Thailand: Analysis of the General Insurance Industry

Brochure More knowledge from http//www. researchand grocerys. com/reports/606283/ Siameseland redress heavens commentary Thailand is the 2nd largest prudence in southwardeast Asia, after Indonesia. It ranks midway in the wealth spread in South East Asia and is the 4th richest res publica 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% issue in the previous year according to Fiscal Policy stead (FPO), Ministry of Finance.In 2008 accelerated public sector spending led to recovery in domestic demand which is expected to be far more equilibrise economic expansion. political relation policy would then be forced to harry the domestic economy. This happens when external demand is likely to be softened from mathematical global economic slowdown. External stability in 2008 will keep strong with current account surplus estimated to be 0. 5% o f gross domestic harvest-tide (in the range of 0. 3-0. 8% of gross domestic product). In contrast, internal stability in 2008 whitethorn have some risk with increasing headline inflation at 4. 5% (in a range of 4. 3-4. 8%).This is mainly due to move energy and food prices in the world market places. According to The Economist, palpable gross domestic product growth will slow down by 1. 15% p. a over the next 4 days (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 policy-making uncertainty, imbalance of foreign exchange rates, and continuous high petroleum prices in 2006. The Thai insurance industry, along with the wider Thai economy, has now however aged from the depths of the Asian financial crisis and is experiencing noteworthy growth.The trend is expected to outride as public awareness of the need for insurance annexs. foodstuff Performance and presage Within a span of 7 yea rs (2000 2007), Thai insurance celestial sphere has experienced a growth of 191% currently valuated at $9,434. 72 meg. The Knowledge boil down predicts, the overall market size will increase by 72. 5% hike and is expected to touch the highs of $13,012. 75 gazillion by 2011. The life insurance market in Thailand between 2000 and 2007 increase at a CAGR of 16. 57%. The Knowledge Centre envisages that this trend would continue and the market will get together CAGR of 5. 5% in 5 years and reach $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 bring in foreign insurance companies in Thailand are hero, AIG, eitherianz, AXA, Generali, ING, Millea Holdings, Manulife, New York manners and Prudential (UK).The market is rule by AIA, the local name of AIG that accounted for approx. 29% of all of gross premiums in 2007. Thai biography (TLI) is considered to be the second largest player overall with a market share of approx. 14%. The next largest group 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%. different 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 burning, Marine & transferation, withdraw, Cargo, Automobile, Compulsory, Voluntary, Miscellaneous, industrial All Risks, general Liability, Engineering redress, air indemnification, personalised Accident, wellness insurance, Crop policy and Other restitution. Some of the crystallize companies in this sector are Bangkok insurance policy, Dhipaya insurance policy, Phatra redress, New H ampshire redress, Ayudhya indemnification, Mitsui Sumitomo indemnification, MSIG insurance, Sri Muang damages, Siam Commercial Samaggi, South East policy, Viriyah damages, Synmunkong Insurance, Krungthai Panich etc.Driving factors Balanced economic expansion and supporting role of the judicature young reforms and governments regulatory initiatives Re-defined financial practices and strengthening of corporeal governance Relaxation of restrictions on directors and senior executives of insurance companies Amendment of clauses governing the military rating of assets & debts of a life insurance company Merger or desegregation of the large number of local insurers Middle income industrial developing democracy Growing fire 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. Political uncertainty and instability of foreign exchange rates Bullish trend in fixed deposit rates Government regulations laying a strong creation for future growth Increase in foreign ownership limits hit towards a knowledge economy through skills knowledge Issues in wellness Insurance Systems capics covered in the report Thai economy, its performance, future scene for 2008-09 Governments economic policies, macroeconomic factors, trends and analysis Economic and Insurance environment in Thailand market performance and forecast for Thai Insurance Sector between 2000, 2007 and 2011 grocery 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 shot up of Insurance Commission Corporate Finance Legislatio n and early(a) major regulatory developments Role of Bancassurance Specific regulations 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 companionship profiles of top players in life and non-life insurance sector Contents 1. THAILAND 1. 1. THAI rescue 1. 2. GOVERNMENT POLICIES 2. THAI INSURANCE SECTOR 2. 1. MARKET OVERVIEW 2. 2. MARKET action & FORECAST 2. 2. 1. Thailand Insurance grocery 2. 2. 1. 1. Thailand Life Insurance commercialise 2. 2. 1. 2. Thailand Non-Life grocery 2. 3. DRIVING FACTORS 2. 3. 1.Recent Reforms 2. 3. 2. M&A or transfer of the business of an Insurance confederacy 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 Insurers 2. 4. 4. Skills development remains 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 novelty Market 2. 6. 1. 2. wiz agiotage Market 2. 6. 2. Non-Life Insurance Market 2. 6. 2. 1. push aside Insurance Market 2. 6. 2. 2. Marine and Transportation Market 2. 6. 2. 3. Cargo & remove 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. breeze Insurance 2. 6. 2. 10. Health Insurance 2. 6. 2. 11. Personal Accident Insurance 2. 6. 2. 12. Other Insurance 2. 6. 3. ships 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. Ayu dhya Insurance Public Company Limited 2. 6. 3. 4. Ayudhya Allianz C. P. Life Public Company Limited 2. 6. 3. 5. Bangkok 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 put overs hold over 1 Macroeconomic bring downs Population (mil. ) vs. Nominal GDP ($ bil. ) 2002-2011f dining table 2 Macroeconomic Trends GDP per capital ($ bil. ) vs. Real GDP festering (%) 2003-2011f put back 3 branch Trends Inflation (2002-2008f) Table 4 call Economic Indicators view 2007-2012f Table 5 maturation Trend analogy GDP Growth vs. Insurance Growth (%) 2000-2011 Table 6 Thailand Insurance Market apprise ($million) 2000-2007 Table 7 Thailand Insurance Market foster Forecast ($million) 2007-2011f Table 8 Insurance Density bonuss Per Capita in USD Table 9 Insurance pension in % of GDP (2001-2011f)Table 10 Growth Trend of Life Insurance and Non-Life Insurance ($Million) 2000-2011f Table 11 Thailand Life Insurance Market cheer ($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 ($million) 2007-2011f Table 15 Thailand Insurance Sector Projections of Macroeconomic Drivers (2006-2010f) Table 16 Market grant of Top Players in Life Insurance Sector comparing between 2006 & 2007 (Million tical) and their Growth (%)Table 17 Life Insurance gibe grant Growth year on stratum by Company 2006-2007 (%) Table 18 Life Insurance Market Growth by depression Year indemnity of Top Companies Comparison between 2006 & 2007 (mn Baht) Table 19 Life Insurance Market Growth by firstborn Year Premium of Top Companies Comparison between 2006 & 2007 (%) Table 20 Life Insurance Premium conversion (million Baht) and Growth (%) Year on Year for Top Companies (2006-2007)Table 21 Life Insurance Renewal Market get by of Top Companies in 2007 (mn Baht) Table 22 Life Insurance Single Premium Market partake in of Top Companies in 2007 (mn Baht & % growth) Table 23 breathing out Ratio of Non Life Insurance stock (2007) Table 24 Marine and Transportation Companies Markey plow by form Premium (Unit 1,000 Baht) Table 25 Automobile Insurance Top companies by contribute Premium (2007) Table 26 2007 Table 27 007 Table 28 2007 Table 29 2007 Table 30 Table 31 Table 32 Table 33 Top Miscellaneous Non-Life Insurance Companies Market carry on by result Premium (%) Top Industrial All Risk Non-Life Insurance Companies Market Share by turn to Premium Top Public Liability Non-Life Insurance Companies Market Share by guide Premium Top Engineering Non-Life Insurance Companies Market Share by Direct Premium (%) Top Top Top TopAviation Non-Life Insurance Companies Market Share by Direct Premium 2007 Health Insurance Companies Market Share by Direct Premium 2007 Personal Accident Insurance Companies Market Share by Direct Premium 2007 Other Non-Life Insurance Companies Market Share by Direct Premium 2007 List of graphs map 1 Macroeconomic Trends Population (mil. ) vs. Nominal GDP ($ bil. ) 2002-2011f map 2 Macroeconomic Trends GDP per capital ($ bil. ) vs.Real GDP Growth (%) 2003-2011f map 3 Growth Trends Inflation (2002-2008f) Chart 4 reveal 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 Tha iland Insurance Market Segment Share 2007Chart 11 Growth Trend of Life Insurance and Non-Life Insurance ($Million) 2000-2011f Chart 12 Thailand Life Insurance Market Value ($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 Mar ket Segment in 2007 by Top Companies(%) Chart 24 Life Insurance Premium Renewal (million Baht) and Growth (%) Year on Year for Top 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 Publ ic Liability Non-Life Insurance Companies Market Share by Direct Premium (%) 2007 Chart 37 Top Engineering Non-Life Insurance Companies 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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