Muang Thai Life Assurance is one of two insurance companies that have achieved 100 billion baht in year-end insurance premiums. It expects the Thai insurance industry this year to expand by as much as 6%.
President and CEO of Muang Thai Life Assurance, Sara Lamsam, revealed that total premiums last year reached 102.7 billion baht, a 6% increase from the previous year. Company assets grew by over 18%, while its capital adequacy ratio (CAR) was reported at 400% and is expected to net over 8.3 billion baht in profit.
Sara said 2017 was a challenging year for the Thai insurance industry, which now operates in an aging population mainly driven by Generation Y, while also facing increasing regulations. Business must, therefore, use new technologies, such as big data, blockchain technology, and artificial intelligence while diversifying the capabilities of their employees. Sara said the company does not plan on downsizing its workforce but is unlikely to expand it either.
Regardless, the President and CEO said he expects the industry to expand by 6% this year due to the public’s growing regard for life and health insurance. The company also plans to expand to ASEAN countries, branching out into Myanmar as well as entering joint ventures in Indonesia, Malaysia, and the Philippines.