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Thailand Insurance Report Q4 2010
Business Monitor International, Sep 2010, Pages: 78
The Thailand Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Thailand's insurance industry.
Writing in August 2010, we have been able to include final data for 2009 and to amend projections for the current year in order to take into account results for H110 that have actually been released by major crossborder insurers in the Asia-Pacific. Total insurance premiums in Thailand in 2009 amounted to THB333.35bn. This included non-life premiums of THB110.04bn and life premiums of THB223.31bn. In 2014, the corresponding figures should be THB435.69bn, THB161.98bn and THB273.27bn. In terms of the key drivers that underpin our forecasts, we are looking for non-life penetration to rise from 1.19% of GDP in 2009 to 1.30% in 2014. We envisage that life density will rise from US$101 per capita in 2009 to US$147 in 2014. BMI’s proprietary Insurance Business Environment Rating for Thailand is 57.4 out of 100.
As was the case in previous quarters, we provide a ranking of the major players in each of the two main segments, as they are seen by the organisation providing the data (which, in practice, is usually the regulator or the trade association). In Thailand, for instance, the three largest non-life companies in H109, in terms of gross written premiums, were Viriyah Insurance, Dhipaya Insurance and Bangkok Insurance, whose market shares were 15.1%, 7.4% and 6.5% respectively. In the life segment, the leaders in H109 were AIA, Thai Life and Muang Thai Life, whose market shares were 33.6%, 13.8% and 9.0% respectively. Over time, we hope to derive insights from observing how market shares change. We emphasise though, that a decline in share of gross written premiums is not automatically a bad thing and is often the result of a deliberate corporate decision to focus on more profitable business lines. In this report, we also provide a breakdown of the insurance sector by line – from the point of view of the regulator or the trade association. In Thailand the largest non-life lines in 2008 were motor CASCO, compulsory motor third party liability (CMTPL) and personal accident insurance. These accounted for 49.6%, 10.3% and 9.1% respectively of total non-life premiums. Looking ahead, we should be able to use this information to bring greater sophistication to our forecasting process.
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