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Life Insurance in Thailand, Key Trends and Opportunities to 2020

Life Insurance in Thailand, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in Thailand, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Thailand life insurance segment, and a comparison of the Thailand insurance industry with its regional counterparts.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and net earned premium during the review period (2011–2015) and forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Thailand economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in Thailand, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Thailand life insurance segment, including:

  • An overview of the Thailand life insurance segment
  • The Thailand life insurance segment’s growth prospects by category
  • A comprehensive overview of the Thailand economy and demographics
  • A comparison of the Thailand life insurance segment with its regional counterparts
  • The various distribution channels in the Thailand life insurance segment
  • Details of the competitive landscape in the life insurance segment in Thailand
  • Details of regulatory policy applicable to the Thailand insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Thailand:
  • It provides historical values for the Thailand life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Thailand life insurance segment, and market forecasts to 2020.
  • It provides a comparison of the Thailand life insurance segment with its regional counterparts
  • It analyzes the various distribution channels for life insurance products in Thailand.
  • It profiles the top life insurance companies in Thailand and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Thailand life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Thailand life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Thailand insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • The Office of Insurance Commission (OIC), the insurance regulator, issued the Insurance Development Plan (2016–2020) on January 21, 2016, in order to develop the insurance industry and protect the rights of policyholders.
  • Bancassurance is the leading distribution channel for the life segment; it accounted for 50.6% of the total market commissions in 2015. Bancassurance is expected to remain the leading distribution channel over the forecast period, supported by long-term agreements between insurers and banks.
  • On March 6 2015, the Life Insurance Act amendment came into effect, which allows greater flexibility of operations and investments of insurance companies. The amendment allows life insurers to issue financial instruments, which can only be done to repay claimants under specific conditions.
  • The Ministry of Finance made amendments to regulations on foreign shareholding on January 18, 2017, allowing foreign insurers to acquire a 100% stake in domestic insurance companies.


  • Key Facts and Highlights
    • Table Thai Life Insurance - Key Facts, 2015
    • Table Thai Life Insurance - Segment Shares of the Top Insurers, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Thailand Government Credit Ratings
  • Segment Outlook
    • Regional Comparison
    • Segment Indicators
      • Gross written premium and penetration
        • Table Thai Life Insurance - Gross Written Premium (THB Billion and US$ Billion), 2011-2015
        • Table Thai Life Insurance - Penetration (%), 2011-2015
        • Table Thai Life Insurance - Gross Written Premium (THB Billion and US$ Billion), 2015-2020
        • Table Thai Life Insurance - Penetration (%), 2015-2020
        • Table Thai Life Insurance - New Business Direct Written Premium (THB Billion and US$ Billion), 2011-2015
        • Table Thai Life Insurance - New Business Direct Written Premium (THB Billion and US$ Billion), 2015-2020
        • Table Thai Life Insurance - Premium per Capita (THB and US$), 2011-2015
        • Table Thai Life Insurance - Premium per Capita (THB and US$), 2015-2020
      • Policies sold
        • Table Thai Life Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table Thai Life Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Claims
        • Table Thai Life Insurance - Paid Claims (THB Billion and US$ Billion), 2011-2015
        • Table Thai Life Insurance - Paid Claims (THB Billion and US$ Billion), 2015-2020
      • Sum assured
        • Table Thai Life Insurance - Sum Assured (THB Trillion and US$ Billion), 2011-2015
        • Table Thai Life Insurance - Sum Assured (THB Trillion and US$ Billion), 2015-2020
      • Assets and investments
        • Table Thai Life Insurance - Total Assets (THB Billion and US$ Billion), 2011-2015
        • Table Thai Life Insurance - Total Assets (THB Billion and US$ Billion), 2015-2020
        • Table Thai Life Insurance - Total Investment Income (THB Billion and US$ Billion), 2011-2015
        • Table Thai Life Insurance - Total Investment Income (THB Billion and US$ Billion), 2015-2020
        • Table Thai Life Insurance - Investment Portfolio (THB Billion), 2011-2015
        • Table Thai Life Insurance - Investment Portfolio (THB Billion), 2015-2020
  • Outlook by Sub-Segment
    • Individual Life Insurance
      • Premium
        • Table Thai Individual Life Insurance - Direct Written Premium (THB Billion), 2011-2015
        • Table Thai Individual Life Insurance - Direct Written Premium (THB Billion), 2015-2020
      • Policies sold
        • Table Thai Individual Life Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table Thai Individual Life Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Penetration
    • Group Life Insurance
      • Premium
        • Table Thai Group Life Insurance - Direct Written Premium (THB Billion), 2011-2015
        • Table Thai Group Life Insurance - Direct Written Premium (THB Billion), 2015-2020
      • Policies sold
        • Table Thai Individual Life Insurance - Number of Policies Sold (Thousand), 2011-2015
        • Table Thai Individual Life Insurance - Number of Policies Sold (Thousand), 2015-2020
      • Penetration
  • Distribution Channel Outlook
    • Analysis by Distribution Channel
      • Table Thai Life Insurance - New Business Direct Written Premium by Distribution Channel (THB Billion), 2011-2015
      • Table Thai Life Insurance - New Business Direct Written Premium by Distribution Channel (THB Billion), 2015-2020
      • Table Thai Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
  • Competitive Landscape
    • Table Thai Life Segment - Market Shares of Leading Insurers (%), 2014
    • Company Profiles
      • SCBLIFE Assurance Public Company Ltd - company overview
        • Table SCBLIFE Assurance Public Company Ltd- Key Facts
        • Table SCBLIFE Assurance Public Company Ltd - Key Financials (THB Billion), 2011-2015
      • Prudential Life Assurance (Thailand) Public Company Ltd - company overview
        • Table Prudential Life Assurance (Thailand) Public Company Ltd - Key Facts
        • Table Prudential Life Assurance (Thailand) Public Company Ltd - Key Financials (THB Million), 2011-2015
      • FWD Life Insurance Public Company Ltd - company overview
        • Table FWD Life Insurance Public Company Ltd - Key Facts
        • Table FWD Life Insurance Public Company - Key Financials (THB Million), 2011-2015
      • Ocean Life Insurance Public Company Ltd - company overview
        • Table Ocean Life Insurance Public Company Ltd - Key Facts
        • Table Ocean Life Insurance Public Company Ltd - Key Financials (US$ Million), 2011-2015
      • Dhipaya Life Assurance Company Ltd - company overview
        • Table Dhipaya Life Assurance Company Ltd - Key Facts
        • Table Dhipaya Life Assurance Company Ltd - Key Financials (US$ Million), 2011-2015
  • Governance, Risk and Compliance
    • Table Thailand - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Thailand - Life Insurance Regulatory Framework
      • Property insurance
        • Table Thailand - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Thailand- Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Thailand - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Workmen's compensation insurance
      • Aviation liability insurance
      • Liability insurance for transportation of hazardous substances
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • Office of Insurance Commission
      • Thai General Insurance Association (TGIA)
      • The Thai Life Assurance Association (TLAA)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and Penalties
    • Company Registration and Operations
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
        • Table Thailand - Stamp Duty on Insurance Policies
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Thailand - Corporate Tax Rates for the Financial Year 2017
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Policies and Premium
      • Table Thai Life Insurance - Policies and Premium, 2011-2015
      • Table Thai Life Insurance - Policies and Premium, 2015-2020
    • Claims and Expenses
      • Table Thai Life Insurance - Claims and Expenses, 2011-2015
      • Table Thai Life Insurance - Claims and Expenses, 2015-2020
    • Assets and Investments
      • Table Thai Life Insurance - Assets and Investments, 2011-2015
      • Table Thai Life Insurance - Assets and Investments, 2015-2020
    • Direct Marketing
      • Table Thai Life Insurance - Direct Marketing, 2011-2015
      • Table Thai Life Insurance - Direct Marketing, 2015-2020
    • Insurance Brokers and Agencies
      • Table Thai Life Insurance - Insurance Brokers and Agencies, 2011-2015
      • Table Thai Life Insurance - Insurance Brokers and Agencies, 2015-2020
    • Bancassurance and Other Distribution Channels
      • Table Thai Life Insurance - Bancassurance and Other Distribution Channels, 2011-2015
      • Table Thai Life Insurance - Bancassurance and Other Distribution Channels, 2015-2020
    • Individual Life Insurance
      • Table Thai Life Insurance - Individual Life Insurance, 2011-2015
      • Table Thai Life Insurance - Individual Life Insurance, 2015-2020
    • Group Life Insurance
      • Table Thai Life Insurance - Group Life Insurance, 2011-2015
      • Table Thai Life Insurance - Group Life Insurance, 2015-2020
    • Individual Life - Single vs Non-Single Premium
      • Table Thai Life Insurance - Individual Life Insurance by Premium, 2011-2015
      • Table Thai Life Insurance - Individual Life Insurance by Premium, 2015-2020
    • Group Life - Single vs Non-Single Premium
      • Table Thai Life Insurance - Group Life Insurance by Premium, 2011-2015
      • Table Thai Life Insurance - Group Life Insurance by Premium, 2015-2020
    • Linked vs Non-Linked Policies
      • Table Thai Life Insurance - Linked vs Non-Linked Policies, 2011-2015
      • Table Thai Life Insurance - Linked vs Non-Linked Policies, 2015-2020
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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