Belgium-based insurer Ageas is, reportedly, planning to invest in the non-life insurance business in Asia, in a bid to expand its business presence.
The company currently operates in five countries of Asia, including Thailand, Malaysia, China, Hong Kong and India.
According to Ageas chief commercial officer for Asia Frank van Kempen, the company’s non-life operations in the continent accounts only 10% of its business, while it is around 40% in Europe.
In Thailand, Ageas owns a 30% interest in Muang Thai Holding that invests in Muang Thai Life Assurance (MTL) and Muang Thai Insurance (MTI), reports The Nation.
Van Kempen has listed out some countries in the Asian region, which have scope for both life and non-life insurance business. The countries include Philippines, South Korea and Taiwan.
Kempen was quoted by the news publication as saying: "Many [companies] have sent policies by e-mail. This proves that people can access insurance products from the digital trend. But where we have to move together with the trend is we have to reinforce the existing distribution channels, either bancassurance or agencies, to [increase the] confidence of customers."