Bangkok, The Thai Life Assurance Association revealed that total written premiums in 2023 grew 3.61%, forecast 2024 to grow 2 - 4%. Mr. Sara Lamsam, President of the Thai Life Assurance Association, revealed the overall picture of the life insurance business in 2023 between January - December that there was a total premium of 633,445 million baht, an increase of 3.61 percent compared to 2022, classified as income premium. New Business Premium 178,470 million baht, growth rate increased 5.06 percent and next year's premium (Renewal Premium) 454,975 million baht, growth rate increased 3.06 percent. For new insurance premiums, it consists of: 1.) First Year Premium 112,377 million baht, growing by 6.83 percent. 2.) Single premium paid 66,093 million baht, growing by 2.18 percent. Classify total insurance premiums by distribution channel as follows: 1. Sales through life insurance agent channels (Agency), total written premiums were 338,920 million baht, the growth rate increased by 4.21 percent compared t o 2022, representing a proportion of 53.50 percent. 2. Selling through bank channels (Bancassurance) Total insurance premiums were at 239,112 million baht, with a growth rate increasing by 1.41 percent compared to 2022, representing a proportion of 37.75 percent. 3. Sales through the life insurance broker channel (Broker), total written premiums were 30,808 million baht, the growth rate increased by 16.19 percent compared to 2022, accounting for a proportion of 4.86 percent. 4. Sales through digital channels (Digital) total written premiums were at 1,930 million baht, the growth rate increased by 11.07 percent compared to 2022, accounting for a proportion of 0.30 percent. 5. Selling through other channels (Others) such as selling Worksite, Walkin, selling through booths. Sales through convenience stores, Direct Mail, Tele Marketing, etc. Total written premiums are at 22,676 million baht. The growth rate increased by 2.58 percent compared to 2022, representing a proportion of 3.58 percent. For life ins urance products that are popular and have an increased growth rate in 2023 are additional health insurance contracts and critical illness coverage. with total insurance premiums of 109,786 million baht, an increase of 5.93 percent, accounting for a share of 17.33 percent, which mainly comes from people paying attention to their health and becoming more aware of the importance of having health insurance. To manage risk and cope with medical expenses that tend to increase (Medical Inflation), while pension life insurance products have received a lot of attention from the public. This is due to Thailand fully entering into an aging society. In addition, people are becoming more aware of the importance of financial planning during retirement. Because in addition to being a type of savings that has low risk, They also receive life protection and tax deduction rights from the government supporting tax deduction measures. As a result, pension life insurance products in 2023 have total premiums of 17,986 million baht , growing by 14.26 percent. or equivalent to 2.84 percent As for 2024, the Thai Life Assurance Association has estimated the growth rate of the life insurance business to be in the range of 2.0 - 4.0 percent, which is in line with the economic growth rate (GDP) in 2024 that the National Economic and Social Development Council has projected. It is estimated at 2.2 - 3.2 percent. There is also a supporting factor from the trend of people who love health. This is due to people becoming aware of the impact of emerging diseases such as the new strain of COVID-19. and more pollution from PM 2.5 dust, as well as the trend of rising medical costs, which has caused people to pay more attention to their health and have health insurance. Including Thailand entering into an aging society, policies supporting the use of technology by businesses such as AI and Data Analytics to increase competitiveness. Increase operational efficiency and support in every process in the life insurance business At the same time this year The life insurance business still needs to follow trends. and volatility of the economic situation both within the country and the world economy closely, especially regarding interest rates Inflation situation and the Thai stock market that affects savings, investment, and spending of the public sector Including the need to follow the situation of trade wars or international conflicts. Climate change and emerging diseases Because it directly affects the needs and confidence of the public sector in the life insurance business, therefore, the Thai Life Assurance Association has a plan to prepare to deal with all challenging factors. By applying the concept of sustainable organizational development (ESG) to investment consideration and operations that take into account ESG responsibilities in all 3 areas: Environment, Society, and Governance. To make the life insurance business more sustainable. Source: Thai News Agency