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Friday, March 29, 2024

Non-life insurance market predicted to grow by up to 5% this year

Overall insurance premiums to be generated in the Thai non-life insurance market are forecast to be THB253bn ($8bn) to THB265bn, representing growth of 0.0%-5.0% over last year, according to the Thai General Insurance Association (TGIA).

Mr Anon Vangvasu, TGIA president, indicates that growth is expected to be driven by health insurance, particularly policies covering COVID-19.

In the first five months of this year, more than THB3.5bn in insurance premiums were collected from 9m COVID-19 related insurance policies, according to a report on the news website Prachachat.net.

In addition, the export and import sectors have improved, a trend that is expected to continue if the COVID-19 pandemic does not hit large industrial plants.

On the other hand, new car sales are expected to decline this year which will dent motor insurance business. There are also fewer new home…

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