Personal Accident and Health Insurance in Thailand, Key Trends and Opportunities to 2020

Published: Sep, 2017 | Pages: 116 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis

Timetric’s 'Personal Accident and Health Insurance in Thailand, Key Trends and Opportunities to 2020' report provides a detailed outlook by product category for the Thailand personal accident and health 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, combined ratio, 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 'Personal Accident and Health Insurance in Thailand, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Thailand personal accident and health insurance segment, including:

• An overview of the Thailand personal accident and health insurance segment

• The Thailand personal accident and health insurance segment’s growth prospects by category

• A comprehensive overview of the Thailand economy and demographics

• A comparison of the Thailand personal accident and health insurance segment with its regional counterparts

• The various distribution channels in the Thailand personal accident and health insurance segment

• Details of the competitive landscape in the personal accident and health insurance segment in Thailand

• Details of regulatory policy applicable to the Thailand insurance industry

Scope

This report provides a comprehensive analysis of the personal accident and health insurance segment in Thailand:

• It provides historical values for the Thailand personal accident and health 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 personal accident and health insurance segment, and market forecasts to 2020.

• It provides a comparison of the Thailand personal accident and health insurance segment with its regional counterparts

• It provides an overview of the various distribution channels for personal accident and health insurance products in Thailand.

• It profiles the top personal accident and health 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 personal accident and health insurance segment, and each category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Thailand personal accident and health insurance segment.

• Assess the competitive dynamics in the personal accident and health 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 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.

• The government is considering a proposal to make travel insurance compulsory for foreign tourists.

• The formation of Association of Southeast Asian Nations (ASEAN) and the Asian Economic Community (AEC) on December 31, 2015 is expected to remove all trade barriers in the region, which will have a positive impact the segment’s growth. 

• 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.

 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 Profitability
4.2.5 Assets and investments

5 OUTLOOK BY CATEGORY
5.1 Personal Accident Insurance
5.1.1 Premium
5.1.2 Policies
5.1.3 Claims
5.1.4 Profitability
5.2 Health Insurance
5.2.1 Premium
5.2.2 Policies
5.2.3 Claims
5.2.4 Profitability

6 DISTRIBUTION CHANNEL OUTLOOK
6.1 Analysis by Distribution Channel
6.1.1 Brokers
6.1.2 Agencies
6.1.3 Bancassurance
6.1.4 E-commerce
6.1.5 Direct marketing
6.1.6 Other sources

7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Bupa Health Insurance (Thailand), Ltd - company overview
7.1.2 Cigna Insurance Public Company Ltd - company overview
7.1.3 Dhipaya Insurance Public Company Ltd - company overview
7.1.4 Muang Thai Life Assurance Public Co. Ltd - company overview
7.1.5 Allianz Ayudhya Assurance Public Co. 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
9.1.1 Claims and expenses
9.1.2 Assets and investments
9.1.3 Direct marketing and e-commerce
9.1.4 Insurance brokers and agencies
9.1.5 Bancassurance and other distribution channels
9.1.6 Personal accident insurance
9.1.7 Health insurance
9.1.8 Health insurance by product

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 Personal Accident and Health Insurance - Key Facts, 2014
Table 2: Thai Personal Accident and Health Insurance - Leading Insurers, 2015
Table 3: Thailand Government Credit Ratings
Table 4: Thai Personal Accident and Health Insurance - Gross Written Premium (THB Billion and US$ Billion), 2011-2015
Table 5: Thai Personal Accident and Health Insurance - Penetration (%), 2011-2015
Table 6: Thai Personal Accident and Health Insurance - Gross Written Premium (THB Billion and US$ Billion), 2015-2020
Table 7: Thai Personal Accident and Health Insurance - Penetration (%), 2015-2020
Table 8: Thai Personal Accident and Health Insurance - Premium per Capita (THB and US$), 2011-2015
Table 9: Thai Personal Accident and Health Insurance - Premium per Capita (THB and US$), 2015-2020
Table 10: Thai Personal Accident and Health Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 11: Thai Personal Accident and Health Insurance - Number of Policies Sold, 2015-2020
Table 12: Thai Personal Accident and Health Insurance - Paid Claims (THB Billion and US$ Billion), 2011-2015
Table 13: Thai Personal Accident and Health Insurance - Paid Claims (THB Billion and US$ Billion), 2015-2020
Table 14: Thai Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2015
Table 15: Thai Personal Accident and Health Insurance - Profitability Ratio (%), 2015-2020
Table 16: Thai Personal Accident and Health Insurance - Total Assets (THB Billion and US$ Billion), 2011-2015
Table 17: Thai Personal Accident and Health Insurance - Total Assets (THB Billion and US$ Billion), 2015-2020
Table 18: Thai Personal Accident and Health Insurance - Total Investment Income (THB Billion and US$ Billion), 2011-2015
Table 19: Thai Personal Accident and Health Insurance - Total Investment Income (THB Billion and US$ Billion), 2015-2020
Table 20: Thai Personal Accident and Health Insurance - Investment Portfolio (THB Billion), 2011-2015
Table 21: Thai Personal Accident and Health Insurance - Investment Portfolio (THB Billion), 2015-2020
Table 22: Thai Personal Accident and Health Insurance - Direct Written Premium by Category (THB Billion), 2011-2015
Table 23: Thai Personal Accident and Health Insurance - Direct Written Premium by Category (THB Billion), 2015-2020
Table 24: Thai Personal Accident Insurance - Direct Written Premium (THB Billion and US$ Billion), 2011-2015
Table 25: Thai Personal Accident Insurance - Direct Written Premium (THB Billion and US$ Billion), 2015-2020
Table 26: Thai Personal Accident Insurance - Number of Policies Sold (Thousand), 2011-2015
Table 27: Thai Personal Accident Insurance - Number of Policies Sold (Thousand), 2015-2020
Table 28: Thai Personal Accident Insurance - Paid Claims (THB Billion and US$ Billion), 2011-2015
Table 29: Thai Personal Accident Insurance - Paid Claims (THB Billion and US$ Billion), 2015-2020
Table 30: Thai Personal Accident Insurance - Loss Ratio (%), 2011-2015
Table 31: Thai Personal Accident Insurance - Loss Ratio (%), 2015-2020
Table 32: Thai Health Insurance - Direct Written Premium by Sub-Category (THB Billion), 2011-2015
Table 33: Thai Health Insurance - Direct Written Premium by Sub-Category (THB Billion), 2015-2020
Table 34: Thai Health Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2015
Table 35: Thai Health Insurance - Number of Policies Sold by Sub-Category (Thousand), 2015-2020
Table 36: Thai Health Insurance - Paid Claims (THB Billion and US$ Billion), 2011-2015
Table 37: Thai Health Insurance - Paid Claims (THB Billion and US$ Billion), 2015-2020
Table 38: Thai Health Insurance - Loss Ratio (%), 2011-2015
Table 39: Thai Health Insurance - Loss Ratio (%), 2015-2020
Table 40: Thai Personal Accident and Health Insurance - Direct Written Premium by Distribution Channel (THB Billion), 2011-2015
Table 41: Thai Personal Accident and Health Insurance - Direct Written Premium by Distribution Channel (THB Billion), 2015-2020
Table 42: Thai Personal Accident and Health Insurance - Percentage of Direct Written Premium, by Distribution Channel, 2011-2020
Table 43: Thai Personal Accident and Health Insurance - Market Shares of Leading Insurers (%), 2014
Table 44: Bupa Health Insurance (Thailand), Ltd - Key Facts
Table 45: Bupa Health Insurance (Thailand), Ltd - Key Financials (THB Billion), 2011-2015
Table 46: Cigna Insurance Public Company Ltd - Key Facts
Table 47: Cigna Insurance Public Company Ltd - Key Financials (THB Million), 2011-2015
Table 48: Dhipaya Insurance Public Company Ltd - Key Facts
Table 49: Dhipaya Insurance Public Company Ltd - Key Financials (THB Million), 2011-2015
Table 50: Muang Thai Life Assurance Public Co. Ltd - Key Facts
Table 51: Muang Thai Life Assurance Public Co. Ltd - Key Financials (THB Million), 2011-2015
Table 52: Muang Thai Life Assurance Public Co. Ltd - Key Facts
Table 53: Muang Thai Life Assurance Public Co. Ltd - Key Financials (THB Million), 2011-2015
Table 54: Thailand - Insurance Regulatory Framework Key Features
Table 55: Thailand - Life Insurance Regulatory Framework
Table 56: Thailand - Property Insurance Regulatory Framework
Table 57: Thailand- Motor Insurance Regulatory Framework
Table 58: Thailand - Liability Insurance Regulatory Framework
Table 59: Thailand - Stamp Duty on Insurance Policies
Table 60: Thailand - Corporate Tax Rates for the Financial Year 2017
Table 61: Thai Personal Accident and Health Insurance Industry - Policies and Premium, 2011-2015
Table 62: Thai Personal Accident and Health Insurance Industry - Policies and Premium, 2015-2020
Table 63: Thai Personal Accident and Health Insurance - Claims and Expenses, 2011-2015
Table 64: Thai Personal Accident and Health Insurance - Claims and Expenses, 2015-2020
Table 65: Thai Personal Accident and Health Insurance - Assets and Investments, 2011-2015
Table 66: Thai Personal Accident and Health Insurance - Assets and Investments, 2015-2020
Table 67: Thai Personal Accident and Health Insurance - Direct Marketing and E-Commerce, 2011-2015
Table 68: Thai Personal Accident and Health Insurance - Direct Marketing and E-Commerce, 2015-2020
Table 69: Thai Personal Accident and Health Insurance - Insurance Brokers and Agencies, 2011-2015
Table 70: Thai Personal Accident and Health Insurance - Insurance Brokers and Agencies, 2015-2020
Table 71: Thai Personal Accident and Health Insurance - Bancassurance and Other Distribution Channels, 2011-2015
Table 72: Thai Personal Accident and Health Insurance - Bancassurance and Other Distribution Channels, 2015-2020
Table 73: Thai Personal Accident and Health Insurance - Personal Accident Insurance, 2011-2015
Table 74: Thai Personal Accident and Health Insurance - Personal Accident Insurance, 2015-2020
Table 75: Thai Personal Accident and Health Insurance - Health Insurance, 2011-2015
Table 76: Thai Personal Accident and Health Insurance - Health Insurance, 2015-2020
Table 77: Thai Personal Accident and Health Insurance - Health by Product, 2011-2015
Table 78: Thai Personal Accident and Health Insurance - Health by Product, 2015-2020
Table 79: Insurance Industry Definitions

List of Figures

Figure 1: Thailand Real GDP (THB Billion), 2011-2020
Figure 2: THB-US$ Exchange Rate, 2011-2020
Figure 3: Consumer Price Inflation, 2011-2020
Figure 4: Current Account Balance (% of GDP), 2011-2020
Figure 5: Thailand Unemployment Rate, 2011-2020
Figure 6: Thailand Population by Age Group, 1990-2025
Figure 7: Thai PA&H Insurance Penetration - Regional Comparison (%), 2015
Figure 8: Thai Insurance Segment Direct Written Premium Shares - Regional Comparison (%), 2015
Figure 9: Thai Personal Accident and Health Insurance - Gross Written Premium (THB Billion), 2011-2020
Figure 10: Thai Personal Accident and Health Insurance - Penetration (%), 2011-2020
Figure 11: Thai Personal Accident and Health Insurance - Premium per Capita (THB), 2011-2020
Figure 12: Thai Personal Accident and Health Insurance - Number of Policies Sold, 2011-2020
Figure 13: Thai Personal Accident and Health Insurance - Paid Claims (THB Billion), 2011-2020
Figure 14: Thai Personal Accident and Health Insurance - Profitability Ratio (%), 2011-2020
Figure 15: Thai Personal Accident and Health Insurance - Total Assets (THB Billion), 2011-2020
Figure 16: Thai Personal Accident and Health Insurance - Total Investment Income (THB Billion), 2011-2020
Figure 17: Thai Personal Accident and Health Insurance - Investment Portfolio (THB Billion), 2011-2020
Figure 18: Thai Personal Accident and Health Insurance - Investment Portfolio Dynamics by Category, 2011-2020
Figure 19: Thai Personal Accident and Health Insurance - Direct Written Premium by Category (THB Billion), 2011-2020
Figure 20: Thai Personal Accident and Health Insurance - Direct Written Premium Dynamics by Category, 2011-2020
Figure 21: Thai Personal Accident Insurance - Direct Written Premium (THB Billion), 2011-2020
Figure 22: Thai Personal Accident Insurance - Number of Policies Sold (Thousand), 2011-2020
Figure 23: Thai Personal Accident Insurance - Paid Claims (THB Billion), 2011-2020
Figure 24: Thai Personal Accident Insurance - Earned Premium, Incurred Loss and Loss Ratio (THB Billion and %), 2011-2020
Figure 25: Thai Health Insurance - Direct Written Premium by Sub-Category (THB Billion), 2011-2020
Figure 26: Thai Health Insurance - Direct Written Premium Dynamics by Sub-Category, 2011-2020
Figure 27: Thai Health Insurance - Number of Policies Sold by Sub-Category (Thousand), 2011-2020
Figure 28: Thai Health Insurance - Paid Claims (THB Billion), 2011-2020
Figure 29: Thai Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (THB Billion and %), 2011-2020
Figure 30: Thai Personal Accident and Health Insurance - Direct Written Premium by Distribution Channel (%), 2011, 2015 and 2020
Figure 31: Thai Personal Accident and Health Insurance - Market Shares of Leading Insurers (%), 2014
Figure 32: Thailand - Insurance Supervision and Control at Various Levels
Figure 33: Thailand - Insurance Regulatory Frameworks for Company Registration and Operation