Thailand General Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2026

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Thailand General Insurance Market Overview

The gross return premium of the Thailand general insurance market was THB287.3 billion ($9.1 billion) in 2022 and is expected to achieve a CAGR of more than 5% during 2021-2026. The Thailand general insurance market research report provides in-depth market analysis, information, and insights into the Thailand’s general insurance sector.

Thailand General Insurance Market Outlook, 2022-2026 (THB Billion)

Thailand General Insurance Market Outlook, 2022-2026 (THB Billion)

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The report provides a detailed outlook by product category for the Thailand’s General insurance sector. It provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period (2017-21) and forecast period (2021-26). The report also analyzes distribution channels operating in the sector, gives a comprehensive overview of Thailand’s economy and demographics, and provides detailed information on the competitive landscape in the country.

Market Size (2022) THB287.3 billion ($9.1 billion)
CAGR >5%
Forecast Period 2021-2026
Key Lines of Business ·       Property

·       Motor

·       Liability

·       Miscellaneous

·       MAT

·       Non-Life PA&H

Key Distribution Channel ·       Insurance Brokers

·       Direct Marketing

·       Bancassurance

·       Agencies

·       E-Commerce

·       Other Distribution Channels

Leading Companies ·       Viriyah Insurance

·       Bangkok Insurance

·       Tokio Marine Safety Insurance

·       Muang Thai Insurance

·       Syn Mun Kong Insurance

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Thailand General Insurance Market Trends

Embedded insurance, inflation, ESG and insurance for COVID-19 vaccine side effects, are some of the key trends driving the Thailand GI market.

Non-insurance and other non-financial companies, especially in retail, telecommunication, and e-commerce sectors, are embedding insurance into the suite of their existing services. Along with the non-financial services and products, these companies are selling customized and instant insurance at their points of sale, making the traditional insurance companies risk losing their customers and revenues.

Thailand General Insurance Market Segmentation by Lines of Business

The key lines of business in the Thailand general insurance market are property, motor, liability, miscellaneous, MAT, and non-life PA&H. In 2021, motor segment held the highest share.

Thailand General Insurance Market Analysis by Lines of Business, 2021 (%)

Thailand General Insurance Market Analysis by Lines of Business, 2021 (%)

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Thailand Life Insurance Market Segmentation by Distribution Channel

The key distribution channels in the Thailand life insurance industry are insurance brokers, direct marketing, bancassurance, agencies, e-commerce, and other distribution channels. Insurance brokers are the most popular distribution channel, with a share of more than 72% in terms of DWP in 2021 for bringing in new business in general insurance.

Thailand Life Insurance Market Analysis by Distribution Channel, 2021 (%)

Thailand Life Insurance Market Analysis by Distribution Channel, 2021 (%)

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Thailand General Insurance Market - Competitive Landscape

Some of the leading general insurance companies in Thailand are Viriyah Insurance, Bangkok Insurance, Tokio Marine Safety Insurance, Muang Thai Insurance, and Syn Mun Kong Insurance, and Others. In 2021, Viriyah Insurance was the leading insurer.

Thailand General Insurance Market Analysis by Companies, 2021 (%)

Thailand General Insurance Market Analysis by Companies, 2021 (%)

To know more about the leading companies in the Thailand general insurance market, download a free report sample

Segments Covered in the Report

Thailand General Insurance Market Lines of Business Outlook (Value, THB Billion, 2017-2026)

  • Property
  • Motor
  • Liability
  • Miscellaneous
  • MAT
  • Non-Life PA&H
  • Thailand

 General Insurance Market Distribution Channel Outlook (Value, THB Billion, 2017-2026)

  • Insurance Brokers
  • Direct Marketing
  • Bancassurance
  • Agencies
  • E-Commerce
  • Other Distribution Channels

Scope

This report provides a comprehensive analysis of the general insurance sector in Thailand –

  • It provides historical values for the Thailand’s general insurance sector for the report’s 2017-21 review period, and projected figures for the 2021-26 forecast period.
  • It profiles the top general insurance companies in Thailand and outlines the key regulations affecting them.

Key Highlights

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

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

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

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

• The Thailand’s general insurance reinsurance business’s 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 historic and forecast market data related to the Thailand’s general insurance sector.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Thailand’s general insurance sector.
  • Assess the competitive dynamics in the general insurance sector.
  • Identify growth opportunities and market dynamics in key product categories.

Viriyah Insurance
Bangkok Insurance
Tokio Marine Safety Insurance (Thailand)
Muang Thai Insurance
Syn Mun Kong Insurance
Generali Insurance (Thailand)
LMG Insurance
Thanachart Insurance
Discovery Insure Limited

Table of Contents

  • 1. Executive Summary
  • 2. Economy Overview
  • 3. Regulatory and Compliance
  • 4. Key Market Trends
  • 5. Summary Trends and KPIs
  • 6. Key Trends by Line of Business

    • 6.1. Property Insurance
    • 6.2. Motor Insurance
    • 6.3. Liability Insurance
    • 6.4. Marine, Aviation, and Transit Insurance
    • 6.5. Personal Accident and Health Insurance
    • 6.6. Miscellaneous Insurance

  • 7. Distribution Channels
  • 8. Competitive Landscape
  • 9. Competitor Profiles
  • 10. Reinsurance

    • 10.1. Regulatory and Compliance
    • 10.2. Competitor Profiles

  • 11. Appendix

Frequently asked questions

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