Nicolas de Nazelle, AXA's chief executive of Southeast Asia and Korea
Thailand needs to address the protection gap in the insurance industry to drive growth in the sector, which is critical for the country's economic development and the well-being of its people, says France-based insurer AXA.Nicolas de Nazelle, chief executive of Southeast Asia and Korea, said Asean is very developed and advanced when it comes to life insurance, and AXA has products that are able to address the needs of different segments of the population.
General insurance, however, is probably an area where Southeast Asia lags behind and probably has a wider protection gap compared to the other markets where AXA has a presence and is operating in, Mr de Nazelle said in a recent interview with the Bangkok Post.
In Asean, AXA has a presence in Thailand, the Philippines and Indonesia. In Thailand, the French insurer operates through two distinct entities, with its equal joint venture with Krungthai Bank (KTB) responsible for health and life insurance. AXA Insurance Thailand operates general insurance businesses, including motor and property insurance.
"Life and health insurance remains very significant in the Southeast Asian region, including Thailand obviously, because the market is relevant and the population is also educated to understand our products. I believe we can continue to do more in this segment," said Mr de Nazelle, who is also acting chief executive of Krungthai-AXA Life Insurance.
