Thailand: Bright outlook for non-life business
Source: Asia Insurance Review | Sep 2018
There is room for non-life business to expand in Thailand because health insurance penetration in the country was below 1% in 2017 and its population is ageing at one of the fastest rates in the region, said Fitch Ratings.
Premium contribution from the marine, industrial and property segments is also likely to rise in the near term, following increased public and private investment and international trade.
In addition, premium growth will be supported by benign economic conditions, government stimulus for investment and strong new-car sales, said Fitch. The Thailand General Insurance Association has forecast premium growth of 3-5% for the whole of 2018.
Thailand’s total non-life insurance premiums grew by 4% in the first quarter of 2018, propelled by the motor and personal accident segments, said the rating agency. A