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United Kingdom

Life Report

Product Insurance Market Reports Life Rev United Kingdom

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Thailand's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Thailand's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Thailand

The Thailand life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Thailand.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Thailand and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Thailand’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Thailand is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in Thailand; as well as the legislation necessary to know regarding Thailand’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Thailand with local life insurance company premiums, market share and year on year growth.

Life Insurance

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.

Healthcare

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.

Pensions

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

Social Security

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 Life and Benefits Report Extract

Below are brief extracts of information from the Thailand Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

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 ....

Pensions

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 ....

Healthcare

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 ....

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