Thai insurance industry to grow by 15%

The overall insurance industry's value based on total written premiums is estimated at 424.12 billion baht this year, up by 15% from last year. Life insurance accounts for 305.08 billion baht and non-life for 119.04 billion baht.

Life insurance is expected to outpace the non-life counterpart to grow by 15% to 20%this year, compared with 6% to 9% for the non-life sector.

The insurance industry's contribution to gross domestic product is expected to grow to 4.6% this year from 4.20% last year and 3.62% in 2008.

OIC secretary-general Chantra Purnariksha said the prediction is based on Thailand's economy growing by 3.3% to 3.5%, as projected by the Bank of Thailand, and global economic growth of 3% as forecast by the International Monetary Fund.

Thailand's insurance industry remained intact last year despite a faltering world economy, domestic recession and declining exports and tourism.

The insurance industry grew by 11.87% year-on-year to 368.77 billion baht in 2009. Life insurance business grew healthily by 15.7% to 258.54 billion baht and non-life business increased by 3.67% to 110.22 billion baht.