impact on the insurance business typically lags by about two quarters.

Chayanin Kerdpholngarm, assistant secretary-general of the OIC, said the level of CAR will remain unchanged.

"The RBC2 was implemented only six months ago and some guidelines are based on judgement, but we have some real data to run the model," she said.

Suthiphon Thaveechaiyagarn, secretary-general of the OIC, said the commission's board was to meet yesterday and the risk charge calculation was to be discussed. Super bull

 


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