Tuesday, September 26, 2017

Thai life industry profits forecast to grow 6%

From last year’s 5.7% growth, Thailand’s life insurance industry’s premium income is forecast to grow by 6% to Bt600 billion (US$17.15 billion) this year.

The Thai Life Assurance Association made the projection as it expects low interest rates to prompt insurers to move into investment-linked products and target specific customer segments.

Premium income of the life industry expanded by 5.7% to Bt568.26 billion last year.

As long as interest rates stay at their current low levels, association president Nusara Banyatpiyaphod said several firms will be focusing more on investment-linked products.

She added that the digital age will play a stronger role in the country’s insurance industry, resulting in simpler products that can be purchased via digital channels.

The low interest rates and digital platforms will ensure that the Thai insurance industry will continue to grow amid a slow economic recovery for the country.

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