According to the Thai General Insurance Association (TGIA), overall premiums in the Thai non-life insurance industry are anticipated to rise by 4.5 to 5% in 2023, reaching THB282 billion ($8.56 billion) or THB287 billion ($8.56 billion).
According to the news site Prachachat, TGIA president Mr. Anon Vangvasu, the non-life insurance industry was estimated to have grown by 4% in 2017. In contrast, Thailand's non-life insurance industry expanded by 5.2% in 2021, reaching a total premium value of THB265.8 billion in 2021, up from THB252.8 billion in 2020.
Other favorable factors for the non-life insurance market include improved prospects for vehicle sales and the government's initiatives to stimulate the economy, despite the fact that the Thai export sector is sluggish due to the global economic slowdown. "This year, motor insurance premiums are expected to grow by 5-6%, with electric vehicles still representing a small percentage of the business," Mr. Anon stated.
In addition, there is a tighter reinsurance market, which would force insurers to raise premiums.
Following the closure of several insurers whose sales of COVID-related insurance policies suffered losses, there is now less competition in the market. The remaining insurance companies in the market now accept risk with greater caution as a result of the development.
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