2012-11-17 07:45:18 - Fast Market Research recommends "Thailand Insurance Report Q4 2012" from Business Monitor International, now available
The Thailand Insurance Report considers the prospects for both life and non-life insurers in the country. BMI continues to rate Thailand as a medium-sized, but rapidly growing insurance market that is undergoing transition. Both segments are rising at double digit rates. In the life segment, the increase in business is coming - as far as we can see - from the wealthiest 24% of the population that already use life insurance. Over the last year or so, we have highlighted initiatives from the major companies such as: the development of new products; expanded agency networks; increases to agent productivity; bancassurance deals, and the development of direct sales and other distribution channels. In short, life insurance is developing further as an
already quite important conduit for those households who can afford it. The major life companies responded very well to the challenges posed by the floods in late 2011. They took a flexible approach with customers, whose ability to pay premiums was temporarily compromised by the disruption. In the mean-time, the revised mortality tables mean that life insurance customers will probably enjoy a reduction in rates and premiums over the next year or so.
Full Report Details at
- www.fastmr.com/prod/499877_thailand_insurance_report_q4_2012.asp ..
As of August 2012, it remains to be seen what the final impact on Thailand's non-life segment of the damage from the floods will be. It is not yet clear what the effects will be of the new THB50bn catastrophe excess-of-loss fund that was established by the government, which will have an impact on what large corporate customers are willing to pay. Our strong impression is that the Thai non-life companies do not have the pricing power to pass on in full the substantially higher reinsurance costs they are having to bear following various natural catastrophes (not just the floods) last year. As in the previous quarter, views among the world's reinsurers about the opportunities in Thailand vary widely. Some reinsurers announced in early 2012 that they would cease to write business in the country. However, at least two North American companies are upbeat about the potential for reinsurers in Thailand.
For the Thai companies in the fragmented non-life segment, BMI believes an additional challenge is the downward pressure on motor insurance premiums. This will be the result of improved information on particular drivers', vehicles' and spare parts' costs. If the experience of other countries is a guide, the insurers will have to reward safe drivers with lower premiums.
Over the last quarter, BMI has made the following changes:
* The company profiles have been comprehensively rewritten and, in many cases, include comments published in August 2012 in relation to operations in H112.
* The latest forecasts and projections for Thailand's economy, along with key aspects such as healthcare spending, have been incorporated.
Partial Table of Contents:
- Table: Total Premiums, 2009-2016
- Key Insights And Key Risks
- Thailand Insurance Industry SWOT
- Thailand Political SWOT
- Thailand Economic SWOT
- Thailand Business Environment SWOT
- Asia Pacific Life Sector Overview
- Table: Asia Pacific Life Premiums, 2009-2016 (US$mn)
- Thailand Life Sector Update
- Life Industry Forecast Scenario
- Table: Life Premiums, 2009-2016
- Growth Drivers And Risk Management Projections
- Table: Insurance Key Drivers, Demographics, 2009-2016
- Asia Pacific Non-Life Sector Overview
- Table: Asia Pacific Non-Life Premiums, 2009-2016
- Thailand Non-Life Sector Update
- Non-Life Industry Forecast Scenario
- Table: Non-Life Premiums, 2009-2016
- Growth Drivers And Risk Management Projections
- Macroeconomic Outlook
- Table: Thailand Economic Activity, 2011-2016
- Political Stability Outlook
- Table: Asia Pacific Regional Security Ratings
- Healthcare Insurance
- Table: Various Healthcare Scheme in Thailand
- Table: Insurance Key Drivers, Disability-Adjusted Life Years, 2009-2016
- Islamic Finance
Insurance Risk/Reward Ratings
- Table: Thailand's Insurance Risk/Reward Ratings
- Table: Asia Pacific Insurance Risk/Reward Ratings
- Competitive Landscape Analysis
- Major Players In Thailand's Insurance Sector
- Table: Ranking Of Life Companies By Gross Written Premiums, 8M10
- Table: Rankings Of Non-Life Companies By Gross Written Premiums, 8M10
- AIA Group
- Bangkok Life Assurance/Bangkok Insurance
- BNP Paribas Cardif
- Fairfax Financial Holdings
- Manulife Financial
- Muang Thai Life Assurance/Muang Thai Insurance
- Prudential plc
- QBE Insurance Group
- Table: Population By Age Group, 1990-2020 ('000)
- Table: Population By Age Group, 1990-2020 (% of total)
- Table: Key Population Ratios, 1990-2020
- Table: Rural/Urban Population Split, 1990-2020
- Insurance Risk/Reward Ratings
- Table: Insurance Risk/Reward Indicators And Rationale
Full Table of Contents is available at:
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