HIGH PREMIUM GROWTH FOR LIFE INSURERS IN FIRST-HALF

       Despite the weakening economy, the life-insurance business spurted 15.5 per cent over the first six months, fuelling anticipation that total premium growth for the whole year would surpass the taret of 10.6 per cent.
       Total life-insurance premiums in the first half reached Bt119.95 billion.
       Of the total, new business premiums soared 21.9 per cent to Bt39.48 billion while renewal preiums jumped 12.5 per cent to Bt80.47 billion.
       Busara Ungphakorn, director of the Thai Life Assurance Association, said yesterday that total premiums are bucking the downward trend of GDP.
       Of total new business premiums, first-year premiums climbed 24 per cent to Bt27.36 billion and single premiums increased 17.5 per cent to Bt12.12 billion.
       The top five life insurers by premiums are:
       - American International Assurance with Bt40.47 billion, representing 33.7 per cent of the market
       - Thai Life Insurance with Bt16.42 billion (13.7 per cent)
       - Muang Thai Life Assurance with Bt10.76 billion (9 per cent)
       - Bangkok Life Assurance with Bt9.58 billion (7.99 per cent)
       - Siam Commercial New York Life Assurance with Bt9.55 billion (7.97 per cent).
       Busara believes that insurers succeeded in boosting premiums by focusing on bancassurance and telemarketing.
       In the future, bancassurance, or selling policies via banks, might play a bigger role than selling via insurance agents as new business premiums from the bancassurance channel were surging, she said.
       In the first half, bancassurance's market share expanded to 47.3 per cent, compared to 43.5 per cent for the traditional sales channel.

       "Of the total, new business premiums soared 21.9 per cent to Bt39.48 billion."