Thailand Insurance Report Q2 2016

Date: March 23, 2016
Pages: 55
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: T6C15007B54EN

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Thailand Insurance Report Q2 2016
BMI View: We continue to see Thailand as a market that, in world terms, is medium-sized and quite rapidly growing. Over the coming years, the life sector will continue to expand as the leading, and strong, companies provide new products to existing clients. Higher volumes and prices in the motor vehicle insurance sub-sector should underpin a double digit expansion in non-life premiums.

Latest Updates And Forecasts
  • We have been surprised at the strength of growth in premiums that has been reported by the leading life insurance companies in relation to 2015 and note that our estimates for the year may be on the low side. The economic slowdown in Thailand has, apparently, had little impact on the business of the leading life insurance companies. Looking forward, though, we have revised our forecasts down slightly - in order to recognise a political and economic environment that is still difficult. We look for life premiums to rise by around 9% annually through much of the forecast period. Among wealthier Thai households, the general trend in disposable income will be upwards. The life insurers should be able to exploit this by making additional sales to existing clients.
  • A major change this quarter is that we are taking a much more sanguine view of sales of motor vehicles over the forecast period. We think that the number of vehicles in the national fleet will grow by around 9% annually through the forecast period, resulting in an corresponding expansion in volumes for the leading companies in the motor insurance sub-sector. Given that motor insurance should account for around 62% of all non-life premiums written in Thailand in 2016, this is important for the segment as a whole. We have also taken the view that the leading motor vehicle insurers will be able to achieve some increase in pricing as well. Consequently, we now envisage that non-life premiums will rise by around 11% annually.
BMI Industry View
  Table: Headline Insurance Forecasts (Thailand 2013-2020)
Industry Forecast
Life Premiums Forecast
  Table: Life Premiums (Thailand 2013-2020)
  Table: Life Insurance Claims (Thailand 2008-2015)
Non-Life Premiums Forecast
  Table: Non-Life Premiums (Thailand 2013-2020)
  Table: Non-Life Insurance Claims (Thailand 2009-2015)
Non-Life Sub-Sector Forecast
  Table: Non-Life Insurance Premiums by Product Line (Thailand 2013-2020)
Industry Risk Reward Ratings
Asia Pacific Industry Risk/Reward Index
  Table: Asia Pacific Insurance Risk/Reward Index Q216
Market Overview
Life Market Overview
The Product Offering
  Table: Life Premiums (USDmn), 2008-2014
The Competitive Landscape
  Table: Life Market Shares (%), 2008-2014
Non-Life Market Overview
The Product Offering
  Table: Non-Life Insurance Premiums (USDmn), 2007-2014
The Competitive Landscape
  Table: Non-Life Market Shares (%), 2008-2014
Company Profile
AIA Group
Muang Thai Life Assurance/Muang Thai Insurance
Prudential plc
Industry Forecast Methodology
Risk/Reward Index Methodology
  Table: Indicators
  Table: Weighting of Indicators
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