Over the past few years, the Motor Vehicle Insurance market in Thailand has shown significant growth and development.
Customer preferences: Customers in Thailand are increasingly valuing comprehensive motor vehicle insurance coverage that not only protects their vehicles but also provides additional benefits such as roadside assistance and coverage for personal belongings. This shift in preferences is driven by the desire for greater peace of mind and convenience in the event of accidents or emergencies.
Trends in the market: One notable trend in the Motor Vehicle Insurance market in Thailand is the rising adoption of usage-based insurance (UBI) policies. This innovative approach uses telematics technology to track driving behavior, allowing insurers to offer more personalized premiums based on individual risk profiles. As more consumers seek ways to save on insurance costs and insurers look to mitigate risks effectively, UBI is gaining traction in the market.
Local special circumstances: In Thailand, the increasing number of road accidents and vehicle thefts has contributed to the growing demand for motor vehicle insurance. With a high rate of road traffic incidents, Thai drivers are recognizing the importance of having robust insurance coverage to protect themselves financially in case of unforeseen events. Additionally, the government's efforts to promote road safety and enforce stricter regulations have also influenced the insurance landscape in the country.
Underlying macroeconomic factors: The overall economic stability and steady growth of the Thai economy have had a positive impact on the Motor Vehicle Insurance market. As disposable incomes rise and more individuals can afford to own vehicles, the demand for insurance coverage naturally follows suit. Moreover, the competitive landscape among insurance providers in Thailand has led to innovative product offerings and competitive pricing, further driving market growth.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.Modeling approach / Market size:
Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).Additional Notes:
The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.
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