Fitch sees life insurance industry maintaining growth pace
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Thailand’s life insurance industry is likely to grow in 2018 at a similar pace to the previous year, underpinned by potential sales growth from new bancassurance partnerships and larger teams of licensed agents eligible to sell investment-linked insurance, Fitch Ratings said in a press release on Monday.
The Thai Life Assurance Association expects the industry to grow 4-6 per cent in 2018, compared with 5.9 per cent in 2017.
It takes into account potentially lower premiums written due to the implementation of a new mortality table introduced by the insurance regulator.
Fitch believes the sector will see strong sales growth of unit-linked and annuity products, while ordinary products will remain the main growth driver, supported by a moderate insurance penetration rate that is opening up opportunities for selling higher-margin products and new customer acquisitions.
