Insurance premiums high in Thailand
Chuchatr Pramoolpol, Deputy Secretary General of Thailand’s Office of the Insurance Commission (OIC), has said that insurance premiums in Thailand are likely to rise higher than one trillion baht (US$31.1 billion) for the first time in 2020.
This will be driven by consistent growth in GDP, as well as positive life assurance business trends and an expanding bancassurance distribution network for both life and non-life coverages.
Insurance premiums are expected to reach THB871 billion by the end of this year, an increase of six per cent compared with 2017, with life premiums comprising THB640 billion of this and non-life premiums comprising THB231 billion.
“The interesting point for life assurance is how unit-linked products posted drastic growth of 264 per cent year-on-year to THB9.13 billion in the first quarter,” pointed out Chuchatr, “and premiums from insurance riders to health insurance contracts accelerated by 11.8 per cent year-on-year, valued at THB19.1 billion, reflecting growing health concerns among consumers.”