Thailand Insurance, Companies & Insurance Quote
Insurance in Thailand is showing rapid growth in the insurance market and is found to be astounding in the past ten years owing to the promotional measures of the government, new products, significance of insurance savings and coverage and also improved sales channel.
The foreign investment influx and opening of new sectors has resulted in increase in Thailand insurance and has begun showing signs of maturity offering a wide range of products and improvements.
Insurance providers in Thailand are many in numbers and majority of them are doing good business. In the year 2009, there were 25 life insurers and non-life insurers 75 operating the market. Life insurance products lead the revenue source accounting for over 90% insurance sector that in the initial half of 2009 it is 15.5% having total assets at THB 891.3 billion in December 2008.
The market of insurance in Thailand is showing increase in growth for the past six years such that life insurance policies were nearly 15.8 million, accounting to 25% of total population with sum insured as THB 7.53 trillion.
Insurance companies include AIA, Thai Vivat insurance, AXA insurance and Generali Thailand. All these companies offer range of products including life insurance of individuals and groups.
The insurance market for the period 2000 to 2007 shows an increase of 16.57 CAGR and this trend is expected to continue so that the insurance market with reach $8,306.21 million and meet 5.75%CAGR in 2011. The Thailand non-life insurance for the same period showed 10.73% and is forecasting growth to reach CAGR 8.34% and premiums amounting $4,076 million in 2011.
The growth in Thailand Insurance was due to the opening of insurance sectors as well as foreign investments that led to the growing awareness of new products launching.
The introduction of insurance products, income-tax measures of the government and the growing economy also elevated the demand for future savings. Similar to other countries, insurance in Thailand is classified into life and non-life businesses.
Owing to government tax incentives and insurance products preference as well as improved life quality, life insurance in Thai market has witnessed a speed in premium income.
Insurance in Thailand is regarded to be competent and well-regulated. However, Insurance in Thailand that is compulsory is minimal, yet the third-party motor insurance is compulsory.