Recently released market study: Thailand Insurance Report Q2 2011

April 6, 2011 - PRLog -- Key Insights On Thailand's Insurance Sector

Writing in March 2011, data for 2009 is based on actual data and estimates for 2010 have been amended in order to take into account the statistics for the first eight months of the year that have been released by Thailand's insurance regulator. We estimate total premiums of THB399,102mn. This includes non-life premiums of THB122,146mn and life premiums of THB276,955mn. In 2015, the corresponding figures are forecast to be THB490,382mn, THB173,183mn and THB317,199mn. In terms of the key drivers that underpin our forecasts, we predict non-life penetration to rise from 1.22% in 2010 to 1.25% in 2015, and for life density to increase from US$133 per capita to a still modest US$165 over the same period. BMI's proprietary Insurance Business Environment Rating for Thailand is 59.3.

The figures that have been published by the Office of the Insurance Commission (OIC) indicate that despite Thailand's political problems and a mixed economic outlook there was major improvement in the fortunes of the insurance sector in 2010. If our estimates are correct, 2010 will be the first year of doubledigit growth in the fragmented non-life segment since 2006. The 24% increase in life premiums that we estimate for 2010 is likely to be the fastest expansion between 2005 and 2015.

The competitive landscape in Thailand has remained broadly unchanged in the last few years and is arguably more similar to that of the Philippines than any other country in the Asia Pacific region. As is the case in the Philippines, the local subsidiary of AIA is the dominant player, with a typical market share of about 30%. Although local institutions are significant - given that Thai Life, Muang Thai Life and Bangkok Life are the second, third and fifth largest players - it is the subsidiaries or associates of multinational giants that predominate. AXA, Allianz, Manulife, Prudential plc and ING - all of which have substantial businesses across the region - are represented. Interestingly, there are also associates of New York Life, ACE Life, Cardif and Generali, even though Thailand is not the most prospective national market in the region.

As is the case in the Philippines and Indonesia, the Thai non-life segment is extremely fragmented, in that none of the insurers are large in anything other than a local context. Given that auto insurance accounts for about 60% of all premiums in the segment, the leading auto insurance companies are also the top nonlife companies overall. Local group Viriyah, with about a quarter of the market for autos insurance and 16% of the non-life business, is the largest player in the segment. Bangkok Insurance, Dhipaya Insurance and Synmungkong Insurance, which account for 5-7% of non-life premiums each, are the next largest. The foreign insurance companies, which are numerous, tend to feature prominently in marine and transportation and commercial lines.

For more information or to purchase this report, go to:
-  http://www.fastmr.com/prod/130618_thailand_insurance_repo...


Partial Table of Contents:

Executive Summary
- Table: Overview Of Thailand's Insurance Sector
- Key Insights On Thailand's Insurance Sector
SWOT Analysis
- Thailand Insurance Industry SWOT
- Thailand Political SWOT
- Thailand Economic SWOT
- Thailand Business Environment SWOT
What Might Have Been: Prudential's Acquisition Of AIA
- Tale: AIA - Key Facts
- Table: AIA's Market Positions
- Table: What The Combined Group Would Have Looked Like - Latest Rankings In Asia Pacific Life Insurance
- Table: Asia Highlights Of Prudential plc's 2009 Annual Report
- Table: Prudential plc's New Business In Annualised Premium Equivalent, 2009
- Table: Global Life Insurance Profitability - Selected Figures
- Table: Who's Who - Life Insurance Joint Ventures And Businesses In India And China
Asia Pacific Market Overview
- Table: Premium's In Asia Pacific's Non-Life Segment (US$mn)
- Table: Premiums In Asia Pacific's Life Segment (US$mn)
Projections And Forecasts
- Table: Insurance Premiums, 2008-2015
- Projections And Drivers Of Growth
- Table: Growth Drivers, 2008-2015
Country Update
- Macroeconomic Outlook
- Table: Thailand Economic Activity, 2008-2015
- Political Outlook
- Long-Term Political Outlook
Insurance Business Environment Ratings
- Table: Thailand's Insurance Business Environment Rating
- Table: Asia Pacific Insurance Business Environment Ratings
Regional Context
- Table: Non-Life Premiums In A Regional Context, 2009
- Table: Life Premiums In A Regional Context, 2009
Major Players In Thailand's Insurance Sector
- Table: Breakdown Of Premiums Income, 8M10
- Table : Rankings Of Non-Life Companies By Gross Written Premiums, 8M10
- Table: Ranking Of Life Companies By Gross Written Premiums, 8M10
Analysis Of Regional Competitive Conditions
Company Profiles
- Local Company Profiles
- Dhipaya Insurance
- Thai Life Insurance Company
- Viriyah
- Regional Company Profiles
- AEGON
- Allianz
- Aviva
- AXA
- Cardif
- Fortis
- Generali
- Groupama
- HDI-Gerling
- HSBC Insurance
- ING Group
- Liberty Mutual
- Manulife
- MetLife
- Prudential Financial
- Prudential plc
- QBE
- RSA
- Sun Life Financial
-

Full Table of Contents is available at:
-- http://www.fastmr.com/catalog/product.aspx?productid=1306...

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets.  BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports.  Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports.  View more research from Business Monitor International at http://www.fastmr.com/catalog/publishers.aspx?pubid=1010

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.

# # #

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.