Thailand: Analysis of the General Insurance Industry

Brochure More information from http//www. researchandmarkets. com/reports/606283/ siamese connectionland amends sphere of influence Description Thailand is the second largest economy in Southeast Asia, after Indonesia. It ranks midway in the wealth spread in South east Asia and is the 4th richest nation per capita, after Singapore, Brunei, and Malaysia. The Thai economy in 2008 is forecasted to grow at 5. 6% (in the forecasted range of 5. 0-6. 0%). This figure is an improvement on 4. 8% appendage in the previous division according to Fiscal Policy Office (FPO), Ministry of Finance.In 2008 accelerated public arena spending led to recovery in domestic demand which is expected to be far more balanced economic expansion. Government policy would then be forced to stimulate the domestic economy. This happens when external demand is liable(predicate) to be softened from possible global economic slowdown. External stability in 2008 provide remain beefed-up with current account surplu s estimated to be 0. 5% of gross domestic product (in the range of 0. 3-0. 8% of GDP). In contrast, internal stability in 2008 may have some risk with increasing headline inflation at 4. 5% (in a range of 4. 3-4. 8%).This is mainly due to rising energy and food prices in the world markets. According to The Economist, real GDP growth will slow down by 1. 15% p. a over the next 4 years (2008-12), as compared to 5. 3% p. a in past 3 years since 2007. This sluggishness of GDP can be attributed to various negative factors, such as political uncertainty, instability of foreign permute rates, and continuous high petroleum prices in 2006. The Thai insurance industry, along with the wider Thai economy, has now however recovered from the depths of the Asian financial crisis and is experiencing noteworthy growth.The disregard is expected to continue as public awareness of the need for insurance increases. grocery Performance and Forecast Within a span of 7 years (2000 2007), Thai policy sphere of influence has experienced a growth of 191% currently valuated at $9,434. 72 million. The Knowledge Centre predicts, the overall market size will increase by 72. 5% further and is expected to touch the highs of $13,012. 75 million by 2011. The life insurance market in Thailand between 2000 and 2007 change magnitude at a CAGR of 16. 57%. The Knowledge Centre envisages that this trend would continue and the market will see CAGR of 5. 5% in 5 years and chip in $8,306. 21 million in 2011. The non-life insurance market in Thailand between 2000 and 2007 increased at a CAGR of 10. 73%. The Knowledge Centre also forecasts that the growth will continue and the market will see CAGR of 8. 34% in the next 5 years with the premiums reaching $4,706 million by 2011. Competitive landscape Some of the top foreign insurance companies in Thailand are ACE, AIG, Allianz, AXA, Generali, ING, Millea Holdings, Manulife, New York Life and Prudential (UK).The market is dominated by AIA, the loca l anaesthetic name of AIG that accounted for approx. 29% of all of gross premiums in 2007. Thai Life (TLI) is considered to be the second largest player overall with a market share of approx. 14%. The next largest root is considered to be a joint venture between non-life insurer Ayudhya, local conglomerate Charoen Pokphand and Allianz (AACP) with a market share of approx. 14%. Other major players in this market are Ocean Life, Finansa, local associates of AXA (Krungthai) and ING.Non-life insurance sector in Thailand is further sub-categorized under Fire, Marine & Transportation, Hull, Cargo, Automobile, Compulsory, Voluntary, unhomogeneous, Industrial All Risks, Public Liability, Engineering damages, melody amends, ad hominem Accident, wellness insurance policy, Crop redress and Other restitution. Some of the top companies in this sector are Bangkok Insurance, Dhipaya Insurance, Phatra Insurance, New Hampshire Insurance, Ayudhya Insurance, Mitsui Sumitomo Insurance, MSIG In surance, Sri Muang Insurance, Siam Commercial Samaggi, South East Insurance, Viriyah Insurance, Synmunkong Insurance, Krungthai Panich etc.Driving factors Balanced economic expansion and supporting role of the government fresh reforms and governments regulatory initiatives Re-defined financial practices and strengthening of corporate governance tranquility of restrictions on directors and senior executives of insurance companies Amendment of clauses governing the evaluation of assets & debts of a life insurance company Merger or consolidation of the large number of local insurers Middle income industrial developing nation Growing interest in Bancassurance Adoption of THBFix and Bibor Establishment of Insurance commissionMajor trends, issues and opportunities Mergers and acquisitions in Thailands insurance industry are likely to drop off Thailands economy is slowing as the effects of high oil prices, rising interest rates and longrunning political uncertainty take their toll. semipolitical uncertainty and instability of foreign exchange rates Bullish trend in fixed deposit rates Government regulations laying a strong foundation for future growth Increase in foreign ownership limits Move towards a knowledge economy through skills development Issues in Health Insurance Systems evanesceics covered in the report Thai economy, its performance, future outlook for 2008-09 Governments economic policies, macroeconomic factors, trends and analysis Economic and Insurance purlieu in Thailand market place performance and forecast for Thai Insurance Sector between 2000, 2007 and 2011 Market performance and forecast for Thai Life Insurance Sector between 2000, 2007 & 2011 Market performance and forecast for Thai Non-Life Insurance Sector between 2000, 2007 & 2011 Recent reorganization of financial institutions and setting up of Insurance Commission Corporate Finance Legislation and other major regulatory developments Role of Bancassurance Specific re gulations and norms by the Thai Government for insurance sector. Sub-categorization of life and non-life insurance sector Competitive landscape & market share of companies in life and non-life insurance sector Company profiles of top players in life and non-life insurance sector contents 1. THAILAND 1. 1. THAI ECONOMY 1. 2. GOVERNMENT POLICIES 2. THAI INSURANCE SECTOR 2. 1. MARKET OVERVIEW 2. 2. MARKET PERFORMANCE & FORECAST 2. 2. 1. Thailand Insurance Market 2. 2. 1. 1. Thailand Life Insurance Market 2. 2. 1. 2. Thailand Non-Life Market 2. 3. DRIVING FACTORS 2. 3. 1.Recent Reforms 2. 3. 2. M&A or transfer of the business of an Insurance Company 2. 3. 3. Thai Corporate Finance Legislation 2. 3. 4. Role of Bancassurance 2. 3. 5. Recent Regulatory Developments 2. 3. 6. Insurance Commission replaced Department of Insurance 2. 4. TRENDS, ISSUES AND OPPORTUNITIES AN ANALYSIS 2. 4. 1. Insurance M&A likely to drop 2. 4. 2. Pending Legislations 2. 4. 3. Implications for Foreign Insur ers 2. 4. 4. Skills development stay a key 2. 4. 5. Issues in Health Insurance Systems in Thailand 2. 5. GOVERNMENT REGULATIONS 2. 6. COMPETITIVE LANDSCAPE 2. 6. 1. Life Insurance 2. 6. 1. 1.Life Insurance Renewal Market 2. 6. 1. 2. individual(a) aid Market 2. 6. 2. Non-Life Insurance Market 2. 6. 2. 1. Fire Insurance Market 2. 6. 2. 2. Marine and Transportation Market 2. 6. 2. 3. Cargo & Hull Market 2. 6. 2. 4. Automobile Sector 2. 6. 2. 5. Miscellaneous Insurance 2. 6. 2. 6. Industrial All Risks Insurance 2. 6. 2. 7. Public Liability Insurance 2. 6. 2. 8. Engineering Insurance 2. 6. 2. 9. Aviation Insurance 2. 6. 2. 10. Health Insurance 2. 6. 2. 11. Personal Accident Insurance 2. 6. 2. 12. Other Insurance 2. 6. 3. Company Profiles 2. 6. 3. 1. American International Assurance company (AIA), Thailand 2. . 3. 2. ACE INA Overseas Insurance Company Limited 2. 6. 3. 3. Ayudhya Insurance Public Company Limited 2. 6. 3. 4. Ayudhya Allianz C. P. Life Public Company Limited 2. 6. 3. 5. B angkok Insurance Public Company Limited 2. 6. 3. 6. Bangkok Union Insurance 2. 6. 3. 7. Charan Insurance 2. 6. 3. 8. Deves Insurance 2. 6. 3. 9. ING Life Limited 2. 6. 3. 10. Indara Insurance 2. 6. 3. 11. Manulife Insurance (Thailand) Public Company Limited 2. 6. 3. 12. MSIG Insurance 2. 6. 3. 13. QBE Insurance (Thailand) Company Limited 2. 6. 3. 14. Sri Muang Insurance 2. 6. 3. 15. The Viriyah Insurance Co. , Ltd. List of flurrys parry 1 Macroeconomic apparent movements Population (mil. ) vs. Nominal GDP ($ bil. ) 2002-2011f Table 2 Macroeconomic Trends GDP per chief city ($ bil. ) vs. Real GDP increase (%) 2003-2011f Table 3 Growth Trends Inflation (2002-2008f) Table 4 Key Economic Indicators Forecast 2007-2012f Table 5 Growth Trend comparison GDP Growth vs. Insurance Growth (%) 2000-2011 Table 6 Thailand Insurance Market time value ($million) 2000-2007 Table 7 Thailand Insurance Market esteem Forecast ($million) 2007-2011f Table 8 Insurance Density indemnitys Per Cap ita in USD Table 9 Insurance indemnity in % of GDP (2001-2011f)Table 10 Growth Trend of Life Insurance and Non-Life Insurance ($Million) 2000-2011f Table 11 Thailand Life Insurance Market Value ($million) 2000-2007 Table 12 Thailand Life Insurance Market Value Forecast ($million) 2007-2011f Table 13 Thailand Non-Life Insurance Market Value ($million) 2000-2007 Table 14 Thailand Non-Life Insurance Market Value Forecast ($million) 2007-2011f Table 15 Thailand Insurance Sector Projections of Macroeconomic Drivers (2006-2010f) Table 16 Market dower of Top Players in Life Insurance Sector Comparison between 2006 & 2007 (Million Baht) and their Growth (%)Table 17 Life Insurance add Premium Growth family on Year by Company 2006-2007 (%) Table 18 Life Insurance Market Growth by commencement ceremony Year Premium of Top Companies Comparison between 2006 & 2007 (mn Baht) Table 19 Life Insurance Market Growth by First Year Premium of Top Companies Comparison between 2006 & 2007 (%) Table 20 Life Insurance Premium Renewal (million Baht) and Growth (%) Year on Year for Top Companies (2006-2007)Table 21 Life Insurance Renewal Market apportion of Top Companies in 2007 (mn Baht) Table 22 Life Insurance Single Premium Market plow of Top Companies in 2007 (mn Baht & % growth) Table 23 Loss Ratio of Non Life Insurance Business (2007) Table 24 Marine and Transportation Companies Markey circumstances by Direct Premium (Unit 1,000 Baht) Table 25 Automobile Insurance Top companies by Direct Premium (2007) Table 26 2007 Table 27 007 Table 28 2007 Table 29 2007 Table 30 Table 31 Table 32 Table 33 Top Miscellaneous Non-Life Insurance Companies Market share by Direct Premium (%) Top Industrial All Risk Non-Life Insurance Companies Market dower by Direct Premium Top Public Liability Non-Life Insurance Companies Market consider by Direct Premium Top Engineering Non-Life Insurance Companies Market Share by Direct Premium (%) Top Top Top TopAviation Non-Life Insurance Compan ies Market Share by Direct Premium 2007 Health Insurance Companies Market Share by Direct Premium 2007 Personal Accident Insurance Companies Market Share by Direct Premium 2007 Other Non-Life Insurance Companies Market Share by Direct Premium 2007 List of charts map 1 Macroeconomic Trends Population (mil. ) vs. Nominal GDP ($ bil. ) 2002-2011f Chart 2 Macroeconomic Trends GDP per capital ($ bil. ) vs.Real GDP Growth (%) 2003-2011f Chart 3 Growth Trends Inflation (2002-2008f) Chart 4 Key Economic Indicators Forecast (2007-2012f) Chart 5 Growth Trend Comparison GDP Growth vs. Insurance Growth (%) 2000-2011f Chart 6 Thailand Insurance Market Value ($billion) 2000-2007 Chart 7 Thailand Insurance Market Value Forecast ($million) 2007-2011f Chart 8 Insurance Density Premiums Per Capita in USD Chart 9 Insurance Premium in % of GDP (2001-2011f) Chart 10 Thailand Insurance Market Segment Share 2007Chart 11 Growth Trend of Life Insurance and Non-Life Insurance ($Million) 2000-2011f C hart 12 Thailand Life Insurance Market Value ($million) 2000-2007 Chart 13 Thailand Life Insurance Market Value Forecast ($million) 2007-2011f Chart 14 Thailand Non-Life Insurance Market Value ($million) 2000-2007 Chart 15 Thailand Non-Life Insurance Market Value Forecast ($million) 2007-2011f Chart 16 Market Segmentation of Non-Life Insurance (%) 2007 Chart 17 Market Segmentation of Non-Life Companies by Ownership 2007 (%) Chart 18 Comparison of Direct Premiums of Non Life Insurance Business (2007 & 2006) Chart 19 Direct Premium per Insurance Policy for 2007-2006 (Baht) Chart 20 Comparison of Sum Insured Per Premium of Non Life Insurance Business Segments (2007 & 2006) Chart 21 Loss Ratio of Non Life Insurance Business (2007) Chart 22 Market Share of Top Life Insurance Companies by Total Premium in 2007 (%) Chart 23 Life Insurance First Year Premium Market Segment in 2007 by Top Companies(%) Chart 24 Life Insurance Premium Renewal (million Baht) and Growth (%) Year on Year for T op Companies (2006-2007)Chart 25 Life Insurance Renewal Market Share of Top Companies in 2007 (%) Chart 26 Single Insurance Premium Company Segmentation 2007 Chart 27 Fire Insurance Companies Market Share (%) 2007 Chart 28 Marine & Transport Insurance Segment Share (%) 2007 Chart 29 Cargo and Hull Market Direct Premium Share (%) in 2006-2007 Chart 30 Marine and Transportation Companies Markey Share by Direct Premium (Unit 1,000 Baht) Chart 31 Market Share of Automobile Insurance Sub Sector 2007 Chart 32 Automobile Insurance Top Companies Market Share by Direct Premium (%) 2007 Chart 33 Market Share of Miscellaneous Non-Life Sector (%) 2007 Chart 34 Top Miscellaneous Non-Life Insurance Companies Market Share by Direct Premium (%) 2007 Chart 35 Top Industrial All Risk Non-Life Insurance Companies Market Share by Direct Premium (%) 2007 Chart 36 Top Public Liability Non-Life Insurance Companies Market Share by Direct Premium (%) 2007 Chart 37 Top Engineering Non-Life Insurance C ompanies Market Share by Direct Premium (%) 2007Chart 38 Top Aviation Non-Life Insurance Companies Market Share by Direct Premium (%) 2007 Chart 39 Top Health Insurance Companies Market Share by Direct Premium (%) 2007 Chart 40 Top Personal Accident Insurance Companies Market Share by Direct Premium (%) 2007 Chart 41 Top Other Non-Life Insurance Companies Market Share by Direct Premium (%) 2007 Authors Jasvita Anand, Akash Rakyan & Nishith Srivastava Ordering Order 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