VIENTIANE - Bangkok Insurance Plc on Wednesday signed a reciprocal deal with APA Insurance of Laos on vehicle and accident cover for their respective clients during visits to the other's country.
The agreement was signed at the Don Chan Palace Hotel, Vientiane, in the presence of insurance representatives and authorities from the two countries.
"This is the first step in business cooperation in the field of insurance under the Asean Economic Community framework. Thailand and Laos have made an unprecedented deal in the circle of international insurance business," Panus Thiravanitkul, director of Bangkok Insurance Plc, said.
Clients of both companies will be insured when they visit the other's country, through all border channels. The insurance covers people travelling in automobiles and on motorcycles, and people involved in accidents, he said.
APA Insurance is a subsidiary of Phongsavanh Bank of Laos and Bangkok Insurance a subsidiary of Bangkok Bank.
Mr Panus said the two banks had a business partnership going back 11 years.