Heat oil over medium high heat in large saucepan or braiser. Add curry paste and sauté for 1 minute. Add sliced chicken and cook just until chicken is no longer pink. Add ginger and garlic and sauté 30 seconds. Add 1 1/2 cans coconut milk. Whisk cornstarch into remaining 1/2 can coconut milk then add to skillet. Stir in sugar, fish sauce, lime juice, bay leaf, and thyme.
Simmer for 5 minutes then add red bell peppers and basil and simmer 2-3 minutes or until peppers are crisp tender. Discard bay leaf.
Adjust to taste: Sweeten it up with additional brown sugar, add tang with additional lime juice, spice it up with additional Asian chili paste, add salt/more umami with additional fish sauce or salt. You may also add additional curry paste for more overall flavor and heat.
Garnish with additional optional fresh basil, cilantro and chili sauce to taste. Serve with rice.