Non-Life Insurance in Thailand
Summary
Non-Life Insurance in Thailand industry profile provides top-line qualitative and quantitative summary information including: market size (value and volume 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
- Non-life insurance is defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event. The market value is measured by the written premium generated by market players within a given year.
- The Thai non-life insurance market recorded written premiums of $8.6 billion in 2023, representing a compound annual growth rate (CAGR) of 2.7% between 2018 and 2023.
- The motor segment accounted for the market's largest proportion in 2023, with total written premiums of $4.7 billion, equivalent to 54.4% of the market's overall value.
- The Thai non-life insurance market is experiencing significant growth, driven by rising awareness of the importance of insurance in safeguarding assets and mitigating financial risks. This heightened awareness has led to an increase in the number of active non-life insurance policies. According to the Office of Insurance Commission of Thailand, in 2023, the number of active non-life insurance policies in the country reached 64.9 million, an increase of 0.9% from the previous year.
- Save time carrying out entry-level research by identifying the size, growth, and leading players in the non-life insurance market in Thailand
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in Thailand
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Thailand non-life insurance market with five year forecasts by both value and volume
- What was the size of the Thailand non-life insurance market by value in 2023?
- What will be the size of the Thailand non-life insurance market in 2028?
- What factors are affecting the strength of competition in the Thailand non-life insurance market?
- How has the market performed over the last five years?
- How large is Thailand’s non-life insurance 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 share
- 1.6. Market rivalry
- 1.7. 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. Market share
- 7.2. Who are the leading players?
- 7.3. What are the strengths and strategies of the leading players?
- 7.4. What are the challenges in the market?
- 8 Company Profiles
- 8.1. Thanachart Insurance Public Co Ltd
- 8.2. Thaivivat Insurance Public Co Ltd
- 8.3. Sompo Japan Insurance Inc
- 8.4. FPG Insurance (Thailand) Public Company Ltd
- 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 non-life insurance market value: $ billion, 2018-23
- Table 2: Thailand non-life insurance market category segmentation: % share, by value, 2018-23
- Table 3: Thailand non-life insurance market category segmentation: $ billion, 2018-23
- Table 4: Thailand non-life insurance market geography segmentation: $ billion, 2023
- Table 5: Thailand non-life insurance market value forecast: $ billion, 2023-28
- Table 6: Thailand non-life insurance market share: % share, by value, 2023
- Table 7: Thanachart Insurance Public Co Ltd: Key Facts
- Table 8: Thanachart Insurance Public Co Ltd: Key Employees
- Table 9: Thaivivat Insurance Public Co Ltd: Key Facts
- Table 10: Thaivivat Insurance Public Co Ltd: Key Employees
- Table 11: Sompo Japan Insurance Inc: Key Facts
- Table 12: Sompo Japan Insurance Inc: Key Employees
- Table 13: FPG Insurance (Thailand) Public Company Ltd: Key Facts
- Table 14: Thailand Size of Population (million), 2019-23
- Table 15: Thailand Real GDP (Constant 2010 Prices, $ Billion), 2019-23
- Table 16: Thailand GDP (Current Prices, $ Billion), 2019-23
- Table 17: Thailand Inflation, 2019-23
- Table 18: Thailand Consumer Price Index (Absolute), 2019-23
- Table 19: Thailand Exchange Rate, 2018-23
- List of Figures
- Figure 1: Thailand non-life insurance market value: $ billion, 2018-23
- Figure 2: Thailand non-life insurance market category segmentation: $ billion, 2018-23
- Figure 3: Thailand non-life insurance market geography segmentation: % share, by value, 2023
- Figure 4: Thailand non-life insurance market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the non-life insurance market in Thailand, 2023
- Figure 6: Drivers of buyer power in the non-life insurance market in Thailand, 2023
- Figure 7: Drivers of supplier power in the non-life insurance market in Thailand, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in Thailand, 2023
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in Thailand, 2023
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in Thailand, 2023
- Figure 11: Thailand non-life insurance market share: % share, by value, 2023
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