Consumer awareness of health insurance has improved, but purchasing power has been pressured by higher living costs, rising oil prices and global economic volatility, says Muang Thai Life chief executive Sara Lamsam.
Muang Thai Life Assurance (MTL), a leading Thai life insurer, is bullish about its performance in the second quarter after steady premium renewals and sound demand for health protection products pushed the company's total premiums to grow 6% year-on-year over the first four months.Chief executive Sara Lamsam said renewal premiums continued to record positive momentum during January-April despite mounting economic uncertainty and inflationary pressures.
However, new business premiums could contract slightly this year due to an exceptionally high comparison base in 2025, particularly from strong sales of health insurance products with co-payment features, said Mr Sara.
"Consumer awareness of health insurance has improved significantly, but purchasing power has been pressured by higher living costs, rising oil prices and global economic volatility," he said.
"Even though we still see improving growth prospects, management must monitor the business on a monthly basis because of heightened sensitivity to external factors."
