Thai life-insurance market grows 20pc

Overall life-insurance premium in Thailand hit about THB210 billion at the end of May, representing year-on-year growth of 20.48 percent during the first five months of the year.

New premiums during the period amounted to THB77.55 billion, up 29.1 percent, while the policy-retention rate was as high as 86 percent and AIA Thailand retained its top spot among life insurers in terms of overall premium, Busara Ungphakorn, director of the Thai Life Assurance Association, said recently.

The top three life insurers in terms of new premium during the first five months were Bangkok Life Assurance with THB16.06 billion, for a 20.71 percent market share; Muang Thai Life Assurance with THB15.65 billion (20.19 percent); and AIA with THB10.22 billion (13.18 percent).

Meanwhile, policy-renewal premiums amounted to THB132.77 billion, up 15.96 per cent year on year. There was an overall retention rate of 86 per cent, which is considered to be quite good and reflects rising awareness of the role and importance of life insurance, she added.