The insurance regulator, the Office of Insurance Commission (OIC), has forecast that the sector will see flat growth subsequent yr with whole GWP anticipated to quantity to THB890bn ($24.8bn), shut to the quantity estimated for this yr.
It is estimated that direct insurance premiums for 2022 full-year will be about THB886.2bn, with a growth price of roughly +0.10% to +2.10% and break up as follows:
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Life insurance premiums are estimated at THB614.92bn, with a year-on-year change of -0.82% to +1.18%, in step with the Thai Life Assurance Association’s projections.
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Non-life insurance premiums are estimated to quantity to THB271.29bn, with a growth price of roughly +2.25% to +4.25%, in step with the estimates of the Thai General Insurance Association.
The projected direct premium revenue for the complete yr 2023 is about THB894.6bn, with a year-on-year change of -0.05% to +1.95%.
The hottest life insurance merchandise are anticipated to be endowment life insurance merchandise and well being insurance riders. The hottest non-life insurance department is motor. With the opening up of the nation after COVID-related lockdowns are lifted, and the federal government’s concentrate on tourism, worldwide journey insurance will be one other department that may change into extra standard.
