MSIG, Bank of China and China Pacific ink bancassurance deal in Thailand

It aims to leverage the $5.2b in new Chinese investments entering Thailand in 2024.

Mitsui Sumitomo Insurance Thailand Branch (MSITB), MSIG Insurance (Thailand) Public Company Limited (MSIG Thailand), Bank of China (Thai) Public Company Limited (BOC Thai), and China Pacific Insurance (CPIC) have signed a Memorandum of Understanding to establish a strategic bancassurance partnership in Thailand.

The agreement aims to enhance the distribution of insurance products through BOC Thai’s network, targeting both commercial and individual clients. 

The collaboration is positioned to support the expected $5.2b (THB170b) in new Chinese investments entering Thailand in 2024.
MSITB Senior Vice President Shingo Adachi stated that the partnership will deliver tailored risk protection to BOC Thai’s over 1,000 corporate clients. 

MSIG Thailand CEO Rattapol Gitisakchaiyakul noted the company’s focus on retail insurance, particularly travel coverage for students studying between Thailand and China.

BOC Thai Senior Executive Vice President Zheng Gang highlighted the collaboration’s long-term goal of integrating insurance with financial services to support cross-border activities, including travel, business, education, and retirement.

Yang Shi, Chief Representative of CPIC Southeast Asia, emphasised CPIC’s role as a reinsurer supporting Chinese enterprises abroad and affirmed the company’s commitment to providing reinsurance expertise for the alliance.

($1.00 = THB32.78)