Thailand Life Insurance Market Size, Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2026
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Thailand Life Insurance Market Report Overview
The gross written premium of the Thailand life insurance market was THB632.1 billion ($20 billion) in 2022 and is expected to achieve a CAGR of more than 4% during 2021-2026. The Thailand life insurance market research report provides in-depth market analysis, information, insights, and a detailed outlook by product category for Thailand’s life insurance segment. It also provides values for key performance indicators such as gross written premium, penetration, and premium ceded & cession rates during the review period and forecast period.
Thailand Life Insurance Market Outlook, 2022-2026 (THB Billion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Thailand’s economy and demographics, and provides detailed information on the competitive landscape in the country. It 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 (2022)
|THB632.1 billion ($20 billion)
|Key Lines of Business
|· Whole Life
· Suplementary or Riders
· Life PA&H
· Universal Life
· Other Life Insurance
|Key Distribution Channel
· Direct Marketing
· Insurance Brokers
|· American International Assurance – Thailand (AIA)
· Thai Life Insurance (TLI)
· FWD Life Insurance ( Thailand)
· Muang Thai Life Assurance (MTL)
· Krungthai AXA Life Insurance
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Thailand Life Insurance Market Trends
Mental health insurance, inclusive insurance, telemedicine, healthcare for the elderly, and inflation are some of the key trends impacting the Thailand life insurance market.
In Thailand, treatment for mental health conditions is not usually covered by standard insurance policies. However, many employers are seeking to add mental health coverage as a part of their group medical insurance policy.
In 2022, FWD Life Insurance of Thailand launched a mental health protection plan named Mind Strength that covers preventive mental health care, treatment for psychiatric illnesses, and psychological counseling. Customers need to purchase the Mind Strength plan, along with FWD Precious Care as the base health insurance policy.
Thailand Life Insurance Market Segmentation by Lines of Business
The key lines of business in the thailand life insurance industry are whole life, suplementary or riders, endowment, pension, life pa&h, universal life, and other life insurance. Whole life is the leading life insurance line of business.
Thailand Life 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 agencies, direct marketing, bancasurance, and insurance brokers. Bancassurance was the leading distribution channel in Thailand for new business life insurance products in 2021.
Thailand Life Insurance Market Analysis by Distribution Channel, 2021 (%)
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Thailand Life Insurance Market - Competitive Landscape
Some of the leading life insurance companies in the Thailand are American International Assurance, Thailand (AIA), Thai Life Insurance (TLI), FWD Life Insurance ( Thailand), Muang Thai Life Assurance (MTL), and Krungthai AXA Life Insurance. American International Assurance – Thailand (AIA Thailand) is the market leader in the life insurance segment in 2021 with a share of more than 25%. This is followed by Thai Life Insurance and FWD Life Insurance (Thailand)
Thailand Life Insurance Market Analysis by Companies, 2021 (%)
To know more about the leading life insurance companies in the Thailand, download a free report sample
Segments Covered in the Report
Thailand Life Insurance Lines of Business Outlook (Value, THB Billion, 2017-2026)
- Whole Life
- Suplementary or Riders
- Life PA&H
- Universal Life
- Other Life Insurance
Thailand Life Insurance Distribution Channel Outlook (Value, THB Billion, 2017-2026)
- Direct Marketing
- Insurance Brokers
This report provides a comprehensive analysis of the life insurance sector in Thailand –
• It provides historical values for Thailand’s life insurance segment for the report’s 2017-21 review period, and projected figures for the 2021-26 forecast period.
• It profiles the top life insurance companies in Thailand and outlines the key regulations affecting them.
- Key insights and dynamics of the Thailand’s life insurance sector.
- 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 life insurance industry’s market structure gives details of lines of business.
- Thailand’s life insurance reinsurance business’s market structure gives details of premium ceded along with cession rates.
- Distribution channels deployed by Thailand’s life 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 life insurance sector.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Thailand life insurance sector.
- Assess the competitive dynamics in the life insurance sector.
- Identify growth opportunities and market dynamics in key product categories.
Thai Life Insurance
FWD Life Insurance (Thailand)
Muang Thai Life Insurance
Krungthai Axa Life Insurance
Bangkok Life Insurance
Prudential Life Assurance (Thailand)
Ocean Life Insurance
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. Whole Life
- 6.2. Universal Life
- 6.3. Endowment
- 6.4. Pension
- 6.5. Supplementary or Riders
- 6.6. Other Life
- 6.7. Life Personal Accident and Health
- 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
What was the Thailand life insurance market gross written premium in 2022?
The gross written premium of the Thailand life insurance market was THB632.1 billion ($20 billion) in 2022.
What is the growth rate of the Thailand life insurance market?
The life insurance market in the Thailand is expected to achieve a CAGR of more than 4% during 2021-2026.
Which line of business holds the largest share of the Thailand life insurance market?
Whole Life is the leading life insurance line of business in the Thailand life insurance market.
Which distribution channel holds the highest share in the Thailand life insurance market?
Bancasurance was the leading channel in the Thailand life insurance industry in 2021.
Which are the key companies operating in the Thailand life insurance industry?
Some of the leading life insurance companies in the Thailand are American International Assurance, Thailand (AIA), Thai Life Insurance (TLI), FWD Life Insurance ( Thailand), Muang Thai Life Assurance (MTL), and Krungthai AXA Life Insurance.
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