Wednesday, December 13, 2017

Life segment leads growth in Thailand

Life products have continued to fuel growth in Thailand’s insurance sector, the latest industry data shows.

The country’s changing demographics, particularly its ageing population, along with government efforts to strengthen personal and retirement coverage have also provided opportunities for insurers.

According to the Thai Life Assurance Association (TLAA), life insurance premiums reached Bt441 billion (US$13.5 billion) in the first nine months of the year, a year-on-year rise of 6.4%.

With this performance, the segment is on its way to achieving its full-year forecast of Bt600bn (US$18.4 billion), as set out by the Office of Insurance Commission (OIC), the market regulator.

The recent figure also significantly exceeds the Ministry of Finance’s estimates for broader economic growth, with national GDP expected to expand at a rate of 3.8% this year.

As for non-life premiums, however, the OIC sees a meagre rise in growth of about 1.6% only.

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