(MENAFNEditorial)
Thailand's insurance industry is forecast to show good growth between 2015-2018 having struggled in 2014 faced with a military coup in May and a weakening currency. T otal premiums grew by only 1 % in 2014 . Nevertheless we expect growth to continue where it left off in 2013. This is reflected in our forecast for annual average growth between 2015 -2018 of 11.7% in Life and 14.9% in non-life. Life will unusually continue to be the more dominant line of business representing 68% of total premium. Within non-life m otor insurance represents 60% of the premium and will increase to 63.8% by 2018 .
The life sector is far larger than non-life in Thailand with premiums totalling USD14.6bn in 2014 compared with just USD6.9bn in non-life. Within life a small number of firms dominate with the top 5 enjoying over 70% of premiums led by AIA with a 26% share. Following a poor 2014 we anticipate a return to strong growth levels previously exhibited; 2015 to 2018 will see annual growth remain above 10% as premiums rise to USD22.8bn by the end of this period equivalent to over USD335 per capita.
Full Report Details at
- http://www.fastmr.com/prod/974441_thailand_insurance_report_q2_2015.aspx?afid=101
2014 was a similarly poor year for non-life performance with gross premium growth of just 3.4%. Like the life sector however an emphatic return is expected from 2015 with an annual average growth of 14.9% expected between 2015 and 2018. With premiums rising to a total of USD12.1bn by the end of the period much of this increase will be driven by the dominant motor insurance line which will continue to account for over 60% of gross premiums. With this consistency in the structure of premiums Viriyah will remain the standout market leader. Growth in health insurance while not ultimately threatening the likes of Viriyah offers opportunities to the likes of BUPA and Cigna.
Key BMI Forecasts:
* For 2015 Total premiums to bounce back growing by 12% to USD24.2bn.
* Life premiums to return to growth in 2015 expanding 11.2% to USD 16.3bn
The Thailand Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments key growth drivers and risk management projections including the macroeconomic situation government policy regulatory environment and the level of development and potential for growth broken down by line. Leading insurers are profiled covering premiums products and services and competitive positioning.
BMI's Thailand Insurance Report provides professionals consultancies government departments regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Thai insurance industry.
Key Benefits
* Benchmark BMI's independent insurance industry forecasts for Thailand to test other views - a key input for successful budgeting and strategic business planning in Thailand's insurance market.
* Target business opportunities and risks in Thailand through our reviews of latest industry trends regulatory changes and major deals investments and macroeconomic developments.
* Exploit latest competitive intelligence on your competitors partners and clients via our Company Profiles (inc. SWOTs KPIs and latest activity).
Coverage
BMI Industry View
Summary of BMI’s key industry forecasts and views covering the Life and Non-Life segments the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths Weaknesses Opportunities and Threats within the insurance sector and within the broader political economic and business environment.
BMI Industry Forecasts
Historic data series (2005-2014) and forecasts to end-2019 for key industry indicators supported by explicit assumptions plus analysis of key risks to the main forecasts. Indicators include:
* Life/non-life Premiums: Total premium growth (USDmn) premium growth (% y-o-y) penetration (% of GDP) density (USD per capita) for Life and Non-Life sectors claims reinsurance and assets and liabilities.
* Non-life subsectors: Data on gross written premiums for all major Non-Life segments (motor transport property personal accident health general liability and credit financial).
BMI’s Insurance Risk Reward Index
BMI’s Risk Reward Indices provide investors (Life and Non-Life) looking for opportunities in the region with a clear country-comparative assessment of a market’s risks and potential rewards. Each of the country markets are scored using a sophisticated model that includes more than 40 industry economic and demographic data points to provide an indices of highest to lowest appeal to investors with each position explained.
Company Profiles*
Examines the competitive positioning and short- to medium-term business strategies of key industry players. The latest financial and operating statistics and key company developments are also incorporated within the company profiles enabling a full evaluation of recent company performance and future growth prospects.
Growth Drivers & Risk Management Projections
Key data and forecasts to end-2019 focusing on the growth drivers and downside risks to specific insurance lines including:
* Population: Male/female by age group active/pensionable/youth population % of total urban/rural population % of total.
* Freight: Tonnage – air freight rail freight road freight inland waterway.
* Motor: Fleet size by type of vehicle % change y-o-y.
* Epidemiology: Disease Adjusted Life Years and private health expenditure.
Market Overview & Rankings
Illustration of the insurance industry via rankings tables comparing gross written premiums by company (USDmn) and market share (%) for the top 20 players in both Life and Non-Life. This chapter also includes in-depth regional analysis of the market position business strategies and investment potential of the leading insurance companies.
Sources
The insurance Reports draw on an extensive network of primary sources such as multilateral organisations government departments industry associations chambers and company reports.
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