Bank insurance sales sores amid economic crisis

BANGKOK, 12 October 2009 (NNT) – Bank insurance sales rapidly rise and may meet the expected growth target despite the current economic downturn, according to the Bank of Ayudhya Public Company Limited.

The Bank of Ayudhya reported that the first year premiums of the bank would likely reach the target of 4 billion baht or increase by 50% when compared with the same period last year. Premiums throughout 8 months of this year stood at 3.5 billion baht–70% of them was from life insurance and 30% from general insurance.

As for next year, the targeted total premium is expected to expand by another 50% or 5.5 billion baht, resulting in an overall business growth of 10-15%.

The Bank of Ayudhya said it would focus on developing the “Prompt” insurance which was more convenient for insurance buyers rather than dumping prices to increase sales. The “Prompt” insurance has been sold thus far to personal accident and vehicle insurance buyers.