Life insurance premiums expected to rise 8.1% in 2009

Of the total life insurance premiums in 2008, new business premiums were up 11.03 per cent to Bt68.74 billion and renewal premiums up 9.68 per cent to Bt153.23 billion, Busara Ungphakorn, director of the Thai Life Assurance Association, said in a statement yesterday.

Insurance policy persistency, showing already written policies remaining in force, in 2008 stood at 84 per cent.

AIA continued as the market leader with a 37.52percent share worth Bt83.29 billion, while Thai Life Insurance was second with 14.53 per cent worth Bt32.25 billion. Muang Thai Life Assurance was third at Bt17.24 billion, followed SCB New York Life Assurance at Bt15.10 billion and Bangkok Life Assurance at Bt15 billion.

AIA enjoyed the most new business premiums at Bt18 billion, representing 26.18 per cent of total new business premiums. Thai Life Insurance's new business premiums in 2008 amounted to Bt9.67 billion or 14.07 per cent, followed by Muang Thai Life Assurance at Bt6.95 billion, SCB New York Life Assurance at Bt6.03 billion and Ayudhya Allianz CP Life at Bt5.15 billion.

New business premiums comprise firstyear premiums and single premiums.

In December, total new business premiums were up 45.77 per cent on year to Bt7.83 billion, with Thai Life Insurance recording the biggest increase at Bt2.35 billion. AIA was second at Bt1 billion, trailed by Muang Thai Life Assurance at Bt739.6 million, SCB New York Life Assurance at Bt686 million and Ayudhya Allianz CP Life at Bt621 million.