The Thai life insurance market is seeing significant shifts, with gross annual premiums reaching USD 20 billion. Four key players - AIA, FWD, Thai Life, and Muang Thai Life - hold a collective 65% market share, creating a strong industry presence.

While agency distribution channels continue to dominate with 50% of premiums, bancassurance is catching up, contributing 40%. Interestingly, new business premiums from brokers and bancassurance are growing rapidly, signalling a shift as the agency workforce declines.

Banks are increasingly focusing on selling single premium products to cater to a more sophisticated clientele, while endowment plans still dominate the product landscape, making up 40% of sales. However, pure protection term policies represent less than 1%, highlighting a society that remains significantly under-protected.

Health and critical illness riders contribute a strong 20% of the total business, while group policies account for 15%, with more than half of these tied to credit life (mainly mortgage protection).

In a notable shift, whole-life protection plans have surged by 50%, while endowment products have declined. With the demand for whole-life protection growing, how can insurers navigate this shift to protect the under-insured segment? Could banks play a pivotal role in increasing penetration?