GSB targets micro insurance sector
Play
The Government Savings Bank will be more aggressive in tapping the micro insurance market to raise its life-insurance portfolio to 10 per cent in five years from the present 7 per cent of deposits.
Pisit Serewiwattana, GSB’s senior executive vice president for marketing, said yesterday that next year the bank’s insurance premiums were expected to account for 8 per cent of its deposits, forecast at Bt1.6 trillion this year.
GSB aims to expand its insurance customers by 20-25 per cent.
GSB has 1.17 million policyholders, of whom 170,000 are micro insurance policyholders who can pay a minimum premium of Bt100 per month. Their numbers are targeted to surge to 1 million in three years.
GSB ranks sixth or seventh by premiums in the life-insurance industry but expects to move higher next year.
GSB’s micro insurance service, which was launched two years ago, mainly targets the provinces.
