Page 35 - AEC Digital Edition

ASEAN MARKET REPORTS

Thailand

General Information

Land Area 510,890 sq km.
Climate Tropical; rainy, warm, cloudy southwest monsoon (mid–May to September); dry, cool northeast monsoon
(November to mid–March); southern isthmus always hot and humid.
Capital Bangkok.
Form of Government Constitutional monarchy.
Chief of State King PHUMIPHON Adunyadet.
Head of Government Interim Prime Minister Gen. PRAYUT Chan-ocha.
Population (July 2015 est) 67,976,405.
Population Growth Rate (2015 est) 0.34%.
Ethnic Composition (2010 est) Thai 95.9%, Burmese 2%, other 1.3%, unspecified 0.9%.
Religious Affiliation (2010 est) Buddhist (official) 93.6%, Muslim 4.9%, Christian 1.2%, other 0.2%, none 0.1%.
Birth Rate (2015 est) per 1,000 population 11.19 births.
Death Rate (2015 est) per 1,000 population 7.8 deaths.
Infant Mortality Rate (2015 est) per 1,000 live births 9.63 deaths.
Life Expectancy at Birth (2015 est) Male 71.24 years; Female 77.78 years.

Economy

Monetary Unit B1 (Thai Baht) = 100 stangs.
Exchange Rate (10 Sep 2015) US$1 = B36.1951 (Thai Baht).
GDP purchasing power parity (2014 est) US$985.5 billion.
GDP per capita (2014 est) US$14,400.

Insurance market structure

Number of registered insurers

2012 2013 2014 Non-life insurance

Life insurers 24 24 24 Non-life – Statistics

General insurers NA NA 64 (US$ mln & %) 2012 2013 2014
Gross written premium 5,849 6,585 6,555
Total NA NA 88 Net claims incurred 1,892 1,859 2,118
Retention ratio 70.0% 70.0% 70.0%
Life insurance Incurred loss ratio 51.0% 42.0% 47.0%
Underwriting results
Life – Net written premiums Total assets 177 651 499
18,556 14,834 14,091
(US$ mln) 2012 2013 2014

First year premiums (less refund) 2,669 2,989 2,951

Renewal premiums (less refund) 8,392 9,444 9,074

Single premiums (less refund) 1,532 1,706 1,697

Total (including single premium) 12,593 14,139 13,721 Non-life – Gross written premiums by class of business

Total (excluding single premium) 11,061 12,433 12,024 7,000
Net written premiums (US$ mln)
Life – Net written premiums Gross written premiums (US$ mln) 6,000
5,000
16,000 4,000
3,000
14,000 1,532 1,706 1,697 2,000 Total
12,000 1,000 Motor
10,000 Fire
2008 2009 2010 2011 2012 2013 2014 Marine
8,000 8,392 9,444 9,074 Single premiums
6,000 (Less refund)
Renewal premiums
4,000 (less refund)
First year premiums
2,000 2,669 2,989 2,951 (less refund)

2012 2013 2014 Source: 2015 ASEAN Insurance Statistical Report

Back to Contents AEC – IMPACT ON INSURANCE • DECEMBER 2015 33