The Thai Life Assurance Association (TLIA) is seeking more flexibility from the insurance regulator to sell health protection and critical illness (CI) riders, a segment that saw 10% sales growth in the first six months of 2020.
Mr Sara Lamsam, TLIA president, said double-digit growth in the category will likely continue and the sector must adapt to meet demand driven by health concerns in the age of the coronavirus, reported The Bangkok Post.
Former TLIA president Nussara Banyadpiyapod said the association had talked to the Office of Insurance Commission (OIC) about the possibility of allowing insurers to have more flexibility in sales.
This would include allowing them to sell stand-alone riders, resizing major life policies or defining the premium base on each individual risk profile, rather than the age range premium at present.
Life insurance firms are unable to sell health and CI protection as a stand-alone product and are required by the OIC to bundle such cover with a life insurance policy.