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Thailand

Thailand

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Thailand Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Thailand includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Thailand can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Employee Benefits Reports Global Statistics Regulatory Alerts Market Profiles Insight Compliance Insight EB Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
Total GWP (USD)
Insurance Penetration (%)
THB
Bangkok
GMT +7
69.41 mn
3.71
1.03%
27,324.50
5.41

Thailand has been a constitutional monarchy since 1932. The king is the ceremonial head of state with executive power vested in the prime minister and the cabinet. It has been an independent kingdom since the 13th century. Thailand's economy was traditionally based on agricultural exports but in recent decades has been transformed into one of the most diverse in south-east Asia. Key drivers are the industrial and services sectors. 

Thailand has little exposure to natural perils other than flood, which occurs every year, and tsunami

Non-life gross premium income for 2018 was THB 231.99bn, including personal accident and healthcare business (which is also written in the life sector) and local facultative reinsurance. This was an increase of 5.65% compared to 2017. Motor was the largest class of business, accounting for 58.7% of the total non-life account, with PA/healthcare second at 17.6%.

The non-life insurance sector in Thailand is crowded, in 2017 there were 58 companies writing non-life business,

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