The Nation July 6, 2012 1:00 am
Yuttachai Teyarachakul, UOB (Thai)'s personal financial services executive director, said people aged over 60 made up 12 per cent of Thailand's 70-million population now, but the bank foresaw the proportion rising to 25 per cent in the near future. This rising proportion of older people will bring with it higher expenditure on heath care.
"We expect expenditure for health care will increase by four times in the next 10 years from the rising numbers of elderly people. Therefore, people are expected to seek health insurance to help ease their costs for the long term," he said.
Fees and premiums
Yuttachai said this presented an opportunity for the bank to bring in more bancassurance premiums and fee income.
UOB (Thai) yesterday joined with Bupa Health Insurance Thailand to promote health insurance to the bank's customers, especially those with medium to upper incomes, as this segment represents 10 per cent of its 600,000-customer base.
UOB expects 5-10 per cent of its customers in this segment to buy its health insurance, he said.
The bank also sells products of Prudential Life Assurance (Thailand). For life insurance, UOB expects first-year premiums of Bt1 billion this year, he said.
In the first half of this year, both life and non-life premiums hit the target thanks to growing domestic consumption.
Yuttachai said competition in the bancassurance business this year remained aggressive because each bank was attempting to promote insurance products to drive up fee incomes.
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