Life Insurance Association still predicts growth of 17 per cent this year
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The Thai Life Assurance Association believes the life insurance market will continue to grow - at about 17 per cent this year - despite signs that the economy will slow in the second half.
“The market growth follows the introduction by all life insurance companies of new products designed to match customer demand. Meanwhile, the economy still grew in the first half and rising purchasing power boosted demand for life insurance,” Sara Lamsam, the association’s president, said last week.
In the first five months of this year, total premiums were up by 19 per cent on year and first-year premiums up by 26 per cent, he said.
Distribution channels have also expanded from sales agents to bank branches and telephone calling.
The economic slowdown would not drag down the overall life insurance market because consumers were now concerned about their quality of life and are learning to invest and buy life insurance for long-term investment.
Sara, who also CEO of Muang Thai Life Assurance, said his company also showed total premium growth of 28 per cent and first-year premium growth of 37 per cent in the first five months.
“We also target growth over 20 per cent this year by focusing on customers aged 28-40,” he said.
The company has succeeded in maintaining its growth this year by launching policies that match customer demand and cover all market segments, he added.
