Thai insurance business grows 4.54% in Q1
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Thailand's insurance premiums hit Bt193 billion in the first quarter, showing a 4.54 per cent growth rate from the same period last year, according to the Office of Insurance Commission (OIC).
The regulator added that the premiums accounted for 7.64 per cent of Thailand's gross domestic product.
OIC Secretary General Suthiphol Thavichaikam attributed the growth to economic expansion in the first quarter. The GDP in the quarter expanded by 3.2 per cent, compared to 2.8 per cent in the fourth quarter of 2015.
Of total premiums, Bt140.34 billion was generated by the life insurance business, up by 6.06 per cent on year in line with growing health concerns.
The non-life insurance business generated premiums worth Bt52.66 billion, up by 0.69 per cent on year.
As of March 31, the industry's combined assets stood at Bt2.99 trillion, an increase by 5.02 per cent from the same period last year.
Of total, life insurers invested Bt1.97 trillion or 83.47 per cent of total investible assets in low-risk assets like government and corporate bonds as well as bills of exchange. Only Bt48.29 billion or 2.04 per cent was deposited at banks.
