Boston, MA -- (SBWIRE) -- 04/16/2014 -- Growth will continue apace across the Thai insurance market, with both life and non-life sectors enjoying strong expansion of 10% and 9% respectively in 2013. In spite of this, Thai non-life insurance remains an underdeveloped market, dominated by motor insurance, taking almost 60% of all non-life premiums, and with insurance density of just US$94 in 2013. The non-life sector has endured a number of natural disasters, but the Thai people have not responded to these in the same way as expected and are yet to embrace the market beyond motor insurance.
BMI's new insurance report format provides forecasts of the life and non-life markets, including gross and net premiums, reinsurance premiums and assets. Moreover, it provides forecasts for key growth drivers such as vehicle fleet size, demographic factors and private health expenditure. The report also contains a comprehensive breakdown of the non-life insurance market, providing forecasts for motor and transport insurance, property, personal accident, health, general liability and credit insurance. Finally, the new report offers a detailed breakdown of the life and non-life competitive landscapes, covering the top companies present in each segment by premiums and market share.
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The life sector is far larger than non-life in Thailand, with premiums totalling US$13.9bn in 2013, compared with just US$6.3bn in non-life. Within this, a small handful of key players dominate, most notably AIA, enjoying a 26% share of premiums in 2012 and set to announce a 15th consecutive year of premium growth for 2013. Growth in the sector will continue at rates of around 10% year-on-year throughout the forecast period to 2018, by which time premiums will total over US$20bn.
Non-life insurance will, likewise, experience high growth rates of around 9 to 12% over the 5-year forecast period. Much of this growth will, however, continue to come from the motor insurance sector, with a booming Thai autos industry necessitating a great deal of new policies. Viriyah's position as market leader will therefore likely be consolidated. Property insurance, despite natural disasters in recent years, has yet to capture the minds of the majority of the Thai population. 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 10% to US$20bn in 2013
- Life premiums to reach US$13.9bn in 2013 with growth of 10.4%, and pass US$20bn in 2018
- Non-life premiums will continue to expand, but total only US$6.3bn in 2013
- Motor insurance to continue to dominate, taking US$3.7bn in 2013, 59% of the non-life market
- Growth prospects in health insurance, upwards of 12% every year through to 2018.
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