SINGAPORE–(BUSINESS WIRE)–Despite a COVID-19-driven economic contraction in 2020 in Thailand, the country’s non-life insurance market still managed to expand, driven by strong growth in the health segment, according to a new AM Best report.
With the pandemic’s negative impacts on Thailand’s exports and tourism, the country’s real GDP shrank by 6.1% in 2020, while the central bank reduced its interest rate by 75 basis points to a historic low of 0.5%, as part of economic stimulus measures. In the new Best’s Market Segment Report, “Thailand Non-Life Insurance Market Shows Resilience Yet Challenges Remain,” AM Best states that the country’s non-life companies recorded an overall underwriting profit of THB 12.5 billion (USD 0.4 billion), which rose by approximately six times as compared with 2019, driven by premium growth along with lower expenses and…
