Life Insurance Industry in Thailand @

1. Life Insurance in Thailand, Key Trends and Opportunities to 2017
Synopsis
The report provides in depth market analysis, information and insights into the Thai life insurance segment,
including:
The Thai life insurance segment’s growth prospects by life insurance categories Key trends and
drivers for the life insurance segment The various distribution channels in the Thai life insurance segment
Detailed competitive landscape of the life insurance segment in Thailand Detailed regulatory framework of the
Thai insurance industry A description of the life reinsurance segment in Thailand Porter's Five Forces
Analysis of the life insurance segment Benchmarking section on the Thai life insurance segment in
comparison to other countries in the South-East Asian region
Executive summary
Life insurance was the largest segment in the Thai insurance industry in 2012, accounting for 60.2% of the
industry’s total written premium. The segment has strong growth potential because of a low insurance
penetration rate of 2.7% and citizens’ rising disposable incomes. The adverse impact of the 2011 Thai
floods made people more aware of the need for cover. However, the segment may face temporary challenges
such as the adverse economic conditions in Thailand during the first two quarters of 2013.
Scope
This report provides a comprehensive analysis of the life insurance segment in Thailand:
It provides historical values for Thai life insurance segment for the report’s 2008–2012 review
period and forecast figures for the 2012–2017 forecast period It offers a detailed analysis of the key
sub-segments in the Thai life insurance segment, along with market forecasts until 2017 It covers an
exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses,
combined ratio, frauds and crimes, total assets, total investment income and retentions It analyses the various
distribution channels for life insurance products in Thailand Using Porter’s industry-standard
“Five Forces” analysis, it details the competitive landscape in Thailand for the life insurance
business It provides a detailed analysis of the reinsurance segment in Thailand and its growth prospects 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 Thai life
insurance segment and each category within it Understand the demand-side dynamics, key market trends and
growth opportunities within the Thai life insurance segment Assess the competitive dynamics in the life
insurance segment, along with the reinsurance segment Identify the growth opportunities and market dynamics
within key product categories Gain insights into key regulations governing the Thai insurance industry and its
impact on companies and the market's future
Key highlights
Life insurance was the largest segment in the Thai insurance industry in 2012, accounting for 60.2% of the
industry’s total written premium Life insurance products are predominantly distributed through the
bancassurance distribution channel The potential for segmental growth can be gauged by the fact in 2012
around 25% of the country’s population were covered by a life insurance policy All companies are
Life Insurance in Thailand, Key Trends and Opportunities to 2017

2. required to have a capital adequacy ratio of at least 140% as of January 2014; over 90% of the
country’s life insurance companies have a capital adequacy ratio of 300% The Thai life insurance
segment is highly concentrated, with the 10 leading insurers accounting for 93.0% of the total written
premiums generated in 2011.
table Of Contents
1 Executive Summary
2 Introduction
2.1 What Is This Report About?
2.2 Definitions
2.3 Methodology
3 Regional Market Dynamics
3.1 Overview
3.2 Market Trends
3.3 Market Size
4 Life Insurance – Regional Benchmarking
4.1 Scale And Penetration
4.1.1 Total Segment Gross Written Premium
4.1.2 Premium Per Capita
4.1.3 Life Insurance Penetration As A Percentage Of Gdp
4.2 Growth
4.2.1 Gross Written Premium
4.2.2 Gross Written Premium Per Capita
4.3 Efficiency And Risk
4.3.1 Loss Ratio
4.3.2 Combined Ratio
4.3.3 Incurred Losses Per Capita
4.3.4 Incurred Losses As A Percentage Of Gdp
5 Thai Insurance Industry Attractiveness
5.1 Insurance Industry Size, 2008–2017
5.2 Key Industry Trends And Drivers
6 Life Insurance Outlook
Life Insurance in Thailand, Key Trends and Opportunities to 2017

3. 6.1 Life Insurance Growth Prospects By Category
6.1.1 Individual Life Insurance
6.1.2 Individual Supplementary
6.1.3 Group Life Insurance
6.2 Life Insurance Growth Prospects By Product Type
6.2.1 Individual Single-premium Policies
6.2.2 Individual Non-single-premium Policies
6.2.3 Group Single-premium Policies
6.2.4 Group Non-single-premium Policies
7 Analysis By Distribution Channel
7.1 Direct Marketing
7.2 Bancassurance
7.3 Agencies
7.4 E-commerce
7.5 Brokers
7.6 Other Channels
8 Porter’s Five Forces Analysis – Thai Life Insurance
8.1 Bargaining Power Of Supplier: Medium
8.2 Bargaining Power Of Buyer: High
8.3 Barriers To Entry: Low-to-medium
8.4 Intensity Of Rivalry: High
8.5 Threat Of Substitutes: Low To Medium
9 Reinsurance Growth Dynamics And Challenges
9.1 Reinsurance Segment Size, 2008–2017
9.2 Reinsurance Segment Size By Type Of Insurance, 2008–2017
10 Governance, Risk And Compliance
10.1 Legislation Overview And Historical Evolution
10.2 Legislation Trends By Type Of Insurance
10.2.1 Life Insurance Regulatory Trends
10.2.2 Property Insurance Regulatory Trends
10.2.3 Motor Insurance Regulatory Trends
10.2.4 Marine, Aviation And Transit Insurance Regulatory Trends
10.2.5 Personal Accident Insurance Regulatory Trends
10.3 Compulsory Insurance
10.3.1 Motor Third-party Liability Insurance
Life Insurance in Thailand, Key Trends and Opportunities to 2017

4. 10.4 Supervision And Control
10.4.1 International Association Of Insurance Supervisors
10.4.2 Office Of Insurance Commission (oic)
10.5 Non-admitted Insurance Regulatory Trends
10.5.1 Overview
10.5.2 Intermediaries
10.5.3 Market Practices
10.5.4 Fines And Penalties
10.6 Company Registration And Operations
10.6.1 Types Of Insurance Organization
10.6.2 Establishing A Local Company
10.6.3 Foreign Ownership
10.6.4 Types Of License
10.6.5 Capital Requirements
10.6.6 Solvency Margins
10.6.7 Reserve Requirements
10.6.8 Investment Regulations
10.6.9 Statutory Return Requirements
10.7 Taxation
10.7.1 Insurance Premium Or Policy Taxation
10.7.2 Withholding Taxes On Premium Paid Overseas
10.7.3 Corporate Tax
10.7.4 Vat
10.7.5 Captives
10.8 Legal System
10.8.1 Introduction
10.8.2 Access To Court
10.8.3 Alternative Dispute Resolution (adr)
11 Competitive Landscape And Strategic Insights
11.1 Overview
11.2 Leading Companies In Thai Life Insurance Segment
11.3 Comparison Of The Top Five Insurers
11.3.1 Gross Written Premium
11.4 Aia Insurance Thailand – Company Overview
11.4.1 Aia Insurance Thailand – Key Facts
11.4.2 Aia Insurance Thailand – Key Financials
11.5 Muang Thai Life Assurance Company Ltd – Company Overview
11.5.1 Muang Thai Life Assurance Company Ltd – Key Facts
11.5.2 Muang Thai Life Assurance Company Ltd – Key Financials
11.6 Thai Life Insurance Co., Ltd – Company Overview
11.6.1 Thai Life Insurance Co., Ltd – Key Facts
Life Insurance in Thailand, Key Trends and Opportunities to 2017

5. 11.6.2 Thai Life Insurance Co., Ltd – Key Financials
11.7 Bangkok Life Assurance Ltd – Company Overview
11.7.1 Bangkok Life Assurance Ltd – Key Facts
11.7.2 Bangkok Life Assurance Ltd – Key Financials
11.8 Scb Life Assurance Public Company Ltd – Company Overview
11.8.1 Scb Life Assurance Public Company Ltd – Key Facts
11.8.2 Scb Life Assurance Public Company Ltd – Key Financials
11.9 Krungthai-axa Life Insurance Public Company Ltd – Company Overview
11.9.1 Krungthai-axa Life Insurance Public Company Ltd – Key Facts
11.9.2 Krungthai-axa Life Insurance Public Company Ltd – Key Financials
11.1 Ayudhya Allianz Cp Life Public Company Ltd – Company Overview
11.10.1 Ayudhya Allianz Cp Life Public Company Ltd – Key Facts
11.10.2 Ayudhya Allianz Cp Life Public Company Ltd – Key Financials
11.11 Ocean Life Insurance Company Ltd – Company Overview
11.11.1 Ocean Life Insurance Company Ltd – Key Facts
11.11.2 Ocean Life Insurance Company Ltd – Key Financials
11.12 Ing Life Ltd – Company Overview
11.12.1 Ing Life Ltd – Key Facts
11.12.2 Ing Life Ltd – Key Financials
11.13 Thanachart Life Assurance Company Ltd – Company Overview
11.13.1 Thanachart Life Assurance Company Ltd – Key Facts
11.13.2 Thanachart Life Assurance Company Ltd – Key Financials
12 Business Environment And Country Risk
12.1 Business Confidence
12.1.1 Market Capitalization Trend – Stock Exchange Of Thailand, Thailand
12.2 Economic Performance
12.2.1 Gdp At Constant Prices (us$)
12.2.2 Gdp Per Capita At Constant Prices (us$)
12.2.3 Gdp At Current Prices (us$)
12.2.4 Gdp Per Capita At Current Prices (us$)
12.2.5 Gdp By Key Segments
12.2.6 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices (us$)
12.2.7 Agriculture, Hunting, Forestry And Fishing Net Output At Current Prices As Percentage Of Gdp
12.2.8 Manufacturing Net Output At Current Prices (us$)
12.2.9 Manufacturing Net Output At Current Prices As Percentage Of Gdp
12.2.10 Mining, Manufacturing And Utilities At Current Prices (us$)
12.2.11 Mining, Manufacturing And Utilities At Current Prices As Percentage Of Gdp
12.2.12 Construction Net Output At Current Prices (us$)
12.2.13 Construction Net Output At Current Prices As Percentage Of Gdp
12.2.14 Inflation Rate
12.2.15 Exports As Percentage Of Gdp
Life Insurance in Thailand, Key Trends and Opportunities to 2017

6. 12.2.16 Imports As Percentage Of Gdp
12.2.17 Exports Growth
12.2.18 Imports Growth
12.2.19 Annual Average Exchange Rate Us$–thb
12.3 Infrastructure Quality And Availability
12.3.1 Commercial Vehicle Exports – Total Value
12.3.2 Commercial Vehicles Imports – Total Value
12.3.3 Automotive Exports – Total Value
12.3.4 Automotive Imports – Total Value
12.3.5 Total Internet Subscribers
12.4 Labor Force
12.4.1 Labor Force
12.5 Demographics
12.5.1 Gross National Disposable Income (us$)
12.5.2 Total Population
12.5.3 Urban And Rural Populations
12.5.4 Age Distribution Of The Total Population
13 Appendix
13.1 Methodology
13.2 Contact Timetric
13.3 About Timetric
13.4 Timetric’s Services
13.5 Disclaimer
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Life Insurance in Thailand, Key Trends and Opportunities to 2017

7. Life Insurance in Thailand, Key Trends and Opportunities to 2017