Skip to main content
ITIJ

Main navigation

  • Latest
  • Magazine
  • Service Directory
  • Awards
  • Advertise
  • Subscribe

Secondary

  • Travel Insurance
  • Company News
  • Assistance & Repatriation
  • Air Ambulance
  • Travel
  • Health
  • Hospitals & Healthcare
  • Insurtech
  • General Insurance
  • Latest
  • Magazine
  • Service Directory
  • Awards
  • Advertise
  • Subscribe
  • Travel Insurance
  • Company News
  • Assistance & Repatriation
  • Air Ambulance
  • Travel
  • Health
  • Hospitals & Healthcare
  • Insurtech
  • General Insurance

Breadcrumb

  1. Home
  2. Latest
  3. Latest news
  4. Cigna Thailand’s travel insurance premium income to drop by 90 per cent

Cigna Thailand’s travel insurance premium income to drop by 90 per cent

Publishing Details

Travel Insurance

9 Sep 2020
Robyn Bainbridge

Share

Premium decrease

Due to ongoing travel restrictions, Cigna Thailand estimates that income from travel insurance premiums will drop by 90 per cent this year

Keep on reading

Payment illustration

Zurich pays out £4.5 million for Covid-19

Insurer Zurich has paid out over £4.5 million in protection claims related to Covid-19, as these claims soar by £14 million year-on-year
Read More

2 Sep 2020

Clara Bullock

Cigna Thailand is now facing a 90-per-cent drop in revenue from travel insurance premiums this year due to a lack of clear direction from the government about cross-border travel, the company says. However, it is hoped that there will be strong growth in premiums this year for its health insurance products, the company’s core business, which will offset the travel sector loss.

Cigna Thailand’s Chief Executive Teeravuth Suthanaseriporn explained that it was due to a lack of demand for new travel insurance, in addition to policyholders cancelling their insurance protection following the suspension of cross-border travel, that was causing the drop in travel insurance premium revenue.

Domestic travel insurance and health insurance to offset losses

Despite the obvious hurdles that Cigna Thailand faces, the company’s health insurance arm has been an extremely successful asset in these times. In Thailand as a whole, the health insurance industry has seen a 78-per-cent year-on-year increase in revenues – mainly thanks to products that offer Covid-19 protection.

Cigna booked total premiums of 2.4 billion baht (US$76.7 million) in the first half of this year, up 17 per cent year-on-year, with health insurance and personal accident insurance making up a 50:50 ratio of total premiums received.

“Amid the outbreak uncertainty, consumers are paying more attention to health and health insurance,” said Teeravuth. “We expect to maintain positive growth [in total premiums] for the second half, at around 17 per cent."

The Thai insurer also plans to launch domestic travel insurance in the coming months – while the premiums of these will be much smaller than that of international travel insurance, this will still help the company offset some of its losses.

Publishing Details

Travel Insurance

9 Sep 2020
Robyn Bainbridge

Share

Keep on reading

Lloyd’s strives to ensure better cover for customers amidst Covid-19 claims losses

Zurich pays out £4.5 million for Covid-19

Travel bubble plans suspended in Asia

Covid-19: UNWTO predicts a global tourism crisis

ITIJ

Footer menu

  • About Us
  • Contact
  • Privacy Policy
  • Terms

Social

  • LinkedIn
  • Twitter
International Travel & Health Insurance Conferences

© Voyageur Publishing & Events 2021