Japan-based insurer
Sompo Holdings will release insurance policies this month targeted at Japanese logistics firms operating in Thailand and neighbouring countries in mainland Southeast Asia, underscoring the need for insurance as the region sees an increased flow of goods.
Thailand is one of Southeast Asia’s manufacturing hubs and is integral to the region’s supply chain. Numerous trucks make routine deliveries to various factories and logistics facilities to neighbouring countries within 10km of the Thai border.
Sompo’s insurance policy will cover accidents in the areas surrounding the borders with Cambodia, Laos, Malaysia, and Myanmar, reports Nikkei. The policy will be comparable with the domestic insurance offered in Thailand and guarantees that agents will be present at an accident scene within two hours, as well as being open for claims 24/7.
Several Thai insurers already offer cross-border accident insurance, and Sompo is following suit in order to strengthen its foothold in this emerging insurance market. Delivery trucks are exposed to numerous cross-border travel risks, including having to drive on different sides of the road, depending on the country they are currently in.
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