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| Insurance Industry Expected to Grow by 15-18% This Year |
| UPDATE : 9 February 2010 |
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The Office of Insurance Commission estimates high growth in the insurance industry this year.
Meanwhile, the government will provide brand new products to low-income people to ensure that the general public can more easily have an access to insurance products.
The Office of Insurance Commission Secretary-general, Chantra Buranaruek has set a target of 15-18 percent growth in the insurance sector in 2010 due to the improving Thai economy.
She anticipates life insurance premium's growth to be between 15 and 20 percent, or 305 billion baht, while general insurance premiums will expand between six and nine percent, or 11 billion baht.
Statistics suggest that life and general insurance in 2009 grew by 12 percent as the total value of all types of premiums reported was 370 billion baht.
Chantra went on to say that this year's insurance business policy will focus more on low-income people as the government is promoting people's access to insurance products.
She explained that low-income customers will pay less than 1,000 baht a year in premiums and that insurance contracts will have the fewest number of conditions possible and said that the Office of Insurance Commission will approve premiums and conditions of all insurance products.
She expects the newly-adjusted conditions to go into effect in March 2010.
In addition, the Office of Insurance Commission on Monday signed a contract with Local Administration Department, the Provincial Administration Organization Council of Thailand, the National Municipal League of Thailand and the Tambon Administration Organization of Thailand to develop a network to provide information on insurance to the general public and protect people's rights.
The Office of Insurance Commission said it will team up with all related agencies to organize useful activities for insurance product buyers to ensure equal access to insurance products.
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