Total premiums in the Thai non-life insurance sector are forecast to expand by 4.5-5% to reach THB282bn ($8.56bn) – THB287bn in 2023 on the back of economic revival, according to the Thai General Insurance Association (TGIA).
Mr Anon Vangvasu, TGIA president, told the news site Prachachat that the non-life insurance sector is estimated to have grown by 4% last year. In comparison, in 2021, Thailand’s non-life insurance industry grew by 5.2% from 2020, with total premiums of THB265.8bn in 2021, compared to THB252.8bn in 2020.
Although the Thai export sector is sluggish because of the global economic slowdown, other favourable factors for the non-life insurance market include better prospects for vehicle sales and the government’s initiatives to stimulate the economy. Mr Anon said, “This year, motor insurance premiums are expected to grow by 5-6%, with…
