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Best’s Commentary: Thailand Insurers Offer Innovative Vaccine Allergy Product, But Underwriting Risks Remain

SINGAPORE–()–Vaccine allergy insurance products launched by Thailand insurers address an important financial protection need in the Southeast Asian country, and presents a good opportunity for business growth; however, AM Best notes the importance of prudent risk management that accompany any new product development.

In its Best’s Commentary, “Thailand Insurers Offer Innovative Vaccine Allergy Product, But Underwriting Risks Remain,” AM Best states that with new variants having emerged, coupled with pockets of vaccine hesitancy, the recent introduction of vaccine allergy insurance cover provides a growth opportunity for Thailand’s life and non-life insurance segments, which were supported by robust health insurance demand in 2020.

While domestic insurers in Thailand have been swift to capitalise on market opportunities amid the pandemic, AM Best notes the importance of insurers remaining on top of their risk exposure, given the uncertainty surrounding loss exposure. Effective risk mitigation will need to be supported by prudent underwriting risk management, including appropriate use of reinsurance; effective pricing strategies; clearly defined policy coverages; and prudent limits that are aligned to the companies’ risk appetites.

Insurers will need to stay abreast of vaccine-related developments related to frequency and severity trends of side effects domestically and globally in order to proactively manage and limit their risk exposure should adverse trends develop. COVID-19 vaccine profiles vary among manufacturers, and the World Health Organization has noted a lack of comprehensive quality data regarding the serious adverse effects of particular vaccines. Positive or negative developments in these areas could bear material implications for Thailand insurers offering vaccine allergy insurance cover.

To access the full copy of this commentary, please visit

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2021 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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