Thailand Insurance Report Q3 2012
Business Monitor International, July 2012, Pages: 89
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.
The Thailand Insurance Report considers the prospects for both life and non-life insurers in the country.
BMI continues to rate Thailand as a medium-sized, but rapidly growing insurance market that is undergoing transition. Both segments are rising at double digit rates. In the life segment, the increase in business is coming – as far as we can see – from the wealthiest 24% of the population that already use life insurance. Over the last year or so, we have highlighted initiatives from the major companies such as: the development of new products; expanded agency networks; increases to agent productivity; bancassurance deals, and development of direct sales and other distribution channels. In short, life insurance is developing further as an already quite important conduit for those households who can afford it. The major life companies responded very well to the challenges posed by the floods in late 2011. They took a flexible approach with customers, whose ability to pay premiums was temporarily compromised by the disruption.
As of June 2012, it remains to be seen what the final impact on Thailand’s non-life segment of the damage from the floods will be. It is not yet clear what the effects will be of the new THB50bn catastrophe excess of loss fund that established by the government, which will have an impact on what large corporate customers are willing to pay. Our strong impression is that the Thai non-life companies do not have the pricing power to pass on in full the substantially higher reinsurance costs they are having to bear following various natural catastrophes (not just the floods) last year. As in the previous quarter, views among the world’s reinsurers about the opportunities in Thailand vary widely. Some reinsurers announced in early 2012 that they would cease to write business in the country. However, at least two North American companies are upbeat about the potential for reinsurers in Thailand.
For the Thai companies in the fragmented non-life segment, BMI believes an additional challenge in is the downward pressure on motor insurance premiums. This will be the result of improved information on particular drivers, vehicles and spare parts costs. If the experience of other countries is a guide, the insurers will have to reward safe drivers with lower premiums.
Over the last quarter, BMI has made the following changes:
- The report incorporates the latest results published by the main insurance companies. These details were typically released in March and May in relation to calendar 2011 and Q112 respectively.
- The analysis incorporates BMI’s latest forecasts for Thailand’s economy, including details in relation to auto sales and trends in the healthcare sector.
- We explain in greater detail the likely impact of the massive floods in and around Bangkok late last year.
Executive Summary 5
Table: Total Premiums, 2008-2016 5
Key Insights And Key Risks 5
SWOT Analysis 7
Thailand Insurance Industry SWOT 7
Thailand Political SWOT 8
Thailand Economic SWOT 9
Thailand Business Environment SWOT 10
Life Sector 11
Asia Pacific Life Sector Overview 11
Table: Asia Pacific Life Premiums, 2008-2016 (US$mn) 11
Thailand Life Sector Update 16
Life Industry Forecast Scenario 17
Table: Life Premiums, 2008-2016 17
Growth Drivers And Risk Management Projections 18
Population 18
Table: Insurance Key Drivers – Demographics, 2008-2016 19
Non-Life Sector 20
Asia Pacific Non-Life Sector Overview 20
Table: Asia Pacific Non-Life Premiums, 2008-2016 20
Thailand Non-Life Sector Update 22
Non-Life Industry Forecast Scenario 24
Table: Non-Life Premiums, 2008-2016 24
Growth Drivers And Risk Management Projections 25
Macroeconomic Outlook 25
Table: Thailand Economic Activity, 2011-2016 27
Political Stability Outlook 27
Table: Asia Pacific Security Ratings 29
Healthcare 30
Table: Various Healthcare Scheme in Thailand 32
Epidemiology 32
Table: Insurance Key Drivers – Disability-Adjusted Life Years, 2008-2016 34
Motor 35
Islamic Finance 36
Insurance Risk/Reward Ratings 37
Table: Thailand’s Insurance Risk/Reward Ratings 37
Table: Asia Pacific Insurance Risk/Reward Ratings 38
Competitive Landscape 39
Competitive Landscape Analysis 39
Major Players In Thailand’s Insurance Sector 42
Table: Ranking Of Life Companies By Gross Written Premiums, 8M10 43
Table: Rankings Of Non-Life Companies By Gross Written Premiums, 8M10 44
Company Profiles 47
Local Company Profiles 47
Dhipaya Insurance 47
Thai Life Insurance Company 48
Viriyah 49
Regional Company Profiles 50
Ageas 50
AEGON 52
AIA Group Limited 53
Allianz 55
Aviva 57
AXA 58
BNP Paribas Cardif 60
Chartis 61
HSBC Insurance 63
Liberty Mutual 65
Manulife 66
MetLife ALICO 67
Prudential Financial 70
Prudential plc 72
QBE 74
RSA 76
Sun Life Financial 77
The Principal Financial Group 78
Zurich Insurance Group 79
Demographic Outlook 81
Table: Population By Age Group, 1990-2020 (‘000) 82
Table: Population By Age Group, 1990-2020 (% of total) 83
Table: Key Population Ratios, 1990-2020 84
Table: Rural/Urban Population Split, 1990-2020 84
BMI Methodology 85
Insurance Risk/Reward Ratings 86
Table: Insurance Risk/Reward Indicators And Rationale 87
Table: Weighting Of Indicators 88
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW5
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
