The insurance giant said it expects the life business in Thailand to grow at an average rate of 9.3% annually over the next decade
Life insurance currently makes up 70% of total premium income in Thailand.
Michael Heise, chief economist of Allianz SE Germany, the major shareholder of Thailand’s Allianz Ayudhya Assurance, said that since 2012, the insurance market has been losing momentum, with premium income growth slowing to 3.9% last year.
Earlier this year, Allianz SE announced a 15-year agreement to distribute products through Standard Chartered Bank’s outlets in Asia.
Southeast Asia is seen as a growth region for foreign insurers, who are attracted by relatively faster growth rates of life premiums and the region’s low insurance penetration.
The Thai Life Assurance Association said in January that total premium income in the country grew 5.4% from January to November 2016, to 508bn baht (£11.7bn, $14.4bn, €13.3bn).
