Mitsui Sumitomo Insurance and MSIG Thailand Partner with Bank of China and China Pacific Insurance to Expand Bancassurance in Thailand.

Mitsui Sumitomo Insurance and MSIG Thailand Partner with Bank of China and China Pacific Insurance to Expand Bancassurance in Thailand.

Bangkok, May 6, 2025 — Mitsui Sumitomo Insurance Thailand Branch (MSITB) and MSIG Insurance (Thailand) Public Company Limited (MSIG Thailand) have signed a Memorandum of Understanding (MOU) with Bank of China (Thai) Public Company Limited (BOC Thai) and China Pacific Insurance (CPIC), solidifying a strategic bancassurance alliance in Thailand.

This multi-party collaboration is poised to enhance the distribution of comprehensive insurance products through BOC Thai’s channels, catering to both commercial enterprises and individual customers. The agreement reflects the shared vision of all parties to deliver accessible, efficient, and tailored protection solutions that align with the evolving financial and lifestyle needs of Thai and international customers.

Mr. Shingo Adachi, Senior Vice President of MSITB, emphasized the alignment with BOC Thai’s corporate client base:

“We are pleased to deliver tailored insurance solutions to BOC Thai, which currently serves over 1,000 corporate customers in Thailand. This partnership also supports the anticipated THB 170 billion influx of new Chinese investments into the country in 2024. Our joint efforts will provide strategic risk protection for these growing enterprises.”

Mr. Rattapol Gitisakchaiyakul, Chief Executive Officer of MSIG Thailand, highlighted the company’s readiness to serve the retail segment:

"MSIG Thailand is a leading provider of retail insurance, offering a diverse range of products such as motor, home, personal accident, and travel insurance tailored to meet the needs of BOC Thai’s individual customers. We provide comprehensive 24/7 assistance; covering motor and non-motor claims notification, MSIG Roadside Assistance, MSIG Home Assistance, and MSIG Assist for travel emergencies abroad. Our primary focus with BOC Thai is to expand the travel insurance sector, particularly for overseas students, both inbound and outbound. "At present, many Thai parents are sending their children to pursue education in China. At the same time, a growing number of Chinese families are choosing to send their children to study in Thailand, attracted by the country's wide selection of international schools at both the high school and university levels."

Mr. Zheng Gang, Senior Executive Vice President of BOC Thai, reflected on the long-term vision of the collaboration:

“This collaboration marks a significant milestone in our ongoing commitment to delivering value-added solutions for our customers. It reflects our dedication to providing protection-focused services that address the evolving needs of individuals and businesses across different life stages. In addition to insurance, BOC Thai is committed to supporting cross-border engagement between China and Thailand by offering financial protection in key areas such as travel, business, investment, education, and retirement. By combining insurance with complementary financial services, we aim to help customers manage risks and safeguard their financial well-being as they navigate opportunities across borders. We are confident that this partnership will continue to strengthen and deliver long-term strategic value.”

Mr. Yang Shi, Chief Representative of CPIC Southeast Asia Working Unit, underscored CPIC’s strategic focus on supporting Chinese enterprises going global:

“We're truly honored to collaborate with BOC, MSITB and MSIG Thailand in supporting Chinese enterprises abroad as a reinsurer. This MOU reflects our shared vision for cross-border insurance services, and CPIC will continue to offer reinsurance underwriting expertise and solutions to serve this partnership more effectively in Thailand. “