Thai general insurance to hit $9.1b in 2019

Gross written premiums reached a CAGR of 3.1% between 2014 and 2018.

Thailand’s general insurance sector is poised to hit $9.1b (THB285.5b) this year from $7.7b (THB247.6b) in 2018, according to a GlobalData report.

Gross written premiums achieved a compound annual growth rate (CAGR) of 3.1% between 2014 and 2018, with motor, property, and personal accident and health insurance comprising more than 90% share last year. Motor insurance held the largest at 55%.

However, profitability is under pressure in the motor insurance sector as loss ratio surged to 65.3% last year from 57.8% in 2014 due to market competition but operational losses may lessen pricing.

Against the threat of economic slowdown due to international trade conflicts and currency appreciation, insurers are turning into telematics and usage based insurance for efficiency. Bangkok Insurance was the first to launch telematics in 2015, while Claims Di has offered solutions in automatic claims processing.

Also Read

Philippine life insurance sector slated for 5.4% CAGR by 2028

Property insurance industry to exceed $152b by 2028

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit