FWD and SCB add 2 years to Thailand bancassurance contract

The collaboration with SCB has the largest contribution to FWD Thailand’s business.

FWD Life Insurance and Siam Commercial Bank have agreed to extend their bancassurance contract for another two years.

Due to the high demand for insurance and protection products, the insurer and the bank continued their collaboration amidst the growing “affluent and digital” Thai population, according to a joing announcement.

FWD Thailand's value of new business surged to US$270m in 2022, growing at a compound annual rate of 67% since 2019.

FWD Thailand further shared that it has secured the top spot in the market in terms of new business sales through the bancassurance channel.

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Within half a year of the partnership's inception, FWD Thailand and SCB established the most prominent bancassurance franchise in Thailand, as per data from the Thai Life Assurance Association, ranked by gross written premiums.

End-2021, only 3.8% of Thai people have invested in life insurance. The market’s protection gap was at US$4.1b, cited FWD Thailand.

“There remains significant untapped potential within the Thailand life insurance market as the population remains substantially underinsured.” FWD Thailand said.