Thailand Insurance Report Q4 2014

Oct 1, 2014 - Business Monitor International - 74 pages - USD $1,295
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Strong growth has continued across the Thai insurance industry, with both the life and non-life sectors expanding by over 9% in 2013. 2014, however, is likely to see slower growth of approximately 4% in both markets. The non-life segment is underdeveloped, with per capita premiums unlikely to break USD100 in 2014, the majority of which is contributed by the automobile insurance line. Motor insurance remains our pick for strong growth, although health insurance is also set to grow at over 10% from 2014.

The life sector is far larger than non-life in Thailand, with premiums totalling USD13.7bn in 2013, compared with just USD6.5bn in non-life. Within this, a small number of firms dominate, with the top 5 enjoying over 70% of premiums, led by AIA, with a 26% share. Growth in the sector will continue at rates of around 10% year-on-year (y-o-y) throughout the forecast period to 2018, by which time premiums will total over USD20bn, although any sustained political unrest risks significantly hampering this growth performance.

Non-life insurance has enjoyed continued growth across most lines in recent years, but 2014 will bring the weakest performance for some time as the sector grows by just 3.9%. Much of this will be contributed by the motor insurance line, already responsible for the majority of non-life premiums. As the dominant car insurer, Viriyah's position as market leader will therefore be consolidated. Health insurance appears to be the most promising growth market, with current leader BUPA and smaller players like Cigna poised to benefit from this growth.

Key BMI Forecasts:
  • Total premiums to grow by just 4.4% to USD21.1bn in 2014.
  • Life premiums to reach USD14.4bn in 2014 with growth of 4.6%, to USD210 per capita.
  • Non-life premiums will continue to expand, but total only USD6.7bn in 2014.
  • Motor insurance to continue to dominate, taking USD4.1bn in 2014, 61% of the non-life market.
  • Growth prospects are good in health insurance which is...
The Thailand Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Thailand Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Thai insurance industry.

Key Benefits
  • Benchmark BMI's independent insurance industry forecasts for Thailand to test other views - a key input for successful budgeting and strategic business planning in Thailand's insurance market.
  • Target business opportunities and risks in Thailand through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
  • Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
Coverage

BMI Industry View

Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.

Industry SWOT Analysis

Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.

Regional Outlook

Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.

Business Environment Rankings

BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.

The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.

BMI Industry Forecasts

Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:

Premiums: Total (US$mn), growth (% y-o-y), penetration (% of GDP), density (US$ per capita) for Life and Non-Life sectors, and total premiums.

Life: Data on gross written premiums for all major non-life segments (e.g. motor, fire, work).

Non-life: Data on gross written premiums for all major life segments (e.g. life, retirement).

Economic: Nominal GDP (US$bn), real GDP growth (%), GDP per capita (US$), population (mn), unemployment (%), exchange rate (against US$).

Competitive Landscape & Rankings

Illustration of the insurance industry via rankings tables comparing gross written premiums by company (US$mn) and market share (%). This chapter also includes in-depth regional analysis of the market position, business strategies and investment potential of the leading insurance companies.

Company Profiles

Examines the competitive positioning and short- to medium-term business strategies of key industry players. Strategy is examined within the context of BMI's industry forecasts, our macroeconomic views and our understanding of the wider competitive landscape. The latest financial and operating statistics and key company developments are also incorporated within the company profiles, enabling a full evaluation of recent company performance and future growth prospects.


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About the Publisher
Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including Daily Alerts, monthly regional Insights, and in-depth quarterly Country Forecast Reports.