The Thai Life Assurance Association (TLAA) is optimistic that the economic recovery will boost the number of applicants for life insurance agent licences this year after a 10.4% decline in 2017.
Applicants for life insurance sales licences totalled 173,877 last year, down from 194,147 in 2016.
The TLAA said 122,499 applicants took examinations last year and 37.9% of them received licences.
In Bangkok, 25,549 applicants who took the exam passed, while another 20,844 in provincial areas passed.
"I expect the number of examination applicants will increase this year, based on the government's forecast that the country's economy will fare better and purchasing power will improve," said TLAA executive director Picha Siriyodhin. "Insurance companies are projected to become more aggressive."
Mr Picha did not provide a target number of agent licence applicants.
He said the high passing rate in the past and applicants' higher education could be another reason behind the lower number of applicants last year.
"In the past, some applicants took the examination five times to pass," Mr Picha said. "At present, they take the exam fewer times. That's why there are fewer applicants."
The association started collecting passing rate data last year, so he could not provide specific figures for previous years.
According to TLAA, applicants aged 20-30 were the largest group at last year's examinations, representing 21.3% of the total applicants, followed by those aged 31-40, accounting for 13.4%.
Applicants who graduated with a bachelor's degree made up 47% of the total applicants, but those with a master's degree aged 41-50 formed the largest portion of those who passed the exam.
"People who are entering this industry are well educated and better prepared for the exam," Mr Picha said. "This is a good sign, as those who purchase insurance are more likely to have agents who are well-prepared and educated."
Even though the number of applicants for the life insurance licence exam declined in 2017, business still grew at a robust pace with a 6.9% increase in renewal insurance premiums for the first 11 months. The insurance retention rate represents 84% of the rate in 2016.
