Insurance sector thrives

Public relations activities by the state on the importance and benefits of life insurance amid improved medical technology and increased average life expectancy of Thais helped boost premiums for life, pension and health insurance to a total of Bt108.27 billion, up 20.73 per cent over the same period last year.  General life-insurance policies generated Bt89.26 billion in premiums, up 19.03 per cent, followed by group life insurance at Bt15.57 billion, up 37.05 per cent, and personal accident insurance at Bt1.39 billion, an increase of 13.22 per cent.

In the first three months of this year, property and casualty insurance generated total premiums of Bt51.07 billion, or 20.73-per-cent growth over the first quarter of 2012. Vehicle-insurance premiums were Bt30.16 billion, up 23.70 per cent, in line with the surge in sales of new passenger cars, followed by miscellaneous insurance premiums of Bt16.63 billion, an increase of 18.02 per cent, and fire-insurance premiums of Bt2.90 billion, up 13.79 per cent.

The life and property insurance sector in the quarter continued to grow despite the large comparative base over last year, resulting in a ratio of 5.3 per cent of gross domestic product, compared with 4.7 per cent of GDP in the same period last year. The sector should maintain this growth rate throughout the year, while premiums as a ratio of GDP should reach 6 per cent, the original target, by next year, Pravej said.