Thailand

Axco provides details on the life insurance sector including Thai market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Thailand, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Thailand's pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Thailand report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

Thailand is a middle-income country and one of the more developed economies in the region where growing wealth and an expanding middle class have supported life insurance premium growth. Penetration remains relatively high for the region at 3.63%, but considerably below the regulator's 6% target. The rate of growth, however, has slowed since 2014.

Life market premium in 2019 reported 2.7% contraction to THB 607.9bn ....

Thailand has a developing pensions market, but cover is incomplete and often inadequate, and reform is slow given rapid population ageing and a large, mainly uncovered, informal working population. A quarter of the population is forecast to reach 60 by 2030, with increasing life expectancy and falling birth rates posing a major challenge for policy makers.

Pillar I retirement benefits are paid by the social security system administered by the Social Security Office ....

Thailand established universal healthcare (UHC) from 2001 with the original "30 baht" health scheme becoming entirely free to users from 2006. UHC has yielded positive results across a range of health measures, although at a higher cost to the public purse, with its share of health financing increase to 76% of the total in 2017 from 63% in 2002.

Rising prosperity, an expanding middle class and a significant expatriate community have also provided a firm base ....