This is expected to occur this year even despite the indication of a slowing economy.
Though predictions are suggesting that the economy in Thailand will slow during the second half of the year, the Thai Life Assurance Association still believes that the life insurance market will continue its growth by about 17 percent in 2013.
Insurers have been designing new products that are better suited to customer demand, allowing them to continue selling.
According to the president of the association, Sara Lamsam, “The market growth follows the introduction by all life insurance companies of new products designed to match customer demand. Meanwhile, the economy still grew in the first half and rising purchasing power boosted demand for life insurance.”
During the first five months of 2013, life insurance total premiums were up by 19 percent.
Moreover, Sara Lamsam also stated that the first year premiums had increased for life insurance by 26 percent. There has also been an expansion in the distribution channels for the policies, so that they are not sold exclusively from sales agents. Now they are also being sold over the phone as well as at bank branches.
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Sara Lamsam feels that the economic slowdown does not have the ability to drag the overall life insurance market down with it this year, as consumers are now increasing their focus on their quality of life and are discovering new means to assure it. Among those techniques are making long term investments and purchasing coverage.
Also the Muang Thai Life Assurance CEO, Sara Lamsam has explained that the company has also indicated that there was a total life insurance premium growth of 28 percent, and that there was a 37 percent first year premium growth within the first five months of 2013. He added that “We also target growth over 20 per cent this year by focusing on customers aged 28-40.”
The life insurance company has been able to keep up its growth throughout this year so far through the creation and sale of policies that, according to Sara Lamsam, precisely suit customer demand and that are able to provide coverage to all segments of the market.