Muang Thai Life Assurance (MTL) is confident its business will continue to expand this year as it predicts the insurance industry will resume growth, up from a slight contraction in 2022.
MTL expects an increase in new written premiums in the first quarter as well as overall growth this year, chief executive Sara Lamsam said yesterday.
"The business recorded very slow growth during the first quarter of 2022, following economic headwinds including high market volatility as well as mounting geopolitical tensions," he said.
"This year, I see more promising opportunities for the business than last year from factors such as the recovery in tourism, although we still need to keep an eye on risks and uncertainties."
In his capacity as president of the Thai Life Assurance Association, Mr Sara said the Thai insurance industry is projected to report 0-2% growth in terms of gross written premiums, compared with a contraction of 0.45% last year.
Health insurance would be a leading segment among insurance plans in 2023, he said.
MTL recently launched a wellness and lifestyle application named MTL Fit that offers customers up to 15% premium discounts.
The platform can track users' steps and other health-related activities, while introducing events such as "tri sports" users can join.
"We want a platform that promotes motivation among users to take better care of their health," said Mr Sara.
The app also features functions covering mindfulness, nutrition and sleep habits, with a goal of offering personalised services, an emerging trend in insurance policies among consumers.
"Health is a part of wealth management," he said.
"If you have to spend your life savings on costly medical fees, that undermines your wealth management."
Regarding additional app features, Mr Sara said MTL might incorporate financial features into the platform in the future.
"I think Thailand still has a major problem with people lacking savings," he said.
"Saving has to be done in moderation as people are educated to have sufficient financial literacy."
