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Life Insurance Industry in Thailand to 2017
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Life Insurance Industry in Thailand to 2017

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Life Insurance Industry in Thailand @

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  • 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 ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ Life Insurance in Thailand, Key Trends and Opportunities to 2017
  • 7. Life Insurance in Thailand, Key Trends and Opportunities to 2017