PRESS RELEASE BY THE
EMBASSY OF MALAYSIA IN VIENTIANE
TOKOJAYA LAO ASSURANCE CO. LTD TO CONCENTRATE ITS BUSINESS ESPECIALLY ON MOTOR INSURANCE AND OTHER FORMS OF INSURANCE COVERAGE
Tokojaya Lao Assurance Co. Ltd or Toko Assurance is one of the most successful Malaysian insurance company operating in the Lao PDR since 2007.
Reflecting back, there were only two (2) insurance companies operating in the Lao PDR in 2007, including Toko Assurance, compare to more than 25 insurance companies operating in the country at present. Over the years, Toko Assurance has remained successful and continues to focus their insurance coverage especially on Motor Insurance, Fire, Home, Group Health and Personal Accident and Hydropower dams insurance in its business operation.
The Malaysian Ambassador to the Lao PDR, Mr. Mohd Aini Atan and his Second Secretary, Mr. Johan Arief was briefed on these when they visited Toko Assurance’s Office in Vientiane on 28 September 2017. The visit to Toko Assurance is part of Mr. Mohd Aini Atan’s plan to personally witness and gather first-hand information on Malaysian companies operating in the Lao PDR after his previous visits to Savannakhet province, Champasak province as well as several Malaysian-owned Banks in Vientiane.
At present, the insurance market is more competitive with various products and higher incentives being offered to consumers. The success of Toko Assurance had paved the way for other insurance companies to mushroom in the Lao PDR since 2007.
With its impressive track record since starting its business operation in 2007, Toko Assurance’s comprehensive coverage on motor vehicles, namely Easy Motor Insurance (EMI) has remained attractive throughout the country. This impressive record on motor vehicles coverage has paved the way for Toko Assurance to subsequently improve the EMI to later introduce TOKO EMI V2 and TOKO EMI V3. The TOKO EMI V2 and TOKO EMI V3 offer improved coverage than the original EMI with wider insurance protections.
In recent years, Toko Assurance has also expanded its business operation to underwrite hydropower and engineering projects. Seven (7) mega hydropower projects are successfully underwritten by Toko Assurance so far, as confirmed by its CEO, Mr. Raymond Lim.
“For mega hydropower projects, we have a strong team of international re-insurers such as HDI Global SE, as well as expertise like the risks surveyors, adjusters and the engineers to back us up. Furthermore, these re-insurers are internationally renowned and have vast experience in engineering projects so as to protect the Lao PDR’s national assets” said Mr. Raymond.
Managing Director, Mr. Kong Hock Sian had briefed the Ambassador on Toko Assurance’s achievements over the past years as the company plans to further achieve greater heights.
Human resource development for quality local insurance staff is still at its early stage of development. Hence, most of the senior management in the insurance companies comprises of Malaysians with a wide range of experience in the insurance sector.
On human resource development, Mr. Mohd Aini Atan was also pleased to note that there are four (4) Malaysians currently working at Toko Assurance in Vientiane which employs around 30 local employees in its business operation.
On the same note, Toko Assurance CEO, Mr. Raymond Lim stated that the Company is highly committed to train the locals with its in-house training programmes so that they could play greater roles for the Company in the future.
Embassy of Malaysia in Vientiane, the Lao PDR
28 September 2017
Mr. Mohd Aini Atan, Malaysian Ambassador poses with Managing Director, Mr. Kong Hock Sian, CEO, Mr. Raymond Lim and Second Secretary of the Embassy, Mr. Johan Arief at Toko Assurance’s office in Vientiane
Managing Director, Mr. Kong Hock Sian briefed the Ambassador on Toko Assurance’s achievements over the past years as the company plans to further achieve greater heights.