Thailand Office of Insurance Commission convenes insurance industry forum on adapting underwriting and disaster risk management to climate change

The Thailand Office of Insurance Commission hosted a dialogue with insurance industry partners on “Adapting to Climate Change: New World – New Risk – New Practice”, aimed at building practical capability for managing climate-driven disaster risks and strengthening coordination between the public sector, private sector and other stakeholders. The session featured a keynote from the President of the Thailand Development Research Institute, who framed climate change alongside rapid technological change and shifting geopolitics, and highlighted priorities including adapting employment away from outdoor work, improving cities to reduce risk, strengthening disaster management systems and mobilising adaptation finance. The Office of Insurance Commission’s Secretary-General set out three themes for insurers: “Awake” (forward-looking risk awareness and responsible operations), “Adapt” (changes to underwriting and product design, including the use of artificial intelligence and big data and expanded service channels), and “Accept risk” (disciplined risk assessment, appropriate pricing and coverage, and operational and financial readiness to pay claims). A panel including the Office of Insurance Commission, Thailand Development Research Institute and executives from Thai Reinsurance and Krungthai-AXA Life discussed approaches to future risk-management measures, building on earlier flood-awareness work and the Office of Insurance Commission’s Insurance Disaster Center activities.