Q1/2011 insurance biz grows 13.52% y-o-y

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BANGKOK, 11 May 2011  – The Office of Insurance Commission (OIC) has reported that the insurance business in the first quarter this year expanded by 13.52% year-on-year, with direct premium recorded at over 110 billion baht. 

OIC Secretary-General Chantra Purnariksha stated that the Thai economy has been expanding well and benefiting the insurance business in Thailand. The business in the first quarter this year grew by 13.52% year-on-year with total direct premium worth 111.783 billion baht.

Life insurance accounted for 76.567 billion baht, up 12.45% compared with the same period last year. The rest of 35.216 billion baht was from non-life insurance, an increase by 15.91% year-on-year.

Over 27.522 million insurance policies have been issued in the first quarter this year, rising by 7.77% year-on-year; with the total insured amount of over 28.719 trillion baht, up 12.08% year-on-year.

Out of the over 27 million policies, 17.181 million were life insurance policies, an expansion by 7.80% year-on-year with the total insured amount of about 7.170 trillion baht, up 18.01% compared with that of the same period last year.

The rest of about 10.070 million were non-life insurance policies, rising by 7.74% with the total insured amount of over 21.548 trillion baht, increasing by 10.24% compared with that of the same period last year.