CIMB Thai Bank has outlined its outlook for the life insurance market next year, highlighting three major trends: protection-oriented products, inheritance insurance, and online policy purchases.
These trends reflect the growing focus among modern consumers on financial security and long-term asset planning.
The bank’s new focus is to emphasize the protection and legacy aspects of life insurance, particularly highlighting inheritance tax planning through whole life policies.
“CIMB Thai Bank is moving forward with its wealth management strategy, with the bancassurance business as a key driver of customer value creation. Life insurance is an essential part of long-term wealth planning, especially as Thailand enters an aging society. The demand for financial security and effective wealth transfer will continue to increase. Therefore, the bank is committed to developing products and services that address savings, protection, and inheritance needs, ensuring that all customer groups can securely plan their lives and futures,” said CIMB Thai Bank head of affluent and wealth management Phudinan Setthanan, reported local Thai news.
“The volatile global economy, high household debt, and downward trend in interest rates have forced once-popular endowment life insurance products to adjust their returns to reflect market conditions. At the same time, consumers are increasingly prioritizing 'life protection' to address health and economic uncertainties. They are also increasingly interested in inheritance insurance as an inheritance management option that reduces tax burdens and increases asset value over the long term,” said CIMB Thai Bank head of bancassurance products Sitang Praditphong.