OIC: Life insurance biz highly competitive

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BANGKOK, 17 June 2011 – The Office of Insurance Commission (OIC) has reported that the life insurance business in Thailand is expanding well and becomes highly competitive while direct selling proves most effective in winning new policyholders. 

According to OIC Secretary-General Chantra Purnariksha, competition in the life insurance business is getting more intense and sales of insurance policies hit the target in all selling channels.

The total number of insurance policies sold in March 2011 stood at 470,386, up 9.65% from February, with the total value of 309.87 billion baht, up 26.26% from February.

Most or 373,569 of the insurance policies were sold via insurance agents, accounting for 79.42% of the total policy holders. AIA had the highest market share.

Sales via banks and telephones followed with 66,925 and 16,678 policies respectively. Sales via other channels such as the internet and convenience stores stood at 11,663 policies while sales via brokerage were at 1,551 policies.