Premiums might reach B303bn
PUBLISHED: 20 Dec 2023 at 05:05
The insurance coverage market is forecasted to broaden 5-6% in 2024 with premiums of 301-303 billion baht thanks to the high development of electrical automobile (EV) and medical insurance, states the Thai General Insurance Coverage Association (TGIA).
TGIA president Somporn Suebthawilkul stated premiums tallying 210 billion baht are approximated for the very first 9 months this year, up 5.2% from the exact same duration of 2022.
For the complete year, the basic insurance coverage service is anticipated to grow by 4-5% with 285 billion baht in premiums.
The TGIA expects the momentum to continue next year, supported by development in the health and EV sections, as EV sales are anticipated to reach 100,000 systems this year.
Travel insurance coverage is likewise forecasted to grow based upon the ongoing tourist healing, he stated.
” The market enhanced this year as anticipated due to the fact that of the financial healing and smooth federal government shift, increased EV sales, and a rebound in both domestic and global tourist,” stated Mr Somporn.
” All these aspects have a favorable effect on the market, with great development patterns for different kinds of insurance coverage.”
In the very first 9 months this year, motor insurance coverage premiums totaled up to 118 billion baht, up 6% year-on-year.
The variety of cars and truck insurance coverage tends to increase together with the typical premium per policy, he stated.
Fire insurance coverage premiums increased 2.1% over the duration to 7.76 billion baht. Nevertheless, marine and shipping insurance coverage premiums moved 0.6% to 5.33 billion baht on slowing exports.
Various insurance coverage premiums grew 4.6% to 78.6 billion baht, while home threat insurance coverage premiums leapt 16.1% to 25.9 billion baht.
The loss ratio of different kinds of non-life insurance coverage was 54.5% in the very first 3 quarters, while that of motor insurance coverage totaled up to 59.4%.
” Customer behaviour and expectations are continuously altering, presenting a difficulty the insurance coverage market need to handle,” stated Mr Somporn.
He stated the association worked to enhance self-confidence amongst the insured and the general public this year, working together with appropriate firms to supply much better security and avoiding foreign business from offering insurance coverage in Thailand without appropriate licences.
Interaction with the general public was enhanced to inform them about purchasing insurance coverage, while the Personal Data Defense Act is assisting insurance companies and TGIA develop procedures to monitor and motivate compliance with the standards for non-life insurance companies, developing understanding amongst member business about the law, stated Mr Somporn.