Thailand: Govt economic stimuli set to boost premiums
Source: Asia Insurance Review | Oct 2015
Government’s economic stimuli are expected to boost total premiums in the insurance industry by nearly 5% this year, says the head of the Office of Insurance Commission (OIC).
OIC Secretary-General Pravej Ongartsittigul said that the agency forecasts that premiums will rise by 4.7% to THB730-750 billion (US$20.2-20.8 billion). Life insurance premiums are expected to expand by 5.7%, while non-life policies should grow by 2.5%.
Economic stimulus focusing on low-income earners should boost consumption. This and tax deductions for some life insurance policies should benefit the insurance business.
In the first half of this year, total premiums amounted to THB364 billion, rising by 2.25% from the same period last year.