Over the past ten years, the Thai insurance market has recorded astounding growth on account of governmental promotional measures, new products, improved sales channel, increased awareness and importance of insurance coverage and savings. With the opening of the sector and influx of foreign investment, Thailand’s insurance sector has started to show signs of maturity, with a wider range of products being offered and improvements in basic infrastructure.
The growth was mainly on account of the opening up of insurance sector and increased foreign investment, growing awareness of insurance products, launch of new products, government’s income-tax measures, as well as the growing economy and increased demand for future savings.
Like other countries, the Thai insurance industry can be classified into life and non-life businesses. The life insurance market is the largest part of the Thai insurance market. Due to government tax incentives, preference for insurance products over bank deposits as saving instruments and improved quality of life, the Thai life insurance market has continued to witness a rapid increase in premium income.
Despite high growth rate the per capita expenditure on insurance and penetration rate is very low. In the coming years, this market is expected to offer opportunity for growth on account of improved standards of living and need for retirement savings products.
The present report gives an overview of the Thai insurance market along with the analysis of Thailand's political structure and economic growth. The report provides an insight into the market size and growth in insurance premiums as well as life and non-life premiums. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the Thai insurance industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry and its sub-segments life and non-life insurance.
Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
Thailand Insurance Market Intelligence:
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