Thai life assurance business premiums up 5% to $9.38b in H1

Bancassurance and insurance agents drove growth.

Thailand’s life assurance business opened the first six months of the year on steady financial footing after total premiums rose 5% YoY to $9.38b (THB312.53b) on the back of steady growth in bancassurance and insurance agents, according to the Thai Life Assurance Association.

New life insurance premiums hit $2.7b (THB89.97b) whilst renewal premiums were worth $6.67b (THB222.25b) in H1 2018 with a persistency rate of 84%.

“Bancassurance contributed 48.4% of total premium income, overtaking insurance agents which contributed 44.61%,” said TLAA president Nusara Assakul Banyatpiyaphod.

Bancassurance income rose 6.1% YoY to $4.54b (THB151.24b) in H1 whilst the agent channel’s premium income grew 2.4% YoY to $4.18b (THB139.42b).

Channels including brokers, internet, counter service and walk-ins rose at a combined rate of 34% YoY to 14.83THB.

Thailand’s life assurance business is expected to maintain its positive growth momentum on the back of strong economic performance and government support, Nusara added.

Also Read

India's insurtech revenue grows 12-fold to $750m over five years

Protection and indemnity combined ratio drops to 96% in 2023/24

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit