Thailand: Life insurance sector deliberates pension products
Source: Asia Insurance Review | Sep 2021
The Thai Life Assurance Association (TLIA) and the Office of Insurance Commission are currently in talks with life insurance companies to develop pension insurance products to meet retirement funding needs, according to TLIA president Sara Lamsam.
He said that pension plans would respond to the current aging trend in Thailand. “They would strengthen the savings discipline of the people to a level that is sufficient for their well-being after retirement,” he said.
He also disclosed that for the first six months of this year, the life insurance sector chalked up total premiums of THB294.9bn ($8.8bn), representing an increase of 3.13% compared to the corresponding period last year.
New-business premiums surged by 9.88% to THB83.7bn in 1H2021. These consisted of first-year premiums of THB45.9bn, a year-on-year decrease of 7.5%, and single premiums of THB37.8bn, which was an increase of 42.3%. A