Thailand's life insurance business likely to grow by over 17% in 2013

BANGKOK, June 4 (TNA) - Thailand's life insurance business has kept expanding and it is likely to grow by over 17 per cent year-on-year on average this year. Sara Lamsam, President and Chief Executive Officer (CEO) of Muang Thai Life Assurance Company, told reporters on Tuesday despite a slight interest rate reduction in the country, recently signaled by the Bank of Thailand (BOT), more Thai people are buying life insurance. Sara said that Thailand's life insurance business should, therefore, expand by 17.3 per cent year-on-year on average, totally worth 300-400 billion baht, as they realize the importance of life insurance although global economic problems have discouraged people from spending. According to the CEO, Thailand's declining interest rate trend did not obstruct the growth of the country's life insurance, as it is a long-term saving system. The CEO reported that Thailand's life insurance business had expanded by over 20 per cent year-on-year, worth more than 140 billion baht, over the past four months. (TNA)