Post by account_disabled on Dec 27, 2023 9:21:21 GMT
EIC analyzed data from the latest Household Socio-Economic Survey (SES) in the first half of 2019, conducted by the National Statistical Office. Found interesting information about the life insurance purchasing behavior of Thai people as follows. Currently, Thai people who purchase life insurance are still in the minority. From data from the first half of 2019, Thai households that have expenses to pay life insurance premiums It accounted for only 8.9% of the total number of households. which is considered a small part In particular, households with an average income of less than 15,000 baht per month and 15,000 baht - 30,000 baht per month have proportions lower than the average at 4.8% and 8.2%, respectively. The proportion of households that have life insurance expenses will be higher. according to income range From savings and opportunities from using tax benefits from purchasing more life insurance. As a result, the proportion of high-income households with life insurance expenses is comparatively higher. by the group of households with incomes in the range of 3 - 50,000 baht and more than 50,000 baht per month.
The proportion of having life insurance is 10.2% and 20.3% respectively. The median value of insurance premiums paid per year of Thai households is approximately 5 thousand baht per year, with the value of the insurance premiums paid increasing. It also depends on household income. Characteristics and behavior of Thai households affect the purchase of life insurance. It was found that if the household has one of the following characteristics: 1. Has its own house (both with and without debt) 2. There are members who have a bachelor's degree or higher. Households with 3. having marital status or WhatsApp Number List having children are significantly more likely to have life insurance than households without such characteristics. (Analysed by controlling income factors Average age of employed household members and the region in which the household resides), which is consistent with consumption behavior according to the life cycle. Part of the result may come from purchasing life insurance along with applying for a home loan for better interest rate conditions. However, if a household has more than one characteristic, there will be a higher tendency to purchase life insurance. In addition, it was found that having private health insurance is another significant indicator. Households with health insurance usually have life insurance as well. This may reflect the risk prevention behavior of households that tend to purchase both types of insurance together.
the nature of purchasing life insurance products that include health coverage as well. The trend of purchasing life insurance among Thai people still has market opportunities for both potential and need groups. The proportion of Thai households with life insurance expenses is only 8.9%, reflecting that there are still more than 9 out of 10 households that have not purchased. Even those with characteristics indicating a high purchasing tendency still have a proportion of life insurance expenses. less than half The group of households has a bachelor's degree or higher, is married, has children, and owns a home. There is a proportion that has life insurance expenses of only 2.0 out of 850,000 households, or 24.1%. In addition, when considering the need to have life insurance to protect against losses that may occur to working people in the family. By measuring the ratio of the number of household members without work to the number of working people, or dependency ratio, it will be found that as many as 6.8 million Thai households are households in which working people must take care of one or more people who are not working. (dependency ratio greater than or equal to 1), which reflects the need for life insurance to protect against risk. However, among households considered to have this need, there are 6.1 million households, or 89.9%, that do not have life insurance. This is mostly caused by not having enough income left after deducting expenses and repaying debts. This group of households has 4.8 out of 6.1 million households, or 78.0%, who have insufficient income to pay.
The proportion of having life insurance is 10.2% and 20.3% respectively. The median value of insurance premiums paid per year of Thai households is approximately 5 thousand baht per year, with the value of the insurance premiums paid increasing. It also depends on household income. Characteristics and behavior of Thai households affect the purchase of life insurance. It was found that if the household has one of the following characteristics: 1. Has its own house (both with and without debt) 2. There are members who have a bachelor's degree or higher. Households with 3. having marital status or WhatsApp Number List having children are significantly more likely to have life insurance than households without such characteristics. (Analysed by controlling income factors Average age of employed household members and the region in which the household resides), which is consistent with consumption behavior according to the life cycle. Part of the result may come from purchasing life insurance along with applying for a home loan for better interest rate conditions. However, if a household has more than one characteristic, there will be a higher tendency to purchase life insurance. In addition, it was found that having private health insurance is another significant indicator. Households with health insurance usually have life insurance as well. This may reflect the risk prevention behavior of households that tend to purchase both types of insurance together.
the nature of purchasing life insurance products that include health coverage as well. The trend of purchasing life insurance among Thai people still has market opportunities for both potential and need groups. The proportion of Thai households with life insurance expenses is only 8.9%, reflecting that there are still more than 9 out of 10 households that have not purchased. Even those with characteristics indicating a high purchasing tendency still have a proportion of life insurance expenses. less than half The group of households has a bachelor's degree or higher, is married, has children, and owns a home. There is a proportion that has life insurance expenses of only 2.0 out of 850,000 households, or 24.1%. In addition, when considering the need to have life insurance to protect against losses that may occur to working people in the family. By measuring the ratio of the number of household members without work to the number of working people, or dependency ratio, it will be found that as many as 6.8 million Thai households are households in which working people must take care of one or more people who are not working. (dependency ratio greater than or equal to 1), which reflects the need for life insurance to protect against risk. However, among households considered to have this need, there are 6.1 million households, or 89.9%, that do not have life insurance. This is mostly caused by not having enough income left after deducting expenses and repaying debts. This group of households has 4.8 out of 6.1 million households, or 78.0%, who have insufficient income to pay.