Life Insurance in Thailand, Key Trends and Opportunities to 2020

Published: Sep, 2017 | Pages: 115 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

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.

 Table Of Content

1 KEY FACTS AND HIGHLIGHTS

2 EXECUTIVE SUMMARY

3 ECONOMY AND DEMOGRAPHICS

4 SEGMENT OUTLOOK
4.1 Regional Comparison
4.2 Segment Indicators
4.2.1 Gross written premium and penetration
4.2.2 Policies sold
4.2.3 Claims
4.2.4 Sum assured
4.2.5 Assets and investments

5 OUTLOOK BY SUB-SEGMENT
5.1 Individual Life Insurance
5.1.1 Premium
5.1.2 Policies sold
5.1.3 Penetration
5.2 Group Life Insurance
5.2.1 Premium
5.2.2 Policies sold
5.2.3 Penetration

6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Analysis by Distribution Channel

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 SCBLIFE Assurance Public Company Ltd - company overview
7.1.2 Prudential Life Assurance (Thailand) Public Company Ltd - company overview
7.1.3 FWD Life Insurance Public Company Ltd - company overview
7.1.4 Ocean Life Insurance Public Company Ltd - company overview
7.1.5 Dhipaya Life Assurance Company Ltd - company overview

8 GOVERNANCE, RISK AND COMPLIANCE
8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Workmen's compensation insurance
8.4.3 Aviation liability insurance
8.4.4 Liability insurance for transportation of hazardous substances
8.5 Supervision and Control
8.5.1 International Association of Insurance Supervisors (IAIS)
8.5.2 Office of Insurance Commission
8.5.3 Thai General Insurance Association (TGIA)
8.5.4 The Thai Life Assurance Association (TLAA)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution

9 DATABOOK
9.1 Policies and Premium
9.2 Claims and Expenses
9.3 Assets and Investments
9.4 Direct Marketing
9.5 Insurance Brokers and Agencies
9.6 Bancassurance and Other Distribution Channels
9.7 Individual Life Insurance
9.8 Group Life Insurance
9.9 Individual Life - Single vs Non-Single Premium
9.1 Group Life - Single vs Non-Single Premium
9.11 Linked vs Non-Linked Policies

10 DEFINITIONS AND METHODOLOGY
10.1 Definitions
10.2 Methodology

11 ABOUT TIMETRIC
11.1 Contact Timetric
11.2 About Timetric
11.3 Timetric's Services
11.4 Disclaimer

List Of Tables

Table 1: Thai Life Insurance - Key Facts, 2015
Table 2: Thai Life Insurance - Segment Shares of the Top Insurers, 2015
Table 3: Thailand Government Credit Ratings
Table 4: Thai Life Insurance - Gross Written Premium (THB Billion and US$ Billion), 2011-2015
Table 5: Thai Life Insurance - Penetration (%), 2011-2015
Table 6: Thai Life Insurance - Gross Written Premium (THB Billion and US$ Billion), 2015-2020
Table 7: Thai Life Insurance - Penetration (%), 2015-2020
Table 8: Thai Life Insurance - New Business Direct Written Premium (THB Billion and US$ Billion), 2011-2015
Table 9: Thai Life Insurance - New Business Direct Written Premium (THB Billion and US$ Billion), 2015-2020
Table 10: Thai Life Insurance - Premium per Capita (THB and US$), 2011-2015
Table 11: Thai Life Insurance - Premium per Capita (THB and US$), 2015-2020
Table 12: Thai Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 13: Thai Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 14: Thai Life Insurance - Paid Claims (THB Billion and US$ Billion), 2011-2015
Table 15: Thai Life Insurance - Paid Claims (THB Billion and US$ Billion), 2015-2020
Table 16: Thai Life Insurance - Sum Assured (THB Billion and US$ Billion), 2011-2015
Table 17: Thai Life Insurance - Sum Assured (THB Billion and US$ Billion), 2015-2020
Table 18: Thai Life Insurance - Total Assets (THB Billion and US$ Billion), 2011-2015
Table 19: Thai Life Insurance - Total Assets (THB Billion and US$ Billion), 2015-2020
Table 20: Thai Life Insurance - Total Investment Income (THB Billion and US$ Billion), 2011-2015
Table 21: Thai Life Insurance - Total Investment Income (THB Billion and US$ Billion), 2015-2020
Table 22: Thai Life Insurance - Investment Portfolio (THB Billion), 2011-2015
Table 23: Thai Life Insurance - Investment Portfolio (THB Billion), 2015-2020
Table 24: Thai Individual Life Insurance - Direct Written Premium (THB Billion), 2011-2015
Table 25: Thai Individual Life Insurance - Direct Written Premium (THB Billion), 2015-2020
Table 26: Thai Individual Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 27: Thai Individual Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 28: Thai Group Life Insurance - Direct Written Premium (THB Billion), 2011-2015
Table 29: Thai Group Life Insurance - Direct Written Premium (THB Billion), 2015-2020
Table 30: Thai Individual Life Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 31: Thai Individual Life Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 32: Thai Life Insurance - New Business Direct Written Premium by Distribution Channel (THB Billion), 2011-2015
Table 33: Thai Life Insurance - New Business Direct Written Premium by Distribution Channel (THB Billion), 2015-2020
Table 34: Thai Life Insurance - Percentage of New Business Direct Written Premium, by Distribution Channel, 2011-2020
Table 35: Thai Life Segment - Market Shares of Leading Insurers (%), 2014
Table 36: SCBLIFE Assurance Public Company Ltd- Key Facts
Table 37: SCBLIFE Assurance Public Company Ltd - Key Financials (THB Billion), 2011-2015
Table 38: Prudential Life Assurance (Thailand) Public Company Ltd - Key Facts
Table 39: Prudential Life Assurance (Thailand) Public Company Ltd - Key Financials (THB Million), 2011-2015
Table 40: FWD Life Insurance Public Company Ltd - Key Facts
Table 41: FWD Life Insurance Public Company - Key Financials (THB Million), 2011-2015
Table 42: Ocean Life Insurance Public Company Ltd - Key Facts
Table 43: Ocean Life Insurance Public Company Ltd - Key Financials (US$ Million), 2011-2015
Table 44: Dhipaya Life Assurance Company Ltd - Key Facts
Table 45: Dhipaya Life Assurance Company Ltd - Key Financials (US$ Million), 2011-2015
Table 46: Thailand - Insurance Regulatory Framework Key Features
Table 47: Thailand - Life Insurance Regulatory Framework
Table 48: Thailand - Property Insurance Regulatory Framework
Table 49: Thailand- Motor Insurance Regulatory Framework
Table 50: Thailand - Liability Insurance Regulatory Framework
Table 51: Thailand - Stamp Duty on Insurance Policies
Table 52: Thailand - Corporate Tax Rates for the Financial Year 2017
Table 53: Thai Life Insurance - Policies and Premium, 2011-2015
Table 54: Thai Life Insurance - Policies and Premium, 2015-2020
Table 55: Thai Life Insurance - Claims and Expenses, 2011-2015
Table 56: Thai Life Insurance - Claims and Expenses, 2015-2020
Table 57: Thai Life Insurance - Assets and Investments, 2011-2015
Table 58: Thai Life Insurance - Assets and Investments, 2015-2020
Table 59: Thai Life Insurance - Direct Marketing, 2011-2015
Table 60: Thai Life Insurance - Direct Marketing, 2015-2020
Table 61: Thai Life Insurance - Insurance Brokers and Agencies, 2011-2015
Table 62: Thai Life Insurance - Insurance Brokers and Agencies, 2015-2020
Table 63: Thai Life Insurance - Bancassurance and Other Distribution Channels, 2011-2015
Table 64: Thai Life Insurance - Bancassurance and Other Distribution Channels, 2015-2020
Table 65: Thai Life Insurance - Individual Life Insurance, 2011-2015
Table 66: Thai Life Insurance - Individual Life Insurance, 2015-2020
Table 67: Thai Life Insurance - Group Life Insurance, 2011-2015
Table 68: Thai Life Insurance - Group Life Insurance, 2015-2020
Table 69: Thai Life Insurance - Individual Life Insurance by Premium, 2011-2015
Table 70: Thai Life Insurance - Individual Life Insurance by Premium, 2015-2020
Table 71: Thai Life Insurance - Group Life Insurance by Premium, 2011-2015
Table 72: Thai Life Insurance - Group Life Insurance by Premium, 2015-2020
Table 73: Thai Life Insurance - Linked vs Non-Linked Policies, 2011-2015
Table 74: Thai Life Insurance - Linked vs Non-Linked Policies, 2015-2020
Table 75: Insurance Industry Definition