3 Apr 2023
Financial Institutions
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28 Sep 2020
Life insurance is among businesses that have been adversely affected by the COVID-19 pandemic. In the first seven months of 2020, life insurance premiums contracted by 3.6 percent YoY, reaching THB 329 billion. For 2020, life insurance premiums are projected to shrink in the range of 6 to 2 percent for the second consecutive year, or amount to approximately THB 574 to 599 billion, compared to the 2.6 percent contraction, YoY, in 2019 with premiums totaling THB 611 billion. This projection is based on new business premiums which are poised to see a historic contraction of 10 to 15 percent. However, the renewal premium is likely to show signs of recovery over the remainder of 2020 after experiencing a sharp plunge last year.... Read more
24 Mar 2020
The unfolding COVID-19 pandemic has created a new record for the Thai retail insurance market with the total sales of insurance policies projected to reach more than 1 million in March 2020 alone. If so, the total sales of insurance policies overall in 2020 may top roughly 2-3 million, representing an increase of at least 20 percent in the number of insured, over the 11 million life, accident and health insurance policies that were held in 2019 (10 million non-life insurance policies and 1 million life insurance policies). This reflects the success of digital and InsurTech sales channels as a means of selling retail insurance products, in particular those that perfectly meet consumers’ needs via sales channels that are not too complex for consumers.... Read more
10 Sep 2019
Life insurance premiums received in 1H19 totaled THB295 billion, contracting 6.1 percent YoY. In 2H19, the business is likely to slightly rebound, but the mild recovery is not enough to push the overall business performance for the whole of 2019 back to positive territory. Total life insurance premium growth for 2019 may record a status quo or fall 2.0 percent (with an estimated range between 0 and minus 3 percent), which will be the first drop in a decade partly because of the base effect of existing businesses. After the base effect is no longer an issue, it should ease the pressure on the insurance business in the future. ... Read more