Bangkok, Insurance trends in 2024, health insurance and critical illnesses are growing. Meanwhile, savings insurance will decrease. Mr. Sara Lamsam, President of the Thai Life Assurance Association and Chief Executive Officer Muang Thai Life Assurance Public Company Limited or MTL said that the trend for purchasing insurance in 2024 will be health. Now starting to see some groups Ask for more life protection As for the issue of the insurance model from the old era called Savings Assets that gave returns, it still exists. But it is likely that insurance companies will do less because from 1 January 2025 there will be financial reporting standards on insurance contracts (TFRS 17), which is a new financial reporting standard. This causes insurance companies to manage more suitable types of insurance. Therefore, insurance categories that provide protection for life, health, and critical illness will be this year's trend. As for the insurance products that each company will release, it will probably be according to changing circumstances. The insurance company must try to answer the needs of every target group. Especially regarding the ability to pay insurance premiums. From small size to large size As for current purchasing power, it has not changed from the past. Because they are more aware of getting insurance, especially during the COVID outbreak. Each insurance company has developed a variety of insurance plans. and answer the needs of every group of consumers. In addition, the problem of high interest rates It does not affect insurance premiums. The insurance premium is calculated from many aspects. Consisting of: 1. Death rate of Thai people that are collected every 10 years or 5 years, including the Insurance Commission (OIC) 2. Interest rates which has little impact and 3. Cost system, for example when Thai people live longer Insurance premiums will be lower. Wrong with health insurance The premium may be higher. Because the premium is not fixed depending on age. And there are some that cannot be controlled . However, the insurance industry still faces challenges from all sides, whether it be the Thai economy, the world economy, interest rates. matters of geopolitics which follows the cycle Insurance companies also have to manage risks, including various legal regulations that have been issued. This causes insurance companies to make a lot of adjustments. Especially regarding accounting standards. 'If insurance companies can adapt, it is considered an opportunity. such as entering the elderly society Make health insurance Pension insurance is starting to grow, but from a small base. Insurance Business Association There was a discussion. How to get pension insurance that truly meets your life This must also be discussed with the OIC, such as changing pensions from receiving a lump sum. It is a monthly payment or a direct payment to an elderly care facility or nursing home, but the insured must be able to choose for himself. or is an option for the insured which has already been done abroad As for Thailand We ha ve already let the insured choose whether to receive it monthly or the entire lump sum,' Mr. Sara said. Source: Thai News Agency