FRIDAY, March 29, 2024
nationthailand

Fitch sees life insurance industry maintaining growth pace

Fitch sees life insurance industry maintaining growth pace

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.

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