Thailand Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Thailand Motor Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Key Highlights

• The Thailand Motor Insurance Market is estimated to grow at a CAGR of approximately 6% during the forecast period.
• As of September 2019, the direct premium of compulsory motor insurance was 13.99 billion THB and voluntary motor insurance 91.2 billion THB. Overall Motor insurance direct premium was 10.51 billion THB and it holds 59.27% share in the overall non-life insurance segment. The number of policies has been increased and totaled to 25 billion in compulsory motor insurance and 7.7 billion in voluntary motor insurance. The Thai non-life insurance market is highly competitive, the top 10 insurers have an aggregate market share of 60%. the combined operating ratio (COR) for motor insurance has increased in recent years and stood at 106.7% for 36 companies in 2018. The contrasts with the COR (combined operating ratio) for non-motor businesses, such as fire, marine and other lines which were 81.5%.
• Competition is expected to increase with the increasing prominence of technology. Moreover, to maintain underwriting efficiency and retain market share, most insurers are actively developing their own technology, adopting InsurTech, or partnering with brokers on established InsurTech platforms, motor insurance and health insurance companies are the most active in these developments.

Key Market TrendsGrowing non-life insurance:

Non-life insurance premium growth in Thailand in 2018 was 6.1%. The Thai life insurance market has risen in previous years as an economic bright spot, with both premiums and policy penetration rates on the rise.

Motor Insurance hold highest share in Non-Life Insurance segment:

The country produced 2 million units in 2018 and exports more than half of its output to more than 100 countries. The industry has seen an 8.7 %year-on-year growth in 2018 and just over 1 million units were sold domestically. the Thai government is persistently trying to encourage the manufacturing of EVs (Electric Vehicles) and high-tech auto parts through the promotion of BOI (Board of Investment of Thailand) incentive packages. In 2018, the government approved projects to produce HEVs (Hybrid Electric Vehicles) and batteries by Nissan Motor Co and Honda Motor Co valued up to THB 28 billion. Meanwhile, Mazda Motor Co was granted investment privilege to manufacture HEVs and has decided to apply for production of full EVs in Thailand.

Competitive Landscape

The report covers the major players operating in the Thailand Motor Insurance Market. The market is Consolidated due to top companies hold approximately 60% market share. Thaivivat, an insurance company in Thailand, has partnered with telco AIS to draw uninsured drivers across the country. The idea is to provide a kind of coverage that is affordable through a unique product that is the first of its kind in the world.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Haworth Inc.
Steelcase Inc.
Knoll Inc.
Teknion
SmartEd Inc.
Sebel
Popcorn Furniture and Lifestyle Pvt. Ltd
Guangzhou Everpretty Furniture Co. Ltd
Zhangzhou Jiansheng Furniture Co. Ltd
Chanakya Furniture

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