Life-assurance premiums up 16.4% in 9 months
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Thais are saving more through life-assurance policies, with total premiums reaching Bt278 billion in the first nine months of this year which represented a 16.4 per cent increase from the same period last year.
According to Sara Lamsam, president of Thai Life Assurance Association, of total premiums, Bt89 billion came from 3.796 million new policies. While 2.17 million policies are for individual protection, 97,176 policies are for industrial protection and 4,251 policies are for group protection. The amount of new-policy premiums showed a 20.3 per cent increase year on year.
"The industry has demonstrated continued growth, thanks to the variety of products that meet consumers' demands as well as greater advertisement and educational campaigns," he said.
LIfe assurance companies' agents still contributed half of the premiums, Bt157 billion or 56.4 per cent. Bancassurance, the service provided by bank branches, contributed Bt104 billion or 37.4 per cent. By-phone sale generated Bt8.9 billion in sales or 3.2 per cent and other channels Bt7.8 billion or 3 per cent.
