Life premiums gain 3.25% to B…

Life premiums gain 3.25% to B196bn in first 4 months

Bangkok Post | 2021-06-04 00:15

Total life insurance premiums grew 3.25% year-on-year to 196 billion baht in the first four months this year, thanks to 41.7% growth in single premiums requiring buyers to make a one-time payment. The growth was also spurred by a 10% uptick in newly acquired businesses, while first-year premiums dropped 6.35% year-on-year. Sara Lamsam, president of the Thai Life Assurance Association (TLAA), said single premiums were worth 31.1 billion baht in the first four months, driven by universal life and unit-linked insurance in which policyholders can earn higher investment returns, growing 103% to 14.5 billion baht. Endowment insurance sales also grew, which is a life insurance contract that pays out after a specific term, as did mortgage insurance, which pays off a mortgage loan if the borrower defaults on payment. The performance exceeded projections, growing 1% after TLAA predicted in Fe…