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 impact 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 THB12.5bn ($0.4bn), which rose by approximately six times as compared with 2019, driven by premium growth along with lower expenses and claims. The non-life market expanded by 3.5%…
