Insurance businesses still face slowdown in 2021

Tanakorn Sangiam

 

 

BANGKOK (NNT) - The insurance sector is among businesses affected by the COVID-19 pandemic. The Thai Life Assurance Association has predicted insurance businesses this year will continue to face a slowdown from the economic crisis.

 

The Thai Life Assurance Association (TLAA) President Sara Lamsam, has predicted that insurance businesses growth this year will be between -1% to 1%, due to several factors resulting from the economic slowdown, the low interest policy, unemployment, and the new wave of COVID-19 cases.

 

Mr Sara said insurance businesses will continue to receive boosts from the Office of Insurance Commission’s (OIC) measures, as well as the government’s measures to aid the the general public, such as an increase in the personal income tax deduction quota from health insurance purchases, and more relaxed premium payment policy.

 

This year, the TLAA says insurance companies will offer more insurance plus investment products, with a range of risks that suits customers, insurance products offering long-term or lifetime coverage, and health insurance packages covering more serious diseases. Companies will also be focusing more on online sales channels.

 

In al of 2020, insurance companies collected 600 billion baht in premiums, which is a 1.75% decrease compared to 2019. The sector’s performance however, is comparatively better than the country’s -6% GDP growth, thanks to the OIC’s policy enabling more digital sales, plus more health conscious trends among Thai people.

 

-- © Copyright NNT 2021-02-28

 

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Sad that the insurance world is experiencing a downturn! 600bill income? No mention of how much they have paid out. Good business if you can get it!

 

Insurance is the first bill people stop paying in harsh times, electric is the last.