Thai life-insurance market grows 20% in first five months
July 09, 2014 00:00 By The Nation
Overall life-insurance premium in Thailand hit about Bt210 billion at the end of May, representing year-on-year growth of 20.48 per cent during the first five months of the year.
New premiums during the period amounted to Bt77.55 billion, up 29.1 per cent, while the policy-retention rate was as high as 86 per cent 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 yesterday.
Behind AIA, which had Bt43.78 billion in overall premium for a 20.82-per-cent market share, came Bangkok Life Assurance with Bt32.74 billion, for a 15.57-per-cent share; Muang Thai Life Assurance with Bt31.84 billion (15.14 per cent); Thai Life Insurance with Bt23.38 billion (11.12 per cent); and SCB Life Assurance with Bt19.86 billion (9.44 per cent). The top five life insurers together held 72.09 per cent of the market at end-May, while 19 others accounted for the remainder, she said.
The top three life insurers in terms of new premium during the first five months were Bangkok Life Assurance with Bt16.06 billion, for a 20.71-per-cent market share; Muang Thai Life Assurance with Bt15.65 billion (20.19 per cent); and AIA with Bt10.22 billion (13.18 per cent).
Meanwhile, policy-renewal premiums amounted to Bt132.77 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.