Thai insurance trends

The purpose of the report ─ Thailand General Insurance: Key Trends and Opportunities to 2023 ─ is to provide insurers with information on ‘segment dynamics and competitive advantages’, as well as profiles of insurers operating in Thailand. In addition, it includes details of insurance regulations and recent changes to regulatory structure.

Highlights of the report include: key insights and dynamics of the Thai general insurance industry; a comparison of Thai general insurance segments, along with premium trends and key profitability ratios; a comprehensive overview of the Thai economy, government initiatives, investment opportunities and enterprise structure; the evolution of Thai insurance’s regulatory framework, along with key facts, taxation regime, licensing and capital requirements; information on the Thai general insurance industry’s market structure, including details of retail and commercial lines of business; distribution channels deployed by the Thai general insurers; and details of mergers and acquisitions, and competitors’ profiles.

According to GlobalData, the value of Thailand’s general insurance business is likely to grow from US$7.7 billion in 2018 to $9.1 billion in 2023. Another key finding from the report is that insurers are employing technology for efficiency. Two key technology-based solutions with significant growth potential in the industry are telematics and usage-based insurance. “With regulatory support and innovation, insurtech in Thailand has grown steadily to assume a key role. Microinsurance policies, claims processing and customer relationship management are among the key focus areas,” said Tapas Bhowmik, Project Manager in GlobalData’s insurance division.