Page 144 - รายงานประจำปี 2566
P. 144
Tokio Marine Safety Insurance (Thailand) Public Company Limited
Notes to the Financial Statements
Tokio Marine Safety Insurance (Thailand) Public Company Limited
For the year ended 31 December 2023
Notes to the Financial Statements
For the year ended 31 December 2023
(c) Reinsurance
The Company is to establish an effective and efficient integrated risk management system
and also to allocate the resources for the management of risks appropriately to fully comply
with the company business obligations which eventually will result in sufficiency of capital
and sound financial stability.
Therefore, the Company sets reinsurance risk management framework by considering the
capital of the Company and the minimum acceptable capital adequacy ratio to be maintained
by the Company under the Risk Based Capital regime in conjunction with the underwriting
risks - both Natural Catastrophe and Non-Natural Catastrophe risks undertaken by the
Company. Based on these factors, retention levels and reinsurance program are set and
underwriting policy is established.
Concentration of insurance risk
The concentration of written premium, insurance contract liabilities, gross and net of reinsurance
classified by types of insurance underwriting are as follows:
For the year ended
31 December 2023
Gross of Net of
reinsurance reinsurance
Thousand Thousand
Baht Baht
Written premium
Motor 14,236,150 14,133,734
Personal accident 1,364,723 1,341,877
Fire and industrial all risk 2,880,992 166,937
Others 2,616,278 1,244,128
Total 21,098,143 16,886,676
Long-term insurance liabilities 3,503,651 3,503,651
Loss reserves and outstanding claims
Motor 3,319,746 3,285,318
Personal accident 33,829 33,062
Fire and industrial all risk 1,175,479 62,118
Others 941,305 256,613
Total 5,470,359 3,637,111
Unearned premium reserves
Motor 7,575,301 7,547,553
Personal accident 111,243 109,848
Fire and industrial all risk 1,106,009 151,884
Others 841,479 352,483
Total 9,634,032 8,161,768
144 | รายงานประจำาปี 2566 | ANNUAL REPORT 2023 27
