Thailand forecasts flat insurance growth

Whole gross written premiums (GWP) are anticipated to quantity to round Bt890 billion (US$25 billion) in 2023 – near the amount estimated for the whole thing of this 12 months.

Projected direct insurance coverage premiums for the entire of 2023 are estimated to achieve round Bt894.6 billion, with a year-on-year change of between -0.05 per cent and 1.95 per cent. This compares with direct premiums for the 2022 full-year anticipated to be round Bt886.2 billion, with a development fee of between 0.10 and a couple of.10 per cent.

The preferred life insurance coverage choices are forecast to be endowment life insurance coverage merchandise and medical health insurance riders, whereas the preferred non-life insurance coverage sort is predicted to be motor insurance coverage.

Moreover, curiosity in journey insurance coverage is anticipated to develop subsequent 12 months, as worldwide journey to and from Thailand continues to get well post-Covid.