Non-Life Insurance Landscape in Thailand

Transcription

1 Non-Life Insurance Landscape in Thailand Kheedhej Anansiriprapha 27 มกราคม 2561 สมาคมประก นว นาศภ ยไทย

2 Formation of Thai General Insurance Association สมาคมประก น ว นาศภ ย 6 เม.ย.2510 สมาคมประก น ว นาศภ ย 6 เม.ย.2510 Thai General Insurance Association บร ษ ทประก นภ ยไทย บร ษ ทประก นภ ยไทย Thai Insurers Association The integration of 3 prominent Associations in 1967

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5 Numbers of Insurance Companies in Thailand ( As of 31 st December, 2017) Type of Business Local Company Foreign Branch Total Non-Life Insurance Health Insurance Reinsurer Total 60 Members of Thai General Insurance Association (TGIA) Local Incorporated Direct Companies : 54 Foreign Branches : 5 Reinsurer : 1 Total : 60

6 แผนย ทธศาสตร สมาคมประก นว นาศภ ยไทย พ.ศ TGIA Strategic Planning

7 Growth in Thai Direct Life and Non-Life Insurance Premium from 1969 to 2016 Life Insurance Non-Life Insurance 600, ,000 Million Baht Life Insurance Premium increased from Baht 78 million in 1969 to Baht billion in 2016 = 7,282 times CAGR +12.9% (1997 to 2016) 441, , , , , , , , Non- Life Insurance Premium increased from Baht 458 million in 1969 to Baht billion in 2016 = 462 times 75,646 55,727 58,780 56,339 62,546 61,185 57,657 50,674 45,869 48,701 55, , ,101173, , ,518 94, , , , , , , ,219 95, ,816106,321110,041 62,627 71,160 79,289 84, ,517 (CAGR +7.1%) (1997 to 2016) 211, , , , , Direct Life Insurance Premium Growth Rate (%) Direct Non-Life Insurance Premium Growth Rate (%) GDP Growth Rate (%) Remark : CAGR = Compound Annual Growth Rate Source: Office of Insurance Commission 7

8 Comparison of Direct Premiums and Portfolio Mix in 1987 and 2016 Source: Office of Insurance Commission Fire 35.99% Marine 7.80% PA 12.66% Health 3.63% Fire 4.83% Marine 2.49% Motor Compulsory 7.87% Health 0.51% 2,705 IARs 11.25% -จ ฟพ Miscellaneous 18.45% 2,800 Miscellaneous 6.39% 105,508 Motor 37.25% Motor Voluntary 48.81% Direct Premiums: Baht 7.5 Billion and Portfolio Mix in 1987 Direct Premiums: Baht Billion and Portfolio Mix in

9 Thai Non-Life Insurance Portfolio Mix by Classes of Business % 90% 80% 13.50% 9.81% 9.27% 8.65% 7.53% 7.04% 7.06% 7.04% 6.29% 5.59% 5.49% 5.82% 5.39% 5.01% 4.83% 4.39% 4.72% 4.46% 4.06% 3.79% 3.95% 3.30% 3.46% 3.17% 2.89% 2.61% 2.58% 2.55% 2.49% 4.27% 70% 60% 50% 55.41% 58.46% 59.43% 57.31% 59.76% 60.89% 60.37% 59.47% 59.65% 59.80% 57.87% 58.32% 57.42% 57.50% 57.69% % of Direct Premium Fire Marine Motor 40% IARs PA 30% 20% 0.00% 0.00% 3.46% 1.64% 3.76% 1.70% 4.54% 5.34% 5.43% 5.47% 5.42% 6.96% 8.33% 8.81% 11.91% 12.13% 12.63% 12.27% 11.25% 4.30% 5.68% 6.09% 7.19% 8.03% 9.42% 10.22% 11.33% 11.43% 11.43% 12.03% 12.02% 12.66% 1.82% 1.94% 1.75% 2.11% 2.71% 3.20% Health 10% 21.73% 21.87% 3.36% 3.62% 3.23% 3.03% 3.43% 3.61% 3.63% 15.92% 16.63% 15.38% 13.51% 12.46% 10.60% 8.69% 7.67% 7.19% 6.66% 6.51% 7.03% 7.46% 0% Source: Office of Insurance Commission 9

10 The Development Stages of Insurance Industry Insurance 1.0: ป ( ) Fully Manual Work ร บประก นผ าน ระบบคนกลาง (ผ านต วแทนและ นายหน า) ด วยเอกสารท เป นกระดาษ ออกกรมธรรม ด วยเคร องพ มพ ด ด ค านวณเบ ยด วยเคร องค ดเลขแบบ โบราณ ลงบล อกด วยการด เร ยกว าใช แรงงานคนมากๆ Insurance 2.0: ป ( ) Semi-Manual Work เร มใช คอมพ วเตอร ขนาดเล กเข าช วยงานออกกรมธรรม ระบบ ต วแทน นายหน าย งคงม บทบาทมาก เร ม ม ระบบ Direct Mail เก ดข น Insurance 3.0: ป ( ) Computerization ร บงานผ านธนาคาร และช องทางการจ าหน ายอ นๆ เช น Tele-Marketing Convenience Store (7-11) Hypermarket (Big C, Tesco) ไปรษณ ย Insurance 4.0: ป 2550-อนาคต (2007 Onwards) เข าส ระบบ Digitalization การแข งข นสมบ รณ แบบ ใช ท กช องทางในการขายประก นภ ย สร างความเข าถ งล กค าโดยตรง แข งข นก นใน การให บร การล กค า แบบ Self Service and Interaction มากข น... Digital Transformation: FinTech/InsurTech Era Direct Life Insurance Premium Growth Rate (%) Direct Non-Life Insurance Premium Growth Rate (%) GDP Growth Rate (%) Remark : CAGR = Compound Annual Growth Rate Source: Office of Insurance Commission 10

11 Non-Life Insurance Distribution Channels in 2016 Bancassurance Worksite 12,630, 5.96% Walk-in Tele Marketing 9,808, 4.63% 9,233, 4.36% Others 94, 0.04% Unit: In million Baht Internet 162, 0.08% 27,693, 13.07% Direct Mail 0, 0.00% Agent 34,719, 16.38% Broker* 117,589, 55.49% *Broker Channel: Individual Broker, Corporate Broker, Finance & Car Dealer Business, Hypermarket, Convenience Store and Post Office. 11

12 Overall Top 10 Companies Market Share % Others 60.69% Top 10 Companies 39.84% Others 60.16% Top 10 Companies 39.68% Others 60.32% Top 10 Companies Average Top 5 : Baht 18,451 Million Baht 18,283 Million (-0.91%) Baht 17,981 Million (+1.66%) Average Top 10 : Baht 12,463 Million Baht 12,589 Million (+1.01%) Baht 12,777 Million (+1.50%) Average Others 50 : Baht 1,615 Million Baht 1,667 Million (+3.24%) Baht 1,681 Million (+0.82%) Average Market 60 : Baht 3,422 Million Baht 3,487 Million (+1.89%) Baht 3,530 Million (+1.23%) 12

13 The Size of Insurance Companies in Thailand In 2016, top 5 companies controlled 43% market share and top 10 companies controlled 61% market share. Company 2016 Direct Premium Market Share (%) (1,000 THB) Overall Large size VIRIYAH INSURANCE 33,272, DHIPAYA INSURANCE 19,921, BANGKOK INSURANCE 15,479, MUANG THAI INSURANCE 12,204, SYNMUNKONG INSURANCE 9,024, SOUTHEAST INSURANCE 9,024, THE SAFETY INSURANCE 8,863, TOKIO MARINE INSURANCE 7,430, THANACHART INSURANCE 6,420, LMG INSURANCE 6,129, CHUBB SAMAGGI INSURANCE 5,973, MITSUI SUMITOMO INSURANCE 5,218, Total 138,962, Rank Large size Companies : Direct Premium more than Baht 5,000 Million Medium size Companies : Direct Premium between Baht 1,000 5,000 Million Small size Companies : Direct Premium less than Baht 1,000 Million

14 The Size of Insurance Companies in Thailand Medium size companies (23 companies) have 30% market share and the first 10 companies have 55% of medium. size companies market share 2016 Company Direct Premium Market Share (%) (1,000 THB) Overall Medium size Rank DEVES INSURANCE 4,549, MSIG INSURANCE 3,954, ACE INA OVERSEAS 3,945, ROAD ACCIDENT VICTIMS PROTECTION 3,809, AXA INSURANCE 3,289, THAIVIVAT INSURANCE 3,229, SRI AYUDHYA GENERAL INSURANCE 3,049, KRUNGTHAI PANICH INSURANCE 2,994, NAVAKIJ INSURANCE 2,806, BUPA HEALTH INSURANCE 2,788, MITTARE INSURANCE 2,743, ASIA INSURANCE ,604, SOMPO JAPAN INSURANCE 2,586, CIGNA INSURANCE 2,464, NEW HAMPSHIRE INSURANCE 2,457, AIOI BANGKOK INSURANCE 2,406, ALLIANZ C.P GENERAL INSURANCE 2,386, NAM SENG INSURANCE 2,109, THAI INSURANCE 2,070, THAISRI INSURANCE 2,025, CHAO PHAYA INSURANCE 1,901, FALCON INSURANCE 1,598, SIAMCITY INSURANCE 1,108, Total 62,880,

15 The Size of Insurance Companies in Thailand Small size companies (25 companies) have 5% market share and the first 10 companies have 74% of small size. companies market share 2016 Company Direct Premium Market Share (%) (1,000 THB) Overall Small size Rank QBE INSURANCE 972, BANGKOK UNION INSURANCE 959, THAI SETAKIJ INSURANCE 927, ASSETS INSURANCE 909, K.S.K INSURANCE 770, UNION PROSPERS INSURANCE 733, GENERALI INSURANCE 659, AIG INSURANCE 637, INDARA INSURANCE 568, THAI PAIBOON INSURANCE 440, TUNE INSURANCE 393, THAI UNITED INSURANCE 386, THAI HEALTH INSURANCE 272, PACIFIC CROSS HEALTH INSURANCE 243, FPG INSURANCE 229, CHARAN INSURANCE 179, PHOENIX INSURANCE 163, ERAWAN INSURANCE 145, PHUTTHATHAM INSURANCE 122, SAJJA INSURANCE 67, NEW INDIA ASSURANCE 64, UNION INSURANCE 38, BANGKOK HEALTH INSURANCE 33, CHINA INSURANCE 32, A.I.A (NON-LIFE) 18, Total 9,970,

16 Market share Market Share Classified by Company Sizes from % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Total Market Players 33% 31% 36% 39% 19% 19% 17% 14% 15% 12% 11% 9% 7% 5% 5% 5% 5% 53% 51% 65% 56% 56% 53% 52% 46% 31% 30% 28% 30% 35% 29% 29% 36% 37% 45% % 34% 32% 30% 30% 57% 61% 63% 65% 66% Large size Companies : Direct Premium more than Baht 5,000 Million Medium size Companies : Direct Premium between Baht 1,000 5,000 Million Small size Companies : Direct Premium less than Baht 1,000 Million

17 Foreign Non-Life Insurance Companies in Thailand Company Year 2016 Premium ('000 Baht) Share (%) THE SAFETY INSURANCE 8,863, % TOKIO MARINE INSURANCE 7,430, % LMG INSURANCE 6,129, % CHUBB SAMAGGI INSURANCE 5,973, % MITSUI SUMITOMO INSURANCE 5,218, % MSIG INSURANCE 3,954, % ACE INA OVERSEAS 3,945, % AXA INSURANCE 3,289, % BUPA HEALTH INSURANCE 2,788, % SOMPO JAPAN INSURANCE 2,586, % CIGNA INSURANCE 2,464, % NEW HAMPSHIRE INSURANCE 2,457, % AIOI BANGKOK INSURANCE 2,406, % ALLIANZ C.P GENERAL INSURANCE 2,386, % FALCON INSURANCE 1,598, % QBE INSURANCE 972, % K.S.K INSURANCE 770, % GENERALI INSURANCE 659, % AIG INSURANCE 637, % TUNE INSURANCE 393, % PACIFIC CROSS HEALTH INSURANCE 243, % FPG INSURANCE 229, % NEW INDIA ASSURANCE 64, % CHINA INSURANCE 32, % A.I.A (NON-LIFE) 18, % Total Foreign Companies 65,514, % Total Local Companies 146,299, % Total Market 211,813, % 18

18 Total Direct Premiums in 2017 Baht 220 Billion Baht Billion 5,774 Million US$ Up % Baht Billion 6,608 Million US$ Up % Baht Billion 6,322 Million US$ UP 1.13 % Baht Billion 6,110 Million US$ Up 1.90 % Baht Billion 6,001 Million US$ Up 1.23 % Baht 218 Billion Up 3.7 % Up 3.3 % Expected GDP growth of 3.5 4% in E Direct Premium Growth Rate (%) 28.0% 13.2% 1.1% 1.9% 1.2% % Real GDP Growth Rate (%) 7.3% 2.8% 0.9% 2.9% 3.2% % Insurance Density (Baht) (Premium per Capita) 2,699 3,042 3,065 3,112 3, % Insurance Penetration (%) (Premium/GDP) 1.45% 1.57% 1.56% 1.53% 1.47% 3,234-3,247 Forecast GDP in 2017 Export +5.7% Private Consumption +3.2% Government Consumption +3.2% Private Investment +2.2% Public Investment +8% Inflation % Unemployment rate +0.9% GDP per Capita (Baht) 185, , , , , ,459 Sources: 1/ Office of the National Economic and Social Development Board 2/ Office of Insurance Commission 19

19 Forecast in 2018 Million Baht Direct Premium Growth (%) 230, , , , , , , ,000 Bank of Thailand GDP 2018: 3.8% Inflation: 1.2% 3.5%-4.0% 226, , % 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 190, e 2561f 0.00% 11

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22 Thai Insurance Penetration and Density ( ) Insurance Penetration Life Non-Life Source: Office of Insurance Commission National Economic and Social Development Board of Thailand ,967 4,492 3,944 3,400 3,117 2,708 2,619 2,386 2,111 1,124 1, Insurance Density 8,395 7,930 7,454 6,611 5,872 1,553 1,476 1,387 1,245 1,896 1,679 1,631 3,131 3,112 3,065 3,042 2,699 2,118 Unit: Baht 0 2,000 4,000 6,000 8,000 10,000 Life Non-Life 23

23 Key Challenges. on the future of Thai Insurance Market!!! Human Capital Resources Shortage of talented staff Recruit Retrain Reward...Retain Refine mindset and reskill technical expertise Talent movement across ASEAN Insurance markets Regulatory Intervention and Scrutiny Insurers are required to comply with higher number of regulations Stringent rules in doing business: ERM, ORSA, IFRS 9 & IFRS 17 More disclosure and transparency Financial and Economic Conditions Uncertainty in macroeconomic environment Global and regional financial impacts Local market aggressive competition Political uncertainty Technological Advancements Digital Insurance Smart Phone Applications Big Data InsurTech

24 Key Challenges. on the future of Thai Insurance Market!!! Harder to please customers Customer complaints Customer retention Extreme Environmental Conditions and Catastrophes Flood Tsunami Windstorm Earthquake De-Tariffication and De-Commission Thinner Margins Imminent market liberalization in 2020!!! Diversity of distribution channels higher demand for acquisition costs Demographic Changes Aging population and aged society Increasing urbanization

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27 In the next 50 years (38 years ago)

28 91,642 99, , , , , , , , , , , , , ,055 THAI ECONOMIC KEY INDICATORS: GDP per Capita in Baht 250, , , ,000 50,000 We are still in the middle-income trap country (F) Source : National Economic and Social Development Board of Thailand 29

29 12.68% 13.14% 13.66% 14.23% 14.78% 15.39% 16.06% 16.76% 17.51% 18.20% 18.92% 19.67% 20.43% 21.22% 21.96% 22.73% 23.51% 24.31% 25.12% The proportion of people over 60 years old in Thailand in the next 13 years Percentage 30% 25% 20% 15% 10% 5% 0% Total Population (1,000 Heads) People over 60 years old (1,000 Heads) 67,912 68,251 68,610 68,980 69,222 69,455 69,679 69,893 70,100 70,217 70,330 70,440 70,547 70,651 70,645 70,640 70,636 70,632 70,629 8,609 8,970 9,374 9,819 10,234 10,691 11,188 11,716 12,272 12,782 13,309 13,853 14,415 14,994 15,515 16,055 16,610 17,174 17,744 The proportion of people over 60 years old 12.68% 13.14% 13.66% 14.23% 14.78% 15.39% 16.06% 16.76% 17.51% 18.20% 18.92% 19.67% 20.43% 21.22% 21.96% 22.73% 23.51% 24.31% 25.12% Source : National Statistical Office 30

30 ASEAN 10: Key Indicators 2016 Classification by Income Group (GDP per capita) Country Land Area sq.km. Population (thousand) GDP in USD million GDP per capita in USD High Income Singapore 719 5, ,642 53,053 More than USD 12,000 Brunei 5, ,458 24,713 Upper middle Income Malaysia 331,388 31, ,748 9,546 USD 4,000 - USD 11,999 Thailand 513,120 68, ,592 5,662 Indonesia 1,913, , ,953 3,636 Lower middle Income Philippines 300, , ,687 2,991 USD 1,400 - USD 3,999 Lao PDR 236,800 92, ,493 2,164 Viet Nam 331,231 7,163 13,761 1,921 Low Income Myanmar 676,576 52,254 68,277 1,307 Less than USD 1,400 Cambodia 181,035 15,776 19,368 1,228 Source : IMF/ASEANstats Last Updated : October,

31 Key Challenges. on the future of Thai Insurance Market!!! Harder to please customers Customer complaints Customer retention Extreme Environmental Conditions and Catastrophes Flood Tsunami Windstorm Earthquake De-Tariffication and De-Commission Thinner Margins Imminent market liberalization in 2020!!! Diversity of distribution channels higher demand for acquisition costs Demographic Changes Aging population and aged society Increasing urbanization Insurance Frauds

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33 How much do we lose to insurance fraud each year? What percentage of our insurance claims are fraudulent?

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35 ASEAN 10: Life & Non-Life Gross Written Premiums 2016 : in Million US$ Country Non Life Premiums Life Premiums Total Premiums Million Baht 718,760 2,029,359 2,748,119 % of Total World Premiums % of Total ASEAN Premiums Penetration Ratio Baht 718,760 Billion X 50% (L/R) = Baht 359,380 Billion X 10% (Fraud Rate) Brunei % 0.26% 1.83% Cambodia % 0.14% 0.57% Indonesia 4,611 18,475 23, % 28.51% 2.48% Losses due to Frauds = Baht 35,938 Billion (Impact of 5% to L/R) Lao N/A N/A N/A N/A N/A N/A Malaysia 4,110 3,776 7, % 9.74% 2.66% Myanmar N/A N/A N/A N/A N/A N/A Philippines 1,543 2,647 4, % 5.17% 1.37% Singapore 2,744 15,781 18, % 22.88% 6.24% Thailand 6,344 16,768 23, % 28.54% 5.68% Vietnam 1,630 2,223 3, % 4.76% 1.90% Total 21,178 59,795 80, % % 3.12% Source: Swiss Re, Sigma No.3/2017 and AIC 2017 ASEAN Insurance Statistical Report 36

36 45,869 48,701 54,998 62,627 71,160 79,289 88,833 95, , , , , , , , , , % 53.17% 54.65% 56.58% 55.84% 55.16% 53.92% 55.37% 54.99% 51.41% 51.93% 53.79% 51.24% 41.98% 47.01% 50.14% % THAI NON-LIFE INSURANCE INDUSTRY: Total Market 250,000 Direct Premium L/R on Earned Basis 200,000Baht 220 Billion X 50% (L/R) = Baht 110,000 Billion X 10% (Fraud Rate) 200% 180% 160% 150,000 Losses due to Frauds = Baht 11,000 Million (Impact of 5% to L/R) 140% 120% 100% 100,000 80% 60% 50,000 40% % 0% Source: Office of Insurance Commission Figures: In Million Baht * Average Loss Ratio excluding 2011 Thailand Mega Flood 37

37 Key Challenges. on the future of Thai Insurance Market!!! Harder to please customers Customer complaints Customer retention Extreme Environmental Conditions and Catastrophes Flood Tsunami Windstorm Earthquake De-Tariffication and De-Commission Thinner Margins Imminent market liberalization in 2020!!! Diversity of distribution channels higher demand for acquisition costs Demographic Changes Aging population and aged society Increasing urbanization Insurance Frauds AEC: Impact on Insurance

38 23 July 1997 (52.9) 8 August 1967 (67.5) 23 July 1997 (6.6) 28 July 1995 (92.7) 8 August 1967 (103.2) 30 April 1999 (15.2) 8 August 1967 (31.7) 8 January 1984 (0.4) 8 August 1967 (5.6) Population GDP Source : IMF/ASEANstats Last Updated : October, 2017 : > million 8 August 1967 (258.7) : > US$ 2,559 Billion (3% of World GDP) (World s 6 th Largest Economy) AEC Blueprint; AEC envisages the following key characteristics: แผนการจ ดต งประชาคมเศรษฐก จอาเซ ยน ได กาหนด ค ณล กษณะการจ ดต งไว ด งน A single market and production base การเป นตลาดและฐานการผล ตเด ยวก น A highly competitive economic region การเป นภ ม ภาคท ม ข ดความสามารถในการแข งข นส ง A region of equitable economic development การเป นภ ม ภาคท ม การพ ฒนาทางเศรษฐก จท เท ยมก น A region fully integrated into the global economy การเป นภ ม ภาคท ม การบ รณาการเข าก บเศรษฐก จโลก 39

39 ASEAN 10: Life & Non-Life Premiums Income vs. Population Life & Non Life Premiums Income Population Philippines, 4,190, Malaysia, 7,886, 9.74% Vietnam, 3,853, Brunei, 208, 0.26% Cambodia, 114, 0.14% Thailand, 23,112, 28.54% Malaysia, 32, 4.99% Myanmar, 53, 8.34% Thailand, 67, 10.63% Cambodia, 15, 2.39% Lao PDR, 7, 1.04% Singapore, 6, Brunei, 0.423, 0.07% Indonesia, 259, 40.77% Singapore, 18,525, 22.88% Indonesia, 23,086, 28.51% Viet Nam, 93, 14.61% Philippines, 103, 16.27% 2,748,119 Million baht Million Source : ASEANstats : AIC 2017 ASEAN Insurance Statistical Report Exchange Rate : Annualize rate 40

40 ASEAN 10: Life & Non-Life Gross Written Premiums 2016 : in Million US$ Country Non Life Premiums Life Premiums Total Premiums % of Total World Premiums % of Total ASEAN Premiums Penetration Ratio Brunei % 0.26% 1.83% Cambodia % 0.14% 0.57% Indonesia 4,611 18,475 23, % 28.51% 2.48% Lao N/A N/A N/A N/A N/A N/A Malaysia 4,110 3,776 7, % 9.74% 2.66% Myanmar N/A N/A N/A N/A N/A N/A Philippines 1,543 2,647 4, % 5.17% 1.37% Singapore 2,744 15,781 18, % 22.88% 6.24% Thailand 6,344 16,768 23, % 28.54% 5.68% Vietnam 1,630 2,223 3, % 4.76% 1.90% Total 21,178 59,795 80, % % 3.12% Million Baht 718,760 2,029,359 2,748,119 Source: Swiss Re, Sigma No.3/2017 and AIC 2017 ASEAN Insurance Statistical Report 41

41 ASEAN Non-Life Insurance: Incurred Loss Ratio in % 50% 40% 36% 35% 51% 43% 49% 44% 57% 57% 55% 43% 39% 40% 55% 52% 50% 50% 48% 47% 43% 40% 35% 30% 30% 31% 29% 20% 10% 0% Brunei Cambodia Indonesia Malaysia Philippines Singapore Thailand Vietnam Source: AIC 2017 ASEAN Insurance Statistical Report 42

42 ASEAN Non-Life Insurance: Underwriting Results in ,800 1,600 1,400 1,200 : in Million US$ 1,630 1,444 1,268 1, Cambodia Indonesia Malaysia Philippines Singapore Thailand Vietnam 43

43 Non-Life Insurance Industry in Asia 2016 Continents Non-Life Premium Million $US Share (%) Gross Premium (Global Ranking) Premium Per GDP (%) Premium Per Capita (US$) GDP (Billion $US) Population (Million) PR China 203, % 2 1.8% ,234 1,382.9 Japan 117, % 4 2.4% , South Korea 66, % 7 4.7% 1, , India 17, % % ,272 1,328.8 Taiwan 16, % % Saudi Arabia 9, % % United Arab Emirates 7, % % Iran 7, % % Israel 7, % % Thailand 6, % % Malaysia 4, % % Indonesia 4, % % Hong Kong 4, % % Singapore 3, % % Qatar 2, % % 1, Philippines 1, % % Vietnam 1, % % Others 9, % NA 0.5% , Asia 493, % NA 1.8% ,737 4,353.7 EU 611, % NA 3.1% , America 937, % NA 3.7% , World 2,115, % NA 2.8% ,335 7,414.2 Source: Swiss Re, Sigma No.3/2017 Remark: Life and non-life business areas in this sigma study are categorized according to standard EU and OECD conventions: health insurance is allocated to non-life insurance, even if it is classified differently in the individual countries 44

44 Global Insurance Market Share in 2016 Top 10, 3,595,897, 75.99% Thailand, 22,044, 0.47% Other, 1,114,247, 23.55% Total Premiums Top 10, 1,995,280, 76.24% Life insurance Premiums Thailand, 15,131, 0.58% Other, 606,605, 23.18% Top 10, 1,663,775, 78.66% Non-Life Insurance Premiums Thailand, 6,913, 0.33% Other, 444,484, 21.01% Source: Swiss Re, Sigma No.3/2017 Remark: Life and non-life business areas in this sigma study are categorized according to standard EU and OECD conventions: health insurance is allocated to non-life insurance, even if it is classified differently in the individual countries 45

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52 THANK YOU very much