Thai Times

Covering the Thai Renaissance

FWD Group Expands Market Share in Thai Insurance Industry

FWD Life Insurance is making significant strides in the Thai insurance market, reporting a 20% average annual growth in new business over the past three years, outperforming the industry’s 8% growth rate. The company’s market share has increased from 14% in 2020 to 18%, ranking it second among Thai life insurers, and holds a 31% market share in bancassurance through a partnership with Siam Commercial Bank.
FWD Life Insurance, part of the FWD Group, is making significant strides in the Thai insurance market.

Founded in 2013 by Richard Li of Pacific Century Group, FWD Group acquired ING Group's insurance units in Hong Kong, Macau, and Thailand.

As the largest company within FWD Group, the Thai unit accounts for 35% of the group's total business, servicing 10 markets throughout Asia.

Under CEO David Korunic, FWD Life Insurance reported a 20% average annual growth in new business over the past three years, outperforming the Thai insurance industry's 8% growth rate.

The company's market share increased from 14% in 2020 to 18% today, ranking it second among Thai life insurers.

The company remains committed to customer-focused strategies, leveraging digital platforms to enhance customer experiences, and introducing innovative insurance products to meet evolving consumer needs.

FWD’s bancassurance partnership with Siam Commercial Bank (SCB) solidifies its top position in bancassurance with a 31% market share.

Despite economic uncertainties, FWD sees tremendous growth opportunities in Thailand’s low-penetration insurance market.
Newsletter

Related Articles

0:00
0:00
Close
Thailand's Tech Advances: Facial Recognition in Airports, Electric Pickup Launch, and Economic Ambitions Amid Global Shifts
Bangkok to Ban Large Polluting Trucks Amid Air Quality Concerns; Thailand's Major Economic and Tech Initiatives Unfold
From China's Space Triumph to US Election Worries: Global Updates on Innovation, Tradition, and Tourism
Canada's New Ambassador Commits to ASEAN-FTA Support
Thailand Poised for Economic Gains Amid US-China Trade Tensions
Optimistic Outlook for Thai Economy Despite Challenges
Thailand's Cloud-First Policy with Huawei Cloud Stack
RIDDARA Launches Thailand's First All-Electric Pickup Truck
Thai Airports to Implement Biometric Technology
SEC Issues Laundering Alert Amid iCon Group Probe
Thai Premier Proposes Legal Reforms to Boost Trade
Equinix Commits B16 Billion to Thai Data Centres
Central Pattana Unveils 700 Million Baht Campaign to Boost Thai Tourism
Starbucks Thailand Expands Amidst Growing Coffee Market
Deported South Korean Arrested for Illegal Entry in Pattaya
Bangkok to Implement Temporary Ban on Polluting Trucks in Nine Districts
Phuket Tourism to Surpass Pre-Pandemic Revenue in 2024
ASEAN Nations Launch 'CLEAR SKY Strategy' to Combat Haze Pollution
Bangkok Post CEO of the Year 2024: Celebrating Trailblazers in Business
Revival of Traditional Japanese Alcohol Doburoku
Thailand's Exports Poised for Record High Amid Global Recovery, Bitcoin Surpasses $71,000, and Southeast Asia Eyes Unified Visa Zone: Key Highlights
Concerns Over U.S. Democracy's Future Amid Election Anxiety
China's Shenzhou-19 Mission Launches to Tiangong Space Station
India Reports Significant Losses from Cyber Scams Operated from Laos, Myanmar, and Cambodia
Proposed Southeast Asian Shared Visa Zone Could Boost Vietnam's Tourism
Massive Fraud Case, Eye Care Triumphs, and Eco-Friendly Innovations: Key Developments in Thailand
EU Launches EU-ASEAN Green Diplomacy Weeks 2024 with Jakarta Run Event
Thailand's Winter Cooldown: Embracing Technology in Agriculture, Aviation, and Airport Innovation
Apple Launches AI Features on Select iPhones
Thailand's Exports Set to Reach Record $290 Billion in 2024
Trang Tourism Unaffected by Previous Airfare Concerns
Bangchak Partners with CPF to Produce Sustainable Aviation Fuel
Gogolook and VML Launch 'Scammer Pages' Directory
Bangkok Bank Consortium Seeks Virtual Bank Licence
Bitcoin Surpasses $71,000 Amid U.S. Election Speculation
Thai Ophthalmologist Uraiwan Tinnungwattana Awarded Henry Davison Award
Police Forward iCon Group Fraud Case to DSI
Facial Recognition to Streamline Boarding in Six Thai Airports
CEO of the Year 2024 Awards: Celebrating Transformative Leadership
Thailand's Transport Ministry Endorses Six New Airport Projects
Thailand Targets One Million Flights with Suvarnabhumi's Third Runway
Government to Review Drone Regulations in Agriculture
Thailand's Winter Season Begins
Thailand Targets Pyramid Schemes, Proposes New Airports, and Celebrates Halloween with a Charitable Twist
Thale Noi Shines in Sustainable Tourism as Thailand Eyes Economic and Global Engagement Goals
Global Electric Vehicle Count Projected to Reach 85 Million by 2025
Putahracsa Hua Hin Hotel Terminates Manager Over Customer Interaction
Francesco Bagnaia Triumphs at Rain-Soaked Thai MotoGP
Thai Red Cross Celebrates Halloween with Blood Donation Drive
Thailand's Transport Ministry Advocates for Six New Airports
×