ST-Muang Thai Insurance opens full business operations in Laos
ST-Muang Thai Insurance opens full business operations in Laos
ST-Muang Thai Insurance Co Ltd plans to become a leader in the life and non-life insurance industry and a regional company after setting up operations in Laos.
A grand opening ceremony was held in Vientiane last week, attended by Deputy Minister of Finance Mr Sila Viengkeo, President of the ST Group of Laos, Mr Sithat Xaysoulivong, CEO of ST-Muang Thai Insurance Co., Ltd., Mr Charnchai Promsuwarn, President and CEO, Muang Thai Life Assurance PCL, Mr Sara Lamsam, and Secretary-General, office of the Insurance Commission, Dr Suthiphon Thaveechaiyagarn.
ST-Muang Thai Insurance Co Ltd (ST-MTI) is a joint venture between the Muang Thai Group of Thailand and the ST Group of Laos.
The Muang Thai Group comprises Muang Thai Life Assurance PCL (MTL), Muang Thai Insurance PCL (MTI), and Muang Thai Holding Co Ltd.
The Muang Thai Group and ST Group recognised the importance of the Lao government's development policies, with insurance being an important sector to stimulate the economy for development and expansion and to provide a public service.
The two groups began studying the lifestyle of the Lao people and the country's economy in the middle of 2013. In September 2014 they signed a Memorandum of Understanding to set up the ST-Muang Thai Insurance Co Ltd.
On February 9 last year the company received investment approval from the Ministry of Planning and Investment and on April 20 the two groups signed a shareholders' agreement to create the ST-Muang Thai Insurance Co Ltd in Laos.
On July 14, the two groups were authorised to carry out a general insurance business by the Ministry of Finance with registered capital of 32 billion kip.
In August the company began offering services for traders, businesses and investors as well as government employees.
Services include life insurance, fire insurance, health insurance, motor insurance and construction insurance, as well as coverage for factories and hydropower plants with products linked to the ST Bank's network.
Mr Sila said the Lao economy was developing and growing and market conditions were favourable for integration within the region and internationally.
Insurance is a sector that can stimulate the economy for development and expansion as well as contribute to poverty reduction in line with government policy. It also contributes to financial stability and improves conditions for individuals, families and businesses, he explained.
Mr Sila hoped the company would provide a good service and facilitate the delivery of quality products fairly and quickly to the general public.
