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Anon Vangvasu
Chairman
The Federation of Thai Insurance Organizations
The Thai Non-life Insurance Industry and Its Contribution to Economic and Social Stability
1
Thailand Update 2016
2
Type of Business Local Company Foreign Branch Total
Non-Life Insurance 50 5 55
Health Insurance 4 0 4
Reinsurer 1 0 1
Total 60
Members of Thai General Insurance Association (TGIA)
Local Incorporated Direct Companies 54 Foreign Branches 5 Reinsurer 1 Total 60
Numbers of Insurance Companies in Thailand (As of September 1st, 2017)
3
2017 – 2018 TGIA Strategic Plan
4
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017f
GDP (Million Baht) 5,769 6,317 6,954 7,614 8,400 9,076 9,706 9,658 10,80 11,30 12,35 12,92 13,20 13,67 14,36 15,18
GDP Growth Rate (%) 6.1% 7.2% 6.3% 4.2% 5.0% 5.4% 1.7% -0.7% 7.5% 0.8% 7.2% 2.7% 0.9% 2.9% 3.2% 3.8%
-
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%GDP (Million Baht) GDP Growth Rate (%)
Source : National Economic and Social Development Board of Thailand
Million Baht Percent
Avian Influenza & Oil Price Increase
Slow Down of World Economy and Airport Shutdown
First Car Buyers Government Scheme
Hamburger Crisis (Subprime)
Slow Down of Private Expenditure & Increased Private Debts
Thailand Mega Flood
Coup d’etat
5
Thailand Key Economic Indicators GDP and GDP Growth Rate (2002 – 2017F)
Thailand Key Economic Indicators SET Index (2000 – 2017)
6
269 309
356
772
672 696
680
887
450
735
1,033 1,025
1,392
1,298
1,498
1,288
1,543
1,616
-44.1%
14.7%
15.4%
116.6%
-13.0%
3.6%
-2.4%
30.5%
-49.3%
63.2%
40.6%
-0.7%
35.8%
-6.7%
15.4%
-14.0%
19.8%
4.7%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
120%
140%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
SET Index Change
Source : The Stock Exchange of Thailand (As of August 31st, 2017)
Thailand Key Economic Indicators Total Vehicle Sales (2000 – 2017F)
7
297,0
52
409,3
62
533,1
77
625,9
37
703,4
32
682,1
61
631,2
51
614,3
62
548,8
71
800,3
57
796,1
23
1,4
36,3
35
1,3
30,6
72
881,8
32
799,5
94
768,7
88
800,0
00
13.3%
37.8%
30.2%
17.4% 12.4%
-3.0% -7.5%
-2.7%
-10.7%
45.8%
-0.8%
80.9%
-7.4%
-33.7%
-9.3% -3.9%
4.1%
-40%
-20%
0%
20%
40%
60%
80%
100%
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(F)
Unit Sold %Growth
Source : Toyota Thailand
Thailand Key Economic Indicators Thailand Import and Export Growth Rate (1999 – 2017F)
8
19.1%
-6.4%
4.6%
17.4%
20.6%
15.0% 16.9%
18.6%
15.5%
-14.3%
26.8%
15.1%
2.9%
-0.3%
-0.4%
-5.8%
0.5%
5.1%
24.6%
-0.8% 4.2%
16.8%
25.3% 25.7%
9.0% 8.7%
28.1%
-25.4%
36.8%
25.1%
8.9%
0.5%
-9.0%
-11.0%
-4.2%
1.6%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F
Export Import
Source : Ministry of Commerce
Source : Fiscal Policy Office
-6.4 -5.9 -5.7
-5.2 -4.8 -3.9
-2.2 -1.7 -1.6 -1.3
0.5
3.2 9.1
Ch
ina
Ko
rea
Mal
aysi
a
Ph
ilip
pin
e
Sin
gap
ore
Ind
on
esia
Au
stra
lia
Taiw
an
Ho
ngk
on
g
Ind
ia
Thai
lan
d
Jap
an
Vie
tnam
Export in USD
Thailand Key Economic Indicators Export Growth Rate (2016)
9
Thailand Key Economic Indicators Total Visitor Arrivals to Thailand (2001 – 2017F)
10
10.06
10.80
10.00
11.65 11.52
13.82 14.46 14.58
14.15
15.94
19.23
22.35
26.55 24.81
29.92
32.59
35.00
5.8%
7.4%
-7.4%
16.5%
-1.1%
20.0%
4.6%
0.9%
-3.0%
12.6%
20.7%
16.2%
18.8%
-6.5%
20.6%
8.9%
7.4%
-10%
-5%
0%
5%
10%
15%
20%
25%
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017(F)
Total (Million) % Change
Source : Ministry of Tourism and Sports
Thailand Key Economic Indicators Inflation vs. Interest Rate (2001 – 2017F)
Source : National Economic and Social Development Board of Thailand
11
1.60%
0.70%
1.80%
2.70%
4.50% 4.70%
2.30%
5.50%
-0.90%
3.30%
3.80%
3.00%
2.20%
1.90%
-0.90%
0.20%
1.10%
2.54%
1.98%
1.33%
1.00%
1.88%
3.80%
3.00%
1.50%
0.50%
1.50%
3.25%
3.00%
3.25%
2.00%
1.50% 1.50% 1.50%
Inflation Rate Interest Rate
91,642
99,766
109,196
118,877 130,398
140,079
148,952
147,364 163,956
170,763 185,848
193,561
197,062
203,356
212,980
225,096
-
50,000
100,000
150,000
200,000
250,000
2002 2004 2006 2008 2010 2012 2014 2016
Baht
Source : National Economic and Social Development Board of Thailand
Thailand Key Economic Indicators GDP per Capita (2002 – 2017F)
12
We are still in the middle-income trap country
12.68%
13.14%
13.66%
14.23%
14.78%
15.39%
16.06%
16.76%
17.51%
18.20%
18.92%
19.67%
20.43%
21.22%
21.96%
22.73%
23.51%
24.31%
25.12%
0%
5%
10%
15%
20%
25%
30%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Percentage
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Total
Population
(1,000 Heads)
67,912 68,251 68,610 68,980 69,222 69,455 69,679 69,893 70,100 70,217 70,330 70,440 70,547 70,651 70,645 70,640 70,636 70,632 70,629
People over
60 years old
(1,000 Heads)
8,609 8,970 9,374 9,819 10,234 10,691 11,188 11,716 12,272 12,782 13,309 13,853 14,415 14,994 15,515 16,055 16,610 17,174 17,744
Proportion
of people over
60 years old
12.68% 13.14% 13.66% 14.23% 14.78% 15.39% 16.06% 16.76% 17.51% 18.20% 18.92% 19.67% 20.43% 21.22% 21.96% 22.73% 23.51% 24.31% 25.12%
Source : National Statistical Office
13
Proportion of people over 60 years old in Thailand
Population Pyramid of Thailand (1980)
Source : UN, Credit Suisse
14
Population Pyramid of Thailand (2015)
Source : UN, Credit Suisse
15
In the next 50 years…
Population Pyramid of Thailand
16
Development of the Thai Economy
17
Growth in Insurance Premium (1969 – 2016)
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Direct Life Insurance Premium Growth Rate (%)
5.5 -4.2 11.0 20.9 24.7 22.4 15.4 13.5 10.3 4.1 16.3 9.7 16.7 14.5 11.1 18.7 13.0 13.2 6.8 6.5
Direct Non-Life Insurance Premium Growth Rate (%)
-5.8 -12.1 -9.5 6.2 13.2 13.6 13.6 11.4 6.5 12.8 5.8 5.5 3.5 13.6 12.2 28.0 13.1 1.1 1.9 1.2
GDP Growth Rate (%) -2.8 -7.6 4.6 4.5 3.4 6.1 7.2 6.3 4.2 5.0 5.4 1.7 -0.7 7.5 0.8 7.2 2.7 0.8 2.9 3.2
CAGR = Compound Annual Growth Rate Source : Office of Insurance Commission
18
78
55,727 58,780
56,339 62,546 75,646
94,367 115,518
133,355 151,314 163,101
173,708 201,942 221,598
258,533
296,164 328,897
390,517
441,372
499,495
536,839
567,974
458
61,185 57,657 50,674 45,869
48,701 55,120
62,627
71,160
79,289
84,454
95,287
100,816
106,321
110,041
124,999
140,219
179,480
203,078
205,368
209,244
211,813
0
100,000
200,000
300,000
400,000
500,000
600,000
1969 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Million Baht Life Insurance Non-Life Insurance
CAGR 12.9% (1997 — 2016)
CAGR 7.1% (1997 – 2016)
18
Life Insurance Premium increased from THB 78 million in 1969 to THB 567.9 billion in 2016 7,282 times
Non- Life Insurance Premium increased from THB 458 million in 1969 to THB 211.8 billion in 2016 462 times
Insurance Penetration and Density (2002 – 2016)
Insurance Density Insurance Penetration
Source : Office of Insurance Commission and National Economic and Social Development Board of Thailand
2.00
2.12
2.19
2.20
2.08
2.23
2.28
2.68
2.74
2.91
3.16
3.42
3.78
3.90
3.96
1.09
1.13
1.14
1.17
1.13
1.11
1.10
1.14
1.16
1.24
1.45
1.57
1.56
1.53
1.47
0.00 2.00 4.00 6.00
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Life Non-Life
1,835
2,111
2,386
2,619
2,708
3,117
3,400
3,944
4,492
4,967
5,872
6,611
7,454
7,930
8,395
995
1,124
1,245
1,387
1,476
1,553
1,631
1,679
1,896
2,118
2,699
3,042
3,065
3,112
3,131
0 2,000 4,000 6,000 8,000 10,000
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Life Non-Life
19
THB
Non-Life Insurance Direct Premium Growth (2002 – 2016)
8,453 6,982 7,351 7,744 7,174 7,104 7,501 7,787 7,839 8,063 9,759 11,815 11,061 10,480 10,233
2,671 3,127 3,740 3,790 3,869 3,826 4,196 3,634 4,325 4,617 5,193 5,302 5,304 5,344 5,268
34,702 41,602
47,119 52,590
56,756 61,261 64,215 65,430
74,582 83,250
103,915
118,441 117,927 120,305 122,188
16,800 19,449 21,078 24,710 27,292 28,457 30,408 33,191
38,252 44,289
60,612 67,519 71,076 73,114 74,124
62,627 71,160
79,289 88,833
95,091 100,648
106,321 110,041
124,999
140,219
179,480
203,078 205,368 209,244 211,813
(50,000)
-
50,000
100,000
150,000
200,000
250,000
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Million Baht
พนั
Fire Marine Motor Miscellaneous Total
20 Source : Office of Insurance Commission
Direct Premiums and Portfolio Mix (1987 vs. 2016)
Motor Voluntary 48.81%
Motor Compulsory
7.87%
Marine 2.49%
Fire 4.83% Health
3.63%
PA 12.66%
IAR 11.25%
Miscellaneous 6.39%
105,508
16,680
5,268
10,233 7,682
26,806
23,832
13,540
Direct Premiums – THB 211.8 Billion
Motor 37.25%
Marine 7.80%
Fire 35.99%
Miscellaneous 18.45%
Direct Premiums – THB 7.5 Billion
2,800
586
2,705
1,386
39
Source : Office of Insurance Commission 21
Health 0.51%
Portfolio Mix by Classes of Business (2002 – 2016)
Source: Office of Insurance Commission 22
21.73% 21.87% 15.92% 16.63% 15.38% 13.51% 12.46% 10.60% 8.69% 7.67% 7.19% 6.66% 6.51% 7.03% 7.46%
1.64% 1.70%
1.82% 1.94% 1.75%
2.11% 2.71% 3.20%
3.36% 3.62% 3.23% 3.03% 3.43% 3.61% 3.63%
3.46% 3.76%
4.30% 5.68% 6.09% 7.19% 8.03% 9.42% 10.22% 11.33% 11.43% 11.43% 12.03% 12.02% 12.66%
0.00% 0.00%
4.54% 5.34% 5.43% 5.47% 5.42% 6.96% 8.33% 8.81% 11.91% 12.13% 12.63% 12.27% 11.25%
55.41% 58.46% 59.43%
57.31% 59.76% 60.89% 60.37% 59.47% 59.65% 59.80% 57.87% 58.32% 57.42% 57.50% 57.69%
4.27%
4.39% 4.72% 4.46% 4.06% 3.79% 3.95% 3.30% 3.46% 3.17% 2.89% 2.61% 2.58% 2.55% 2.49% 13.50% 9.81% 9.27% 8.65% 7.53% 7.04% 7.06% 7.04% 6.29% 5.59% 5.49% 5.82% 5.39% 5.01% 4.83%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
22
Fire Marine
Motor
IAR
PA
Health
Misc
% of Direct Premium
Direct Premiums by Distribution Channel (2015 – 2016)
23
Source : Office of Insurance Commission
Non-Life Insurance Distribution Channel (2016)
24 Unit : THB Million
*Broker Channel: Individual Broker, Corporate Broker, Finance & Car Dealer Business, Hypermarket, Convenience Store and Post Office.
25
Insurance and Reinsurance System
Number of Insurance Agents (1969 – 2016)
Source : Office of Insurance Commission
26
Type Of Agents 1969 … 2011 2012 2013 2014 2015 2016
Life 3,597 … 269,022 279,556 272,817 275,548 275,209 274,703
Non-Life 1,975 … 26,977 26,097 24,515 21,357 20,797 20,216
Total 5,572 … 295,999 305,653 297,332 296,905 296,006 294,919
Number of Insurance Brokers (2011 – 2016)
27
Type Of Brokers 2011 2012 2013 2014 2015 2016
Life
* Individual 59,773 69,228 73,349 85,053 93,119 103,533
* Corporate 217 218 213 206 206 197
Non-Life
* Individual 73,379 81,815 86,612 97,674 108,809 121,617
* Corporate 433 446 439 430 442 459
Life and Non-Life 30 32 44 51 57 69
Total 133,832 151,739 160,657 183,414 202,633 225,875
Source : Office of Insurance Commission
28
Non-Life Insurance Market Concentration (1997 – 2016)
Top 10
Others
28
Non-Life Market Share by Company Sizes (2002 – 2016)
Large size Companies – Direct Premium more than THB 5,000 Million
Medium size Companies – Direct Premium between THB 1,000 – 5,000 Million
Small size Companies – Direct Premium less than THB 1,000 Million 29
The Size of Non-Life Insurance Companies in Thailand
In 2016, top 5 and top 10 companies controlled 43% and 61% market share respectively
30
Company
2016
Direct Premium Market Share (%) Rank
(1,000 THB) Overall Large size
VIRIYAH INSURANCE 33,272,523 15.90 23.94 1
DHIPAYA INSURANCE 19,921,863 9.52 14.34 2
BANGKOK INSURANCE 15,479,391 7.40 11.14 3
MUANG THAI INSURANCE 12,204,391 5.83 8.78 4
SYNMUNKONG INSURANCE 9,024,736 4.31 6.49 5
SOUTHEAST INSURANCE 9,024,341 4.31 6.49 6
THE SAFETY INSURANCE 8,863,815 4.24 6.38 7
TOKIO MARINE INSURANCE 7,430,822 3.55 5.35 8
THANACHART INSURANCE 6,420,389 3.07 4.62 9
LMG INSURANCE 6,129,097 2.93 4.41 10
CHUBB SAMAGGI INSURANCE 5,973,329 2.85 4.30 11
MITSUI SUMITOMO INSURANCE 5,218,092 2.49 3.76 12
Total 138,962,788 66.41 100.00
The Size of Non-Life Insurance Companies in Thailand
Medium size companies (23 companies) have 30% market share and the first 10 have 55% market share
31
Company
2016
Direct Premium Market Share (%) Rank
(1,000 THB) Overall Medium size
DEVES INSURANCE 4,549,571 2.17 7.24 13
MSIG INSURANCE 3,954,999 1.89 6.29 14
ACE INA OVERSEAS 3,945,265 1.89 6.27 15
ROAD ACCIDENT VICTIMS PROTECTION 3,809,500 1.82 6.06 16
AXA INSURANCE 3,289,345 1.57 5.23 17
THAIVIVAT INSURANCE 3,229,229 1.54 5.14 18
SRI AYUDHYA GENERAL INSURANCE 3,049,893 1.46 4.85 19
KRUNGTHAI PANICH INSURANCE 2,994,313 1.43 4.76 20
NAVAKIJ INSURANCE 2,806,066 1.34 4.46 21
BUPA HEALTH INSURANCE 2,788,066 1.33 4.43 22
MITTARE INSURANCE 2,743,863 1.31 4.36 23
ASIA INSURANCE 1950 2,604,741 1.24 4.14 24
SOMPO JAPAN INSURANCE 2,586,716 1.24 4.11 25
CIGNA INSURANCE 2,464,136 1.18 3.92 26
NEW HAMPSHIRE INSURANCE 2,457,785 1.17 3.91 27
AIOI BANGKOK INSURANCE 2,406,454 1.15 3.83 28
ALLIANZ C.P GENERAL INSURANCE 2,386,172 1.14 3.79 29
NAM SENG INSURANCE 2,109,098 1.01 3.35 30
THAI INSURANCE 2,070,776 0.99 3.29 31
THAISRI INSURANCE 2,025,327 0.97 3.22 32
CHAO PHAYA INSURANCE 1,901,462 0.91 3.02 33
FALCON INSURANCE 1,598,594 0.76 2.54 34
SIAMCITY INSURANCE 1,108,726 0.53 1.76 35
Total 62,880,099 30.05 100.00
The Size of Non-Life Insurance Companies in Thailand
Small size companies (25 companies) have 5% market share and the first 10 companies have 74% market share
32
Company
2016
Direct Premium Market Share (%) Rank
(1,000 THB) Overall Small size
QBE INSURANCE 972,012 0.46 9.75 36
BANGKOK UNION INSURANCE 959,608 0.46 9.62 37
THAI SETAKIJ INSURANCE 927,829 0.44 9.31 38
ASSETS INSURANCE 909,380 0.43 9.12 39
K.S.K INSURANCE 770,312 0.37 7.73 40
UNION PROSPERS INSURANCE 733,611 0.35 7.36 42
GENERALI INSURANCE 659,208 0.32 6.61 43
AIG INSURANCE 637,307 0.30 6.39 44
INDARA INSURANCE 568,586 0.27 5.70 45
THAI PAIBOON INSURANCE 440,061 0.21 4.41 46
TUNE INSURANCE 393,889 0.19 3.95 47
THAI UNITED INSURANCE 386,691 0.18 3.88 41
THAI HEALTH INSURANCE 272,115 0.13 2.73 48
PACIFIC CROSS HEALTH INSURANCE 243,201 0.12 2.44 49
FPG INSURANCE 229,656 0.11 2.30 50
CHARAN INSURANCE 179,308 0.09 1.80 51
PHOENIX INSURANCE 163,318 0.08 1.64 52
ERAWAN INSURANCE 145,709 0.07 1.46 53
PHUTTHATHAM INSURANCE 122,639 0.06 1.23 54
SAJJA INSURANCE 67,763 0.03 0.68 55
NEW INDIA ASSURANCE 64,980 0.03 0.65 56
UNION INSURANCE 38,952 0.02 0.39 57
BANGKOK HEALTH INSURANCE 33,350 0.02 0.33 58
CHINA INSURANCE 32,558 0.02 0.33 59
A.I.A (NON-LIFE) 18,455 0.01 0.19 60
Total 9,970,496 4.77 100.00
Large size companies – Direct Premium more than THB 20,000 Million Medium size companies – Direct Premium between THB 20,000 – 10,000 Million Small size companies – Direct Premium less than THB 10,000 Million 33
Life Insurance Market Concentration (2008 – 2016)
Market Share of Top 10 Life Insurance Companies (2016)
34 Total Market Players: 22 Life Insurance Companies
21.32%
17.08%
14.18%
9.85% 9.28%
7.63%
5.41%
3.63% 3.37% 2.24%
Top 5 – 71.71% Market Share
34
Top 10 – 93.99% Market Share
35
Total Direct Premiums in 2017 are expected to grow
Human Capital
Resources
Regulatory
Environment
Financial, Economic, and
Political Conditions
Technological Advancements
36
The Future of Thai Insurance Market
• Digital Insurance • Smart Phone Applications • Big Data…
• Uncertainty in macroeconomic environment • Global and regional financial impacts • Local market aggressive competition • Political uncertainty • Terrorism
• Insurers are required to comply with higher number of regulations • Stringent rules in doing business • More disclosure and transparency
• Shortage of talented staff • Recruit…Retain…Reward • Refine mindset and reskill technical expertise • Talent movement across ASEAN insurance markets
Insurance Fraud
• Flood
• Tsunami
• Windstorm
• Earthquake
Extreme Environmental Conditions and Catastrophes
• Imminent market liberalization in 2020
• Diversity of distribution channels & higher demand for acquisition costs
De-Tariffication &
De-Commission
• Customer complaints
• Customer retention
• Customer interaction
Harder‐to‐please customers
• Aging population and aged society
• Increasing urbanization Demographic
Changes
• Claims syndicates
• Collusion of staff
• Collusion of intermediaries
AEC Impact on Insurance
• CLMV Markets
37
The Future of Thai Insurance Market
Source : IMF
38 38
Key Indicators of ASEAN Countries (2016)
* Figures as of September 2017
1212
39
Number of Insurance Companies in ASEAN (2014)
Country Non-Life Life Composite Total
BRUNEI 6 3 - 9
CAMBODIA 6 3 - 9
INDONESIA 79 51 - 130
LAOS 6 3 - 9
MALAYSIA 19 9 - 28
MYANMAR - 3 9 12
PHILIPPINES 67 27 4 98
SINGAPORE 57 16 5 78
THAILAND 59* 22* - 81*
VIETNAM 30 17 - 47
TOTAL 331 156 18 507
Unit: USD Million
Life & Non-Life Direct Written Premiums in ASEAN (2015)
Source: Swiss Re, Sigma No.3/2017 and ASEAN Insurance Council
Note : Life and non-life business areas are categorized according to standard EU and OECD conventions: health insurance is allocated to non-life insurance, even if it is classified differently in the individual countries
* Data in 2014
40
Country Non Life Premiums Life Premiums Total
Premiums
% of Total World
Premiums
% of Total ASEAN
Premiums
Thailand 6,913 15,131 22,044 0.47% 25.46%
Singapore 3,472 17,557 21,029 0.44% 24.29%
Indonesia 4,740 15,299 20,039 0.42% 23.15%
Malaysia 4,741 9,189 13,930 0.29% 16.09%
Philippines 1,665 3,742 5,407 0.11% 6.25%
Vietnam 1,568 2,053 3,621 0.08% 4.18%
Brunei* 194 114 307 0.01% 0.36%
Cambodia* 53 8 61 0.00% 0.07%
Lao* 47 N/A 47 0.00% 0.05%
Myanmar* 94 N/A 94 0.00% 0.11%
23,487 63,092 86,579 1.83% 100.00%
THB 829,033 2,227,030 3,056,063
Total Premiums (Life & Non Life) Population
Total Insurance Premiums and Population in ASEAN Countries
Source : Association of Southeast Asian Nations, ASEAN Statistics, Swiss Re, Sigma No.3/2017 Exchange Rate : Annualize rate
637.5 Million THB 3,056,063 Million
41
Non-Life Insurance Industry in Asia 2016
Source: Swiss Re, Sigma No.3/2017 42
Continents
Non-Life Premium Gross Premium (Global
Ranking)
Premium Per GDP
(%)
Premium Per Capita
(US$)
GDP (Billion $US)
Population (Million) Million $US Share (%)
PR China 203,515 9.6% 2 1.8% 147.2 11,234 1,382.9
Japan 117,243 5.5% 4 2.4% 928.3 4,954 126.3
South Korea 66,694 3.2% 7 4.7% 1,312.9 1,414 50.8
India 17,493 0.8% 15 0.8% 13.2 2,272 1,328.8
Taiwan 16,952 0.8% 16 3.3% 721.4 508 23.5
Saudi Arabia 9,656 0.5% 24 1.5% 300.8 640 32.1
United Arab Emirates 7,789 0.4% 31 2.2% 837.5 357 9.3
Iran 7,293 0.3% 32 1.8% 91.2 401 80.0
Israel 7,010 0.3% 33 2.2% 854.9 318 8.2
Thailand 6,913 0.3% 34 1.7% 101.4 407 68.2
Malaysia 4,741 0.2% 37 1.6% 153.9 292 30.8
Indonesia 4,740 0.2% 38 0.5% 18.2 933 260.9
Hong Kong 4,508 0.2% 41 1.4% 609.2 321 7.4
Singapore 3,472 0.2% 44 1.2% 620.0 297 5.6
Qatar 2,889 0.1% 46 2.0% 1,256.1 147 2.3
Philippines 1,665 0.1% 51 0.5% 16.3 304 102.4
Vietnam 1,568 0.1% 53 0.8% 16.6 205 94.4
Others 9,119 0.4% NA 0.5% 10.9 1,735 834
Asia 493,260 23.3% NA 1.8% 113.3 26,737 4,353.7
EU 611,414 28.9% NA 3.1% 744.8 19,768 820.9
America 937,373 44.3% NA 3.7% 940.4 25,166 996.8
World 2,115,172 100.0% NA 2.8% 285.3 75,335 7,414.2
Global Insurance Market Share (2016)
Source : Swiss Re, Sigma No.3/2017
Note: Life and non-life business areas in this sigma study are categorized according to standard EU and OECD conventions: health insurance is allocated to non-life insurance, even if it is classified differently in the individual countries
Top 10, 3,595,89
7 , 75.99%
Thailand, 22,044 , 0.47%
Other, 1,114,24
7 , 23.55%
Total Premiums Top 10, 1,995,280 , 76.24%
Thailand, 15,131 , 0.58%
Other, 606,605 , 23.18%
Life insurance Premiums
Top 10, 1,663,775 , 78.66%
Thailand, 6,913 , 0.33%
Other, 444,484 , 21.01%
Non-Life Insurance Premiums
43
Insurance Claims Payments from the 2011 Thai Floods
Line of Business
Claim Amount
Number Amount (THB)
Life and Personal Accident 213 27,243,320.40
Motor 39,927 4,107,612,177.81
Property
• Fire (Residential) 36,389 3,175,569,653.41
• Fire (Commercial Building/SME) 3,885 10,812,062,886.60
Industrial All Risks 10,685 392,170,089,551.15
Total 91,099 410,292,577,589.37
44
Anon Vangvasu
Chairman
The Federation of Thai Insurance Organizations
The Thai Non-life Insurance Industry and Its Contribution to Economic and Social Stability
45
