APA, Bangkok Insurance agree on business cooperation, development

VIENTIANE (Vientiane Times/ANN) - Phongsavanh Insurance (APA) Co., Ltd. of Laos has signed a business cooperation and development agreement with a major Thai insurance operator, Bangkok Insurance Public Company Limited, and its branch office in Laos.

The agreement was signed by the APA CEO, Mr Gerry Callaghan, and Bangkok Insurance CEO, Mr Panus Thiravanitkul, in Vientiane on Wednesday.

Officials from the Ministry of Finance, banks, Honorary President of the Phongsavanh Group (PSVG), Prof. Dr Od Phongsavanh, representative of Major Shareholder of Phongsavanh Group and on behalf of Major Shareholder of APA, Mr Phaiboun Phongsavanh, representatives from Bangkok Insurance, PSVG, related state sectors and companies attended the ceremony.

Panus Thiravanitkul said “The agreement is for cooperation in business development, exchange in technical expertise, complementing and leveraging the two companies to enable us to lead and bring our business to the next level and deliver better insurance solutions to our customers.”

“We shall become strong partners, commit to work together and help each other to achieve our business goals and to make our collaboration fruitful and successful,” he added.

Gerry Callaghan said “The signing with Bangkok Insurance is to formalise our partnership agreement and we look forward to developing many more exciting opportunities for Laos and the region.”

“Bangkok Insurance is one of the largest insurers in Thailand with over 70 years of experience, financially strong with an A-rating, enabling us offer cover beyond our borders,” he added.

“Quality partnerships are important to APA in helping us deliver our vision of transforming insurance to create a better tomorrow for all.” The partnership makes perfect economic sense for an expanding region like Laos. “It provides the ability to offer cover beyond our borders and as a partnership of equals it develops within the trust the Phongsavanh Group has with the Lao people,” Gerry Callaghan said.

Phaiboun Phongsavanh said Lao economics and finance are continually growing. There is cooperation with business partners to connect with neighbouring countries in the AEC and the world. It is seen as necessary and a good option is for insurers in Laos to have a joint business agreement on internal insurance and cover society with a reinsurance company with experience that will enable insurance companies to have the potential to expand, increase stability, strengthen their financial position, mobilise capital, cooperate with each other, and arrange training and capacity building for staff.

APA benefits from cooperation with the reinsurance company, Bangkok Insurance. “I trust that will bring good business benefits to the two parties and will contribute to the social and economic development of the two countries. Neighbouring countries can contribute to the potential for enhanced security and the strengthening of financial capacity in the Asean region.

Panus Thiravanitkul said Laos and Thailand have many things in common. Both are emerging countries. Most people are still actively involved in agricultural activities. The countries need to build more and more infrastructure for the growth and wellbeing of the people.

Infrastructure includes mass transit systems, logistic hubs, modern transportation, clean energy plants and other clean investments. All of these require well organised plans, professionally executed, strong financial support and risk protection. “That is the key role of our field, insurance,” Panus Thiravanitkul said.

“We provide a wide range of property and casualty insurance to customers in Thailand and South East Asia through our regional associates in Hong Kong, Indonesia, Cambodia, the Philippines and of course Laos.”