Thailand General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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Published: September 04, 2024 Report Code: GDIS2902MR-ST

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Thailand General Insurance Market Overview

The gross written premium (GWP) of the Thailand general insurance market was THB298.5 billion ($8.6 billion) in 2023. The market is expected to achieve a CAGR of more than 4% during 2024-2028. The Thailand general insurance market research report provides in-depth market analysis, information, and insights into Thailand’s general insurance segment. It also provides values for key performance indicators such as gross written premium, loss ratio, retail, and commercial split, premium by line of business, and reinsurance premiums during the review period and forecast period.

Thailand General Insurance Market Outlook, 2023-2028 (THB Billion)

Thailand General Insurance Market Outlook, 2023-2028 (THB Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Thai economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) THB298.5 billion ($8.6 billion)
CAGR (2024-2028) >4%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·       Property

·       Motor

·       Liability

·       MAT

·       General Insurance PA&H
Distribution Channels ·       Insurance Brokers

·       Direct Marketing

·       Bancassurance

·       Agencies
Leading Companies ·       The Viriyah Insurance

·       Dhipaya Insurance

·       Bangkok Insurance

·       Safety Insurance

·       Muang Thai Insurance
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Thailand General Insurance Market Trends

Environmental, social, and governance (ESG); electric vehicles (EV); and ride-hailing service insurance are a few of the key trends driving the Thai general insurance market.

Environmental, social, and governance (ESG): The government of Thailand has set ambitious targets to significantly reduce greenhouse gas (GHG) emissions by 2030, to achieve carbon neutrality by 2050 and net-zero GHG emissions by 2065, in accordance with its commitment to the Paris Agreement.

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Thailand General Insurance Market Segmentation by Lines of Business

The key lines of business in the Thai general insurance market are property, motor, liability, MAT, general insurance PA&H, and others. In 2023, motor insurance was the leading LoB in the Thai general insurance sector. A surge in EV sales will bolster the sector’s growth in 2024. Regulatory advancements favoring EV insurance are also poised to underpin the growth of motor insurance.

Thailand General Insurance Market Analysis by Lines of Business, 2023 (%)

Thailand General Insurance Market Analysis by Lines of Business, 2023 (%)

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Thailand General Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Thai general insurance industry are insurance brokers, direct marketing, bancassurance, and agencies among others. As of 2023, insurance brokers were Thailand’s leading general insurance distribution channel.

Thailand General Insurance Market Analysis by Distribution Channels, 2023 (%)

Thailand General Insurance Market Analysis by Distribution Channels, 2023 (%)

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Thailand General Insurance Market - Competitive Landscape

A few of the leading general insurance companies in Thailand are:

  • The Viriyah Insurance
  • Dhipaya Insurance
  • Bangkok Insurance
  • Safety Insurance
  • Muang Thai Insurance

In 2023, Viriyah Insurance accounted for the highest share of the Thai general insurance market.

Thailand General Insurance Market Analysis by Companies, 2022 (%)

Thailand General Insurance Market Analysis by Companies, 2022 (%)

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Thailand General Insurance Market - Latest Developments

  • In March 2024, the Department of Climate Change and Environment (DCCE) under Thailand’s Ministry of Natural Resources and Environment issued a climate change bill draft that outlines the establishment of a central database for greenhouse gases (GHG) emissions resulting in the creation of GHG inventory, private sector reporting requirements, implementation of economic instruments such as a domestic emissions trading system (ETS), carbon tax, and carbon credits.
  • In June 2024, the vehicle codes and insurance premium rates for electric vehicles (EVs) under the Motor Vehicle Accident Victims Protection Act were implemented. This regulation aims to standardize the system for determining vehicle codes and insurance premium rates for EVs, thereby simplifying data collection and storage.

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Segments Covered in the Report

Thailand General Insurance Market Lines of Business Outlook (Value, THB Billion, 2019-2028)

  • Property
  • Motor
  • Liability
  • MAT
  • General Insurance PA&H

Thailand General Insurance Market Distribution Channel Outlook (Value, THB Billion, 2019-2028)

  • Insurance Brokers
  • Direct Marketing
  • Bancassurance
  • Agencies

Scope

This report provides:

  • A comprehensive analysis of the general insurance segment in Thailand.

  • Historical values for the Thailand general insurance segment for the report’s review period and projected figures for the forecast period.

  • Profiles of the top general insurance companies in Thailand and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Thailand’s general insurance segment.

  • A comprehensive overview of Thailand’s economy, government initiatives, and investment opportunities.

  • Thailand’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

  • Thailand’s general insurance industry’s market structure giving details of lines of business.

  • Thailand’s general reinsurance business market structure giving details of premium ceded along with cession rates.

  • Distribution channels deployed by Thailand’s general insurers.

  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Thailand’s general insurance segment.

  • Understand the demand-side dynamics, key market trends, and growth opportunities in Thailand’s general insurance segment.

  • Assess the competitive dynamics in the general insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

The Viriyah Insurance
Dhipaya Insurance
Bangkok Insurance
Safety Insurance
Muang Thai Insurance
Chubb Samaggi Insurance
Thanachart Insurance
Generali Insurance (Thailand)
LMG Insurance
Thai Vivat Insurance
Allianz Insurance
Syn Mun Kong Insurance
Mitsui Sumitomo Insurance
The Deves Insurance
ERGO Insurance (Thailand)
AXA Insurance
Krungthai Panich Insurance
Road Accident Victims Protection
MSIG Insurance (Thailand)
Sompo Japan Insurance (Thailand)

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channels

Competitive Landscape

Deals and Jobs

Company Profiles

Reinsurance

Appendix

Frequently asked questions

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