Life Insurance & Pension in Thailand
Summary
Life Insurance & Pension in Thailand industry profile provides top-line qualitative and quantitative summary information including: market size (value 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Life insurance & pension is the financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.
- The Thai life insurance & pension market recorded gross written premiums of $14.3 billion in 2023, representing a negative compound annual growth rate (CAGR) of 4.2% between 2018 and 2023.
- The life insurance segment accounted for the market's largest proportion in 2023, with total gross written premiums of $13.8 billion, equivalent to 96.5% of the market's overall value.
- The growth in the Thai life insurance & pension market is driven by the increasing population of individuals aged 65 and above. This demographic shift is fuelling demand for retirement savings plans and income protection policies as people seek financial security for their post-retirement years. According to the United States Census Bureau, the population of individuals aged 65 and above in Thailand stood at 10.3 million in 2023, an increase of 5.0% from the previous year.
- Save time carrying out entry-level research by identifying the size, growth, and leading players in the life insurance & pension market in Thailand
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance & pension market in Thailand
- Leading company profiles reveal details of key life insurance & pension market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Thailand life insurance & pension market with five year forecasts
- What was the size of the Thailand life insurance & pension market by value in 2023?
- What will be the size of the Thailand life insurance & pension market in 2028?
- What factors are affecting the strength of competition in the Thailand life insurance & pension market?
- How has the market performed over the last five years?
- How large is Thailand’s life insurance & pension market in relation to its regional counterparts?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market rivalry
- 1.6. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Who are the leading players?
- 7.2. What are the strengths and strategies of the leading players?
- 7.3. What are the challenges in the market?
- 8 Company Profiles
- 8.1. Thai Life Insurance Public Company Ltd
- 8.2. Muang Thai Life Assurance Public Co Ltd
- 8.3. Bangkok Life Assurance Public Co Ltd
- 8.4. Krungthai-AXA Life Insurance PCL
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: Thailand life insurance & pension market value: $ billion, 2018-23
- Table 2: Thailand life insurance & pension market category segmentation: % share, by value, 2018-23
- Table 3: Thailand life insurance & pension market category segmentation: $ billion, 2018-23
- Table 4: Thailand life insurance & pension market geography segmentation: $ billion, 2023
- Table 5: Thailand life insurance & pension market value forecast: $ billion, 2023-28
- Table 6: Thai Life Insurance Public Company Ltd: Key Facts
- Table 7: Thai Life Insurance Public Company Ltd: Annual Financial Ratios
- Table 8: Thai Life Insurance Public Company Ltd: Key Employees
- Table 9: Muang Thai Life Assurance Public Co Ltd: Key Facts
- Table 10: Muang Thai Life Assurance Public Co Ltd: Key Employees
- Table 11: Bangkok Life Assurance Public Co Ltd: Key Facts
- Table 12: Bangkok Life Assurance Public Co Ltd: Annual Financial Ratios
- Table 13: Bangkok Life Assurance Public Co Ltd: Key Employees
- Table 14: Krungthai-AXA Life Insurance PCL: Key Facts
- Table 15: Krungthai-AXA Life Insurance PCL: Key Employees
- Table 16: Thailand Size of Population (million), 2019-23
- Table 17: Thailand Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 18: Thailand GDP (Current Prices, $ Billion), 2019-23
- Table 19: Thailand Inflation, 2019-23
- Table 20: Thailand Consumer Price Index (Absolute), 2019-23
- Table 21: Thailand Exchange Rate, 2018-23
- List of Figures
- Figure 1: Thailand life insurance & pension market value: $ billion, 2018-23
- Figure 2: Thailand life insurance & pension market category segmentation: $ billion, 2018-23
- Figure 3: Thailand life insurance & pension market geography segmentation: % share, by value, 2023
- Figure 4: Thailand life insurance & pension market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the life insurance & pension market in Thailand, 2023
- Figure 6: Drivers of buyer power in the life insurance & pension market in Thailand, 2023
- Figure 7: Drivers of supplier power in the life insurance & pension market in Thailand, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the life insurance & pension market in Thailand, 2023
- Figure 9: Factors influencing the threat of substitutes in the life insurance & pension market in Thailand, 2023
- Figure 10: Drivers of degree of rivalry in the life insurance & pension market in Thailand, 2023
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