, Thailand
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Bangkok Insurance maintains a stable outlook through 2026

It is also expected to maintain a combined ratio of 85% to 90%.

Bangkok Insurance’s capital adequacy is expected to remain redundant at the 99.95% confidence level through 2026, S&P Global Ratings said.

On top of that, the rating agency foresees the Thai insurer’s outlook as stable. 

Despite higher required capital due to recalibrated capital charges, the benefits of risk diversification are recognized in the analysis. 

The stable outlook reflects Bangkok Insurance's leading position in the Thai property/casualty insurance market and its prudent risk management.

Potential rating downgrades could occur if capitalisation weakens, catastrophe risks increase, or Thailand's industry and country risk assessment deteriorates.

An upgrade is unlikely within the next 24 months unless the insurer significantly strengthens its financial risk profile.

Bangkok Insurance is expected to maintain a combined ratio of 85% to 90% and achieve underwriting profit over the next two years. Despite substantial equity investments, the insurer's liquidity remains exceptional, with no constraints in meeting obligations.

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