New Financial Services market report from Business Monitor International: "Thailand Insurance Report Q3 2016"
[ClickPress, Wed Jun 22 2016] We continue to see Thailand as a market that, in world terms, is medium-sized and quite rapidly growing. Over the coming years, the life sector will continue to expand as the strong, leading companies provide ne w products to existing clients. In the non-life segment, price competition has hampered the growth of the important motor vehicle sub-sector and will likely continue to do so. Nevertheless, premium growth should accelerate in 2016, and remain at over 8% per annum through the later years of the forecast period.
Latest Updates And Forecasts
This quarter, we have recognised that we had underestimated premiums for 2015 and, in all probability 2016. We have revised our forecasts accordingly. The economic slowdown in Thailand has, apparently, had little impact on the business of the leading life insurance companies. Looking forward, we look for life premiums to rise by around 9% annually through much of the forecast period. Among wealthier Thai households, the general trend in disposable income will be upwards. The life insurers should be able to exploit this by making additional sales to existing clients.
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A major change this quarter is that we have revised downwards our forecasts for motor vehicle insurance premiums by a substantial amount. Price competition has constrained the growth of premiums for voluntary motor vehicle insurance. This change has been sufficiently large that it has had a significant impact on our forecasts for the entire non-life segment. Nevertheless, we are still confident that the non-life segment can achieve premium growth of over 8% annually from 2017.
The Thailand Insurance Report has been researched at source and features BMI Research's independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Thailand Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Thai insurance industry.
Benchmark BMI's independent insurance industry forecasts for Thailand to test other views - a key input for successful budgeting and strategic business planning in Thailand's insurance market.
Target business opportunities and risks in Thailand through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
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