Non-Life Insurance in Thailand, Key Trends and Opportunities to 2020

Published: Sep, 2017 | Pages: 143 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric’s 'Non-Life Insurance in Thailand, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Thailand non-life insurance segment, and a comparison of the Thailand insurance industry with its regional counterparts.

It provides values for key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and net earned premium during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Thailand economy and demographics, explains the various types of natural hazard and their impact on the Thailand insurance industry, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Non-Life Insurance in Thailand, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Thailand non-life insurance segment, including:

• The Thailand non-life segment’s detailed outlook by product category

• A comprehensive overview of the Thailand economy and demographics

• A comparison of the Thailand non-life insurance segment with its regional counterparts

• The various distribution channels in the Thailand non-life insurance segment

• Detailed analysis of natural hazards and their impact on the Thailand insurance industry

• Details of the competitive landscape in the non-life insurance segment in Thailand

• Details of regulatory policy applicable to the Thailand insurance industry

Scope

This report provides a comprehensive analysis of the non-life insurance segment in Thailand:

• It provides historical values for the Thailand non-life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key categories in the Thailand non-life insurance segment, and market forecasts to 2020.

• It provides a comparison of the Thailand non-life insurance segment with its regional counterparts

• It analyzes the various distribution channels for non-life insurance products in Thailand.

• It analyzes various natural hazards and their impact on the Thailand insurance industry

• It profiles the top non-life insurance companies in Thailand, and outlines the key regulations affecting them.

Reasons To Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Thailand non-life insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Thailand non-life insurance segment.

• Assess the competitive dynamics in the non-life insurance segment.

• Identify growth opportunities and market dynamics in key product categories.

• Gain insights into key regulations governing the Thailand insurance industry, and their impact on companies and the industry's future.

Key Highlights

• The Office of Insurance Commission (OIC), the insurance regulator, issued the Insurance Development Plan (2016–2020) on January 21, 2016, to develop the insurance industry and protect the rights of policyholders.

• The OIC has proposed to increase the minimum capital requirements for insurers under the new risk-based capital (RBC) 2 framework.

• The Ministry of Finance made amendments to regulations on foreign shareholding on January 18, 2017, allowing foreign insurers to acquire a 100% stake in domestic insurance companies.

• Rice crop insurance scheme became effective on July 3, 2017. The Bank for Agriculture and Agricultural Cooperatives (BAAC) is responsible for the implementation of the scheme.

 Table Of Content

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Profitability
4.2.5 Assets and investments

5 OUTLOOK BY CATEGORY
5.1 Property Insurance
5.1.1 Product overview
5.1.2 Premium
5.1.3 Policies sold
5.1.4 Claims
5.1.5 Profitability
5.2 Motor Insurance
5.2.1 Product overview
5.2.2 Premium
5.2.3 Policies sold
5.2.4 Claims
5.2.5 Profitability
5.3 Liability Insurance
5.3.1 Product overview
5.3.2 Premium
5.3.3 Policies sold
5.3.4 Claims
5.3.5 Profitability
5.4 Marine, Aviation and Transit Insurance
5.4.1 Product overview
5.4.2 Premium
5.4.3 Policies sold
5.4.4 Claims
5.4.5 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Analysis by Distribution Channel
6.1.1 Brokers
6.1.2 Agencies
6.1.3 Direct marketing
6.1.4 Bancassurance
6.1.5 E-commerce
6.1.6 Other channels

7 NATURAL AND MAN-MADE HAZARDS
7.1 Flooding
7.2 Droughts
7.3 Earthquakes
7.4 Exposure

8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 The Viriyah Insurance Public Co. Ltd - company overview
8.1.2 Tokio Marine insurance (Thailand) Public Co. Ltd - company overview
8.1.3 Bangkok Insurance Public Co. Ltd - company overview
8.1.4 Syn Mun Kong Insurance Public Co. Ltd - company overview
8.1.5 Safety Insurance Public Co. Ltd - company overview

9 GOVERNANCE, RISK AND COMPLIANCE
9.1 Legislation Overview and Historical Evolution
9.2 Latest Changes in Regulation
9.3 Legislation and Market Practice by Type of Insurance
9.3.1 Life insurance
9.3.2 Property insurance
9.3.3 Motor insurance
9.3.4 Liability insurance
9.3.5 Marine, aviation and transit insurance
9.3.6 Personal accident and health insurance
9.4 Compulsory Insurance
9.4.1 Motor third-party liability insurance
9.4.2 Workmen's compensation insurance
9.4.3 Aviation liability insurance
9.4.4 Liability insurance for transportation of hazardous substances
9.5 Supervision and Control
9.5.1 International Association of Insurance Supervisors (IAIS)
9.5.2 Office of Insurance Commission
9.5.3 Thai General Insurance Association (TGIA)
9.5.4 The Thai Life Assurance Association (TLAA)
9.6 Non-Admitted Insurance Regulations
9.6.1 Overview
9.6.2 Intermediaries
9.6.3 Market practices
9.6.4 Fines and Penalties
9.7 Company Registration and Operations
9.7.1 Type of insurance organization
9.7.2 Establishing a local company
9.7.3 Foreign ownership
9.7.4 Types of license
9.7.5 Capital requirements
9.7.6 Solvency margin
9.7.7 Reserve requirements
9.7.8 Investment regulations
9.7.9 Statutory return requirements
9.7.10 Fee structure
9.8 Taxation
9.8.1 Insurance premium or policy taxation
9.8.2 Withholding taxes on premium paid overseas
9.8.3 Corporate tax
9.8.4 VAT
9.8.5 Captives
9.9 Legal System
9.9.1 Introduction
9.9.2 Access to court
9.9.3 Alternative dispute resolution

10 DATABOOK
10.1 Policies and Premium
10.2 Claims and Expenses
10.3 Assets and Investments
10.4 Direct Marketing and E-Commerce
10.5 Insurance Brokers and Agencies
10.6 Bancassurance and Other Distribution Channels
10.7 Property Insurance
10.8 Property Insurance by Product
10.9 Motor Insurance
10.1 Motor Insurance by Product
10.11 Liability Insurance
10.12 Marine, Aviation and Transit Insurance

11 DEFINITIONS AND METHODOLOGY
11.1 Definitions
11.2 Methodology

12 ABOUT TIMETRIC
12.1 Contact Timetric
12.2 About Timetric
12.3 Timetric's Services
12.4 Disclaimer

List of Tables

Table 1: Thai Non-Life Insurance - Key Facts, 2015
Table 2: Thai Non-Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Thailand Government Credit Ratings
Table 4: Thailand Non-Life Insurance - Gross Written Premium (THB Billion and US$ Billion), 2011-2015
Table 5: Thai Non-Life Insurance - Penetration (%), 2011-2015
Table 6: Thai Non-Life Insurance - Gross Written Premium (THB Billion and US$ Billion), 2015-2020
Table 7: Thai Non-Life Insurance - Penetration (%), 2015-2020
Table 8: Thai Non-Life Insurance - Premium per Capita (THB and US$), 2011-2015
Table 9: Thai Non-Life Insurance - Premium per Capita (THB and US$), 2015-2020
Table 10: Thai Non-Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 11: Thai Non-Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 12: Thai Non-Life Insurance - Paid Claims (THB Billion and US$ Billion), 2011-2015
Table 13: Thai Non-Life Insurance - Paid Claims (THB Billion and US$ Billion), 2015-2020
Table 14: Thai Non-Life Insurance - Profitability Ratio (%), 2011-2015
Table 15: Thai Non-Life Insurance - Profitability Ratio (%), 2015-2020
Table 16: Thai Non-Life Insurance - Total Assets (THB Billion and US$ Billion), 2011-2015
Table 17: Thai Non-Life Insurance - Total Assets (THB Billion and US$ Billion), 2015-2020
Table 18: Thai Non-Life Insurance - Total Investment Income (THB Billion and US$ Billion), 2011-2015
Table 19: Thai Non-Life Insurance - Total Investment Income (THB Billion and US$ Billion), 2015-2020
Table 20: Thai Non-Life Insurance - Investment Portfolio (THB Billion), 2011-2015
Table 21: Thai Non-Life Insurance - Investment Portfolio (THB Billion), 2015-2020
Table 22: Thai Non-Life Insurance - Direct Written Premium by Category (THB Billion),2011-2015
Table 23: Thai Non-Life Insurance - Direct Written Premium by Category (THB Billion), 2015-2020
Table 24: Thai Property Insurance - Direct Written Premium by Sub-Category (THB Billion), 2011-2015
Table 25: Thai Property Insurance - Direct Written Premium by Sub-Category (THB Billion), 2015-2020
Table 26: Thai Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
Table 27: Thai Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
Table 28: Thai Property Insurance - Paid Claims (THB Billion and US$ Billion), 2011-2015
Table 29: Thai Property Insurance - Paid Claims (THB Billion and US$ Billion), 2015-2020
Table 30: Thai Property Insurance - Loss Ratio (%), 2011-2015
Table 31: Thai Property Insurance - Loss Ratio (%), 2015-2020
Table 32: Thai Motor Insurance - Direct Written Premium by Sub-Category (THB Billion), 2011-2015
Table 33: Thai Motor Insurance - Direct Written Premium by Sub-Category (THB Billion), 2015-2020
Table 34: Thai Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
Table 35: Thai Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
Table 36: Thai Motor Insurance - Paid Claims (THB Billion and US$ Billion), 2011-2015
Table 37: Thai Motor Insurance - Paid Claims (THB Billion and US$ Billion), 2015-2020
Table 38: Thai Motor Insurance - Loss Ratio (%), 2011-2015
Table 39: Thai Motor Insurance - Loss Ratio (%), 2015-2020
Table 40: Thai Liability Insurance - Direct Written Premium by Sub-Category (THB Billion), 2011-2015
Table 41: Thai Liability Insurance - Direct Written Premium by Sub-Category (THB Billion), 2015-2020
Table 42: Thai Liability Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 43: Thai Liability Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 44: Thai Liability Insurance - Paid Claims (THB Billion and US$ Billion), 2011-2015
Table 45: Thai Liability Insurance - Paid Claims (THB Billion and US$ Billion), 2015-2020
Table 46: Thai Liability Insurance - Loss Ratio (%), 2011-2015
Table 47: Thai Liability Insurance - Loss Ratio (%), 2015-2020
Table 48: Thai Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (THB Billion), 2011-2015
Table 49: Thai Marine, Aviation and Transit Insurance - Direct Written Premium by Sub-Category (THB Billion), 2015-2020
Table 50: Thai Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 51: Thai Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 52: Thai Marine, Aviation and Transit Insurance - Paid Claims (THB Million and US$ Million), 2011-2015
Table 53: Thai Marine, Aviation and Transit Insurance - Paid Claims (THB Million and US$ Million), 2015-2020
Table 54: Thai Marine, Aviation and Transit Insurance - Loss Ratio (%), 2011-2015
Table 55: Thai Marine, Aviation and Transit Insurance - Loss Ratio (%), 2015-2020
Table 56: Thai Non-Life Insurance - Direct Written Premium by Distribution Channel (THB Billion), 2011-2015
Table 57: Thai Non-Life Insurance - Direct Written Premium by Distribution Channel (THB Billion), 2015-2020
Table 58: Thai Non-Life Insurance - % of Direct Written Premium, by Distribution Channel, 2011-2020
Table 59: Thai Non-Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Table 60: Insurance Company - Key Facts
Table 61: The Viriyah Insurance Public Co. Ltd - Key Financials (THB Million), 2011-2015
Table 62: Insurance Company - Key Facts
Table 63: Tokio Marine Insurance (Thailand) Public Company Ltd - Key Financials (US$ Million), 2011-2015
Table 64: Insurance Company - Key Facts
Table 65: Bangkok Insurance Public Co. Ltd - Key Financials (THB Million), 2011-2015
Table 66: Insurance Company - Key Facts
Table 67: Syn Mun Kong Insurance Public Co. Ltd - Key Financials (US$ Million), 2011-2015
Table 68: Insurance Company - Key Facts
Table 69: Safety Insurance Public Co. Ltd - Key Financials (THB Million), 2011-2015
Table 70: Thailand - Insurance Regulatory Framework Key Features
Table 71: Thailand - Life Insurance Regulatory Framework
Table 72: Thailand - Property Insurance Regulatory Framework
Table 73: Thailand- Motor Insurance Regulatory Framework
Table 74: Thailand - Liability Insurance Regulatory Framework
Table 75: Thailand - Stamp Duty on Insurance Policies
Table 76: Thailand - Corporate Tax Rates for the Financial Year 2017
Table 77: Thai Insurance Industry - Policies and Premium, 2011-2015
Table 78: Thai Insurance Industry - Policies and Premium, 2015-2020
Table 79: Thai Non-Life Insurance - Claims and Expenses, 2011-2015
Table 80: Thai Non-Life Insurance - Claims and Expenses, 2015-2020
Table 81: Thai Non-Life Insurance - Assets and Investments, 2011-2015
Table 82: Thai Non-Life Insurance - Assets and Investments, 2015-2020
Table 83: Thai  Non-Life Insurance - Direct Marketing and E-Commerce, 2011-2015
Table 84: Thai Non-Life Insurance - Direct Marketing and E-Commerce, 2015-2020
Table 85: Thai Non-Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 86: Thai Non-Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 87: Thai Non-Life Insurance - Bancassurance and Other Distribution Channels, 2011-2015
Table 88: Thai Non-Life Insurance - Bancassurance and Other Distribution Channels, 2015-2020
Table 89: Thai Non-Life Insurance - Property Insurance, 2011-2015
Table 90: Thai Non-Life Insurance - Property Insurance, 2015-2020
Table 91: Thai Non-Life Insurance - Property Insurance by Product, 2011-2015
Table 92: Thai Non-Life Insurance - Property Insurance by Product, 2015-2020
Table 93: Thai Non-Life Insurance - Motor Insurance, 2011-2015
Table 94: Thai Non-Life Insurance - Motor Insurance, 2015-2020
Table 95: Thai Non-Life Insurance - Motor Insurance by Product, 2011-2015
Table 96: Thai Non-Life Insurance - Motor Insurance by Product, 2015-2020
Table 97: Thai Non-Life Insurance - Liability Insurance, 2011-2015
Table 98: Thai Non-Life Insurance - Liability Insurance, 2015-2020
Table 99: Thai Non-Life Insurance - Marine, Aviation and Transit Insurance, 2011-2015
Table 100: Thai Non-Life Insurance - Marine, Aviation and Transit Insurance, 2015-2020
Table 101: Insurance Industry Definitions

List of Figures

Figure 1: Thailand Real GDP (THB Billion), 2011-2020
Figure 2: THB-US$ Exchange Rate, 2011-2020
Figure 3: Consumer Price Inflation, 2011-2020
Figure 4: Current Account Balance (% of GDP), 2011-2020
Figure 5: Thailand Unemployment Rate, 2011-2020
Figure 6: Thailand Population by Age Group, 1990-2025
Figure 7: Thailand Non-Life Insurance Penetration - Regional Comparison (%),2011 2015
Figure 8: Thai Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Thai Non-Life Insurance - Gross Written Premium (THB Billion), 2011-2020
Figure 10: Thai Non-Life Insurance - Penetration (%), 2011-2020
Figure 11: Thai Non-Life Insurance - Premium per Capita (THB), 2011-2020
Figure 12: Thai Non-Life Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 13: Thai Non-Life Insurance - Paid Claims (THB Billion), 2011-2020
Figure 14: Thai Non-Life Insurance - Profitability Ratio (%), 2011-2020
Figure 15: Thai Non-Life Insurance - Total Assets (THB Billion), 2011-2020
Figure 16: Thai Non-Life Insurance - Total Investment Income (THB Billion), 2011-2020
Figure 17: Thai Non-Life Insurance - Investment Portfolio (THB Billion), 2011-2020
Figure 18: Thai Non-Life Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 19:Thai Non-Life Insurance - Direct Written Premium by Category (THB Billion), 2011-2020
Figure 20:Thai Non-Life Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 21: Thai Property Insurance - Construction Value Output by Category (THB Billion), 2011-2016
Figure 22: Thai Property Insurance - Direct Written Premium by Sub-Category (THB Billion), 2011-2020
Figure 23:Thai Property Insurance - Direct Written Premium Dynamics by Sub-Category, 2011-2020
Figure 24:Thai Property Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2020
Figure 25: Thai Property Insurance - Paid Claims (THB Billion), 2011-2020
Figure 26: Thai Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (THB Billion and %), 2011-2020
Figure 27: Thai Motor Insurance - Direct Written Premium by Sub-Category (THB Billion), 2011-2020
Figure 28: Thai Motor Insurance - Direct Written Premium Dynamics by Sub-Category, 2011-2020
Figure 29: Thai Motor Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2020
Figure 30: Thai Motor Insurance - Paid Claims (THB Billion), 2011-2020
Figure 31: Thai Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (THB Billion and %), 2011-2020
Figure 32: Thai Liability Insurance - Direct Written Premium (THB Billion), 2011-2020
Figure 33: Thai Liability Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 34: Thai Liability Insurance - Paid Claims (THB Billion), 2011-2020
Figure 35: Thai Liability Insurance - Earned Premium, Incurred Loss and Loss Ratio (THB Billion and %), 2011-2020
Figure 36: Thai Marine, Aviation and Transit Insurance - Direct Written Premium (THB Billion), 2011-2020
Figure 37: Thai Marine, Aviation and Transit Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 38: Thai Marine, Aviation and Transit Insurance - Paid Claims (THB Million), 2011-2020
Figure 39: Thai Marine, Aviation and Transit Insurance - Earned Premium (EP), Incurred Loss (IL) and Loss Ratio (THB Billion and %), 2011-2020
Figure 40: Thai Non-Life Insurance - Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 41: Thailand - Frequency of Hazards by Type, 1990-2014
Figure 42: Thailand Mortality by Hazards Type, 1990-2014
Figure 43: Thailand Economic Loss by Hazards Type, 1990-2014
Figure 44: Thai Non-Life Insurance - Segment Shares of the Leading Insurers (%), 2015
Figure 45: Thailand - Insurance Supervision and Control at Various Levels
Figure 46: Thailand - Insurance Regulatory Frameworks for Company Registration and Operation

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