Thailand Insurance Report Q1 2015

Nov 13, 2014 - Business Monitor International - 77 pages - USD $1,295
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Thailand's insurance industry is forecast to show good growth between 2015-2018 having struggled in 2014, faced with a military coup in May and a weakening currency. Total premiums grew by only 1% in 2014. Nevertheless, we expect growth to continue where it left off in 2013. This is reflected in our forecast for annual average growth between 2015-2018 of 11.7% in Life and 14.9% in non-life. Life will, unusually, continue to be the more dominant line of business representing 68% of total premium. Within non-life, motor insurance represents 60% of the premium and will increase to 63.8% by 2018.

The life sector is far larger than non-life in Thailand, with premiums totalling USD14.6bn in 2014, compared with just USD6.9bn in non-life. Within life, a small number of firms dominate, with the top 5 enjoying over 70% of premiums, led by AIA, with a 26% share. Following a poor 2014, we anticipate a return to strong growth levels previously exhibited; 2015 to 2018 will see annual growth remain above 10% as premiums rise to USD22.8bn by the end of this period, equivalent to over USD335 per capita.

2014 was a similarly poor year for non-life performance, with gross premium growth of just 3.4%. Like the life sector, however, an emphatic return is expected from 2015, with an annual average growth of 14.9% expected between 2015 and 2018. With premiums rising to a total of USD12.1bn by the end of the period, much of this increase will be driven by the dominant motor insurance line which will continue to account for over 60% of gross premiums. With this consistency in the structure of premiums, Viriyah will remain the standout market leader. Growth in health insurance, while not ultimately threatening the likes of Viriyah, offers opportunities to the likes of BUPA and Cigna.

Key BMI Forecasts:
  • For 2015, Total premiums to bounce back, growing by 12% to USD24.2bn.
  • Life premiums to return to growth in 2015, expanding 11.2% to USD 16.3bn

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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.