OIC reported hefty rise in insurance premium after flood crisis

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BANGKOK, 24 March 2012 – Insurance premiums in Thailand have risen considerably since the beginning of this year following the flood crisis the country suffered in 2011. 

Office of Insurance Commission Secretary General Pravej Ongartsittigul said that the 2011 flood crisis, which has hit two-thirds of the country’s provinces and caused widespread damage to both households and the industrial sector, has not disrupted the insurance business that much.

Mr. Pravej stated that, in January, the insurance business grew 11.11 percent, when compared with that of the same month of last year, with total insurance premium recorded by all companies standing at 38.97 billion baht.

He added that life insurance premiums have seen an on-year increase of 14.35 percent to 26 billion baht, largely because of the growth in the ordinary life insurance sector.

For the non-life insurance, the sector has expanded 5.14 percent from the same month of 2011, to 12.97 billion baht, thanks to the auto insurance which grew 7.15 percent on-year and saw its market share up from 56.04 percent to 57.11 percent.