Non-life insurances - Thailand

Thailand

The Non-life insurances market market in Thailand is expected to witness substantial growth in the coming years.
It is projected that by 2025, the market size (gross written premium) will reach US$11.52bn.
This indicates a positive trend in the demand for Non-life insurances market in the country.
In terms of per capita spending, the average amount spent on Non-life insurances market is estimated to be US$160.10 in 2025.
This suggests that individuals in Thailand are increasingly recognizing the importance of protecting their assets and mitigating risks through insurance coverage.
Looking ahead, the Non-life insurances market market is predicted to experience an annual growth rate of 3.32% from 2025 to 2029 (CAGR 2025-2029).
This steady growth trajectory is expected to result in a market volume of US$13.13bn by 2029.
Such an expansion indicates a promising future for the Non-life insurances market sector in Thailand.
In a global context, it is worth noting that the United States is anticipated to generate the highest gross written premium in the Non-life insurances market market.
In 2025, the gross written premium the United States is projected to reach a staggering US$2,591.0bn.
This highlights the dominance of the US market and its significant contribution to the global Non-life insurances market industry.
Overall, these statistics showcase the potential and importance of the Non-life insurances market market in Thailand, and its position within the global landscape.
Thailand's non-life insurance market is experiencing steady growth due to increasing awareness and demand for coverage among the population.

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Analyst Opinion

The Non-life insurances market in Thailand has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Thailand are increasingly valuing non-life insurance products that offer comprehensive coverage at competitive prices. They are also showing a preference for digital channels for purchasing policies and managing claims, driving insurers to enhance their online presence and streamline their digital processes to cater to this demand.

Trends in the market: One of the prominent trends in the non-life insurance market in Thailand is the increasing adoption of innovative products such as cyber insurance and parametric insurance. As businesses become more aware of potential risks, there is a growing need for specialized insurance products to mitigate these risks. Additionally, the market is witnessing a trend towards greater customization of insurance products to meet the specific needs of different customer segments.

Local special circumstances: Thailand's non-life insurance market is unique due to the presence of a large number of local insurers alongside international players. This competition has led to a diverse range of products and pricing strategies in the market, offering customers a wide selection to choose from. Moreover, the regulatory environment in Thailand plays a crucial role in shaping the market dynamics, with stringent guidelines ensuring consumer protection and financial stability.

Underlying macroeconomic factors: The growth of Thailand's non-life insurance market can be attributed to various macroeconomic factors, including the country's steady economic expansion, increasing disposable income levels, and a growing awareness of the importance of insurance among the population. As the economy continues to develop, there is a greater emphasis on risk management and financial security, driving the demand for non-life insurance products across different sectors.

Methodology

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.