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Thailand Insurance Report Q4 2010

Description:
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.
 
Contents:
Executive Summary

Table: Overview Of Thailand’s Insurance Sector
Key Insights on Thailand’s Insurance Sector

SWOT Analysis

Thailand Insurance Industry SWOT
Thailand Political SWOT
Thailand Economic SWOT
Thailand Business Environment SWOT

MetLife’s Acquisition Of ALICO

Table: ALICO At A Glance
Table: ALICO’s Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%)
Table: ALICO – A Market Leader In Japan
Table: MetLife’s Acquisition Of ALICO
Table: MetLife And ALICO Combined

Asia Pacific Overview

Table: Asia Pacific Non-Life Markets At A Glance, 2008-2010
Table: Asia Pacific Life Markets At A Glance, 2008-2010

Projections and Forecasts

Table: Insurance Premiums, 2007-2014
Projections and Drivers of Growth
Table: Growth Drivers, 2007-2014
Country Update
Economic Outlook
Thailand – Economic Activity
Domestic Politics
Long-Term Political Outlook

Insurance Business Environment Rating

Table: Thailand’s Insurance Business Environment Indicators
Table: Asia Pacific Insurance Business Environment Ratings

Regional Context

Table: Non-Life Premiums In A Regional Context, 2009
Table: Life Premiums In A Regional Context, 2009
Major Players in Thailand’s Insurance Sector
Table: Principal Insurance Lines By Gross Written Premiums, H109
Table: Non-Life – Insurance Companies By Gross Written Premiums, 2008
Table: Life – Insurance Companies By Gross Written Premiums, H109
Analysis of Regional Competitive Conditions

Local Company Profiles

Dhipaya Insurance
Thai Life Insurance Company
Viriyah

Regional Company Profiles

AEGON
Allianz
Aviva
AXA
Cardif
Fortis
Generali
Groupama
HDI-Gerling
HSBC Insurance
ING Group
Liberty Mutual
Manulife
MetLife
Prudential Financial
Prudential Plc
QBE
RSA
Sun Life Financial
The Principal
Zurich Financial Services

Country Snapshot: Thailand Demographic Data

Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education And Healthcare
Table: Education, 2002-2005
Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2001-2006
Table: Consumer Expenditure, 2000-2012 (US$)
Table: Average Annual Non-Agricultural Wages, 2001-2012

BMI Methodology

Insurance Business Environment Ratings
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
 
Companies Mentioned
- AEGON
- Allianz
- Aviva
- AXA
- Cardif
- Fortis
- Generali
- Groupama
- HDI-Gerling
- HSBC Insurance
- ING Group
- Liberty Mutual
- Manulife
- MetLife
- Prudential Financial
- Prudential Plc
- QBE
- RSA
- Sun Life Financial
- The Principal
- Zurich Financial Services
 
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