SCB Insurance Arm Targets 10 Billion Baht in Premiums by 2030

For foreign residents and long-stay property owners in Thailand, the way local banks sell insurance is quietly being reshaped. InsureX, the life and non-life brokerage held entirely by Siam Commercial Bank, has outlined a plan to reach one million customers and 10 billion baht in total premiums by 2030.

The headline numbers matter less than the model behind them. InsureX intends to move away from the conventional brokerage approach, where products are pushed transactionally across bank branches, toward what it describes as a protection advisory business. In practice, that means structured conversations about household risk, health cover, property and wealth transfer, rather than one-off policy sign-ups at the teller window.

The direction mirrors what private banks across the region have been building for higher-net-worth clients, and it lands at a moment when Thailand has a growing pool of foreign residents holding condominiums, leasehold villas and locally registered companies. These buyers typically need coordinated cover that traditional Thai retail insurance has not always supplied in English or in formats familiar to international clients.

For SCB, the rationale is commercial. Bancassurance fees are a defensive revenue line as net interest margins compress, and an advisory framework allows the bank to bundle insurance with mortgage, wealth and succession services already used by expatriate customers.

The practical signals to watch will be whether InsureX broadens its product shelf to include international health insurers, expands relationship-manager coverage in Bangkok, Phuket and Chiang Mai, and offers documentation in languages beyond Thai. If the 2030 target is to be met, scale will have to come partly from foreign-linked households, not just the domestic mass market.

The target also implies an average premium of around 10,000 baht per customer, consistent with mid-tier protection products rather than purely high-end policies.