OIC “Be Aware, Adjust, Accept Risks in the New World We Must Face” focuses on developing practical recommendations, promoting cooperation between government agencies, private sectors, and stakeholders to develop effective and sustainable risk management measures.

Mr. Chuchat Pramulpol, Secretary-General of the Office of Insurance Commission (OIC Secretary-General), presided over the opening of the seminar under the topic “Be Aware, Adjust, Accept Risks from Climate Change in the New World We Must Face” (Adapting to Climate Change: New World - New Risk - New Practice). The objective is to create awareness and expand knowledge about disaster risk management caused by climate change, focusing on developing practical recommendations, promoting cooperation between government agencies, private sectors, and stakeholders in developing effective and sustainable risk management measures, as well as serving as a forum for exchanging opinions, experiences, and appropriate practices from experts in climate change and the insurance industry to prepare for the future. The OIC was honored to have Dr. Somkiat Tangkitvanich, President of the Thailand Development Research Institute (TDRI), as a lecturer.

And further develop knowledge about managing risks from climate change in the topic of “Awareness, Adjustment, Accepting Climate Risks in the New World” (Adapting to Climate Change: New World - New Risk - New Practice) and open new perspectives on global warming (Global Warming) with 3 major changes in the world: rapid changes in technology that affect the way of life of people in the world, changes in geopolitics, which is the change in new leadership in the United States, and climate change. Of these 3 changes, there are 4 urgent matters that should be urgently implemented: creating new jobs to replace outdoor work, improving cities to reduce risks, developing disaster management systems that reduce risks, and preparing funds for adaptation.

In addition, the Secretary-General of the OIC stated that the topic of today's discussion, the OIC has defined 3 Messages: “Awareness” in the context of insurance means having an understanding and awareness of risks and opportunities that may occur in the future, which can be predicted and planned in advance in order to manage risks that may occur appropriately. And it will help the insurance sector make decisions carefully, have confidence, and have transparency in operations. In addition, it also means having responsibility towards society and the environment. Insurance companies should operate in a way that is friendly to the environment in order to create confidence and trust from customers and society as a whole.

“Adjust” Insurance companies should thoroughly analyze data and situations to be able to adapt and respond to changes, such as adjusting the insurance model, which may include developing new insurance products that meet the needs of today’s customers. Insurance companies use modern technology and data to assess risks to make decisions accurately and quickly.

The use of artificial intelligence (AI) and big data analytics will help make insurance underwriting more efficient. In addition, changing the service method is important. A variety of service channels should be developed to make it easy and convenient for customers to access the service. All of these changes will help insurance companies effectively and sustainably respond to customer needs and the changing environment.

Lastly, “taking the risk” means that insurance companies accept the risks that customers face and provide coverage according to the terms of the policy. Taking the risk is a process that requires carefulness and detailed analysis. Insurance companies must assess the risks that may arise from various events in order to be able to set appropriate premiums and provide comprehensive coverage. In addition, taking the risk means being ready to deal with unexpected events. Insurance companies must be ready in both financial and operational aspects in order to be able to pay claims quickly and efficiently to build customer confidence.

“The OIC recognizes the importance of promoting and supporting awareness of the impact of severe climate change, including to further develop knowledge. In preparation for the risks under the context of the disaster situation that may occur in the present era, the insurance industry plays an important role in reducing risks and mitigating the impacts that may occur. Therefore, a seminar was organized in collaboration with the insurance industry and partner networks to open a forum for exchanging ideas, learning lessons, and sharing experiences on the topic of “Adapting to Climate Change: New World - New Risk - New Practice”, with Ms. Wasumdee Wasinon, Deputy Secretary-General for the supervision of intermediaries and regional insurance, Office of the Insurance Commission, Dr. Charika Chananantapipat, an expert in business operations and sustainable development from the Thailand Development Research Institute (TDRI), Mr. Olar Wongsurapichet, Chief Executive Officer, Thai Reinsurance Public Company Limited.

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