Bangkok City Report. Thai Non-Life Insurance Market. May 6-9, 2018 Manila
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1 Bangkok City Report Thai Non-Life Insurance Market May 6-9, 2018 Manila
2 Thai Non-Life Insurance Market: A Macro Perspective With a nominal Gross Domestic Product (GDP) of US$ 455 billion in 2017, Thai economy had gone through various economic slowdown on its course - the most critical ones included the slowdown of World Economy & Bangkok Airport Shutdown in 2008 due to political unrest, in 2009 the negative impact from the Subprime Crisis, in 2011 we suffered from Thailand Mega Flood. However, the Thai economy still weathered through such bad crises with a compound annual growth rate (CAGR) of 8.66% per annum from 2002 to 2017 (Figure 1). The expanding of GDP at a very low interest rate, the growing of middle income, the record high car sales and increasing number of new houses and condominiums, together with the awareness of health risks and inflated health care costs have led to an increase demand of Life and Non-Life insurance products over the past years. Thai Life insurance grew at 11.26% on CAGR and Thai Non-Life insurance grew at 9.11% on CAGR over the past 9 years. On Thai Non-Life business, it should be noted that the remarkable increases in motor premium of 24.80% in 2012 and 13.90% in 2013 were due mainly to Government Populist Scheme for the First Car Buyers (Figure 2). 1
3 Figure 1: Thai Economic Growth during the past 16 years from 2002 to 2017 Figure 2: Growth in Thai Direct Life and Non-Life Insurance Premium from Source: Office of Insurance Commission Exchange Rate: Annualized Rate 2
4 Portfolio Mix Non-life Insurance in Thailand can be subdivided into four lines of business; Motor, Fire, Marine and Miscellaneous. Motor voluntary and compulsory insurances dominated the market, representing 57.74% of total direct premiums (Table 1). Miscellaneous insurance was the second largest segment, representing 35.30% of total premiums. Of which, Industrial All Risk (IARs) and personal accident insurance combined represented 24.03% of total premiums (Figure 3). Table 1: Number of Policies, Direct Premium and Market Share of Each Line of Business in 2017 Lines of Business Number of Policies Direct Premium (Million US$) Market Share (%) Fire 3,341, Marine 890, Hull 4, Cargo 885, Motor 40,019,807 3, Compulsory 30,957, Voluntary 9,062,569 3,246 Miscellaneous 15,192,023 2, Industrial All Risks (IARs) 1,147, Public Liability 47, Personal Accident 9,199, Health 741, Others 4,055, Total 59,443,694 6, Source: Office of Insurance Commission Exchange Rate: Annualized Rate 3
5 Figure 3: Market Share by Classes of Business in 2017 Direct Premium in 2017: Baht 218,434 Million (US$ 6,436 Millions) Although motor insurance still dominated the non-life insurance market in Thailand, personal accident and health insurance products had shown a strong increase in the total market portfolio from 3.46% in 2002 to 13.34% in 2017; particularly health insurance has benefited from tax incentive for Baht 15,000 (around US$ ) on personal income tax. The future trend of non-motor business will soon balance out the Motor portfolio in the next 10 years (Figure 4). In distribution channel, Broker continued to be the main channel for Non-life insurance. Second and third were Agent and Bancassurance respectively. (Figure 5). 4
6 Figure 4: Market Share by Classes of Business, Figure 5: Distribution Channels in in 2017 Source: Office of Insurance Commission Exchange Rate: Annualized Rate 5
7 Market Development During the past years, the numbers of non-life insurance companies decreased from 77 in 2002 to 60 in 2017 due to the revocation of licenses, and merger & acquisitions. As of December 2017, there were 60 market players sharing the non-life insurance market. Of which, the 12 large-size companies with more than Baht 5 billion direct premiums income contributed 68.00%, the 24 medium-size companies with direct premiums income ranging between Baht 1 billion to 5 billion contributed 29.00% while the 24 small-size players with direct premiums income below Baht 1 billion contributing only 4.00% market shares. (Figure 6). Market shares of small-size players shrank dramatically from 33.00% in 2002 to less than 5.00% in While the top 10 players with strong networks and good reputation had shown a strong increase in their market shares from 54.08% in 2002 to 62.30% in 2017 (Figure 7). Viriyah Insurance Company had the highest direct premium in 2017, earned US$ 1, While, Dhipaya Insurance Company and Bangkok Insurance Company ranked second and third respectively (Figure 8). 6
8 Figure 6: Market Share Classified by Company size, Figure 7: Market Share of Top 10 Non-Life Insurance Companies,
9 Figure 8: Top 10 Market Share in 2017 Direct Premium in 2017: Baht 218,434 Million (US$ 6,436 Millions) Source: Office of Insurance Commission Exchange Rate: Annualized Rate Thailand Mega Flood in 2011, the largest insured loss worldwide from flood event, impacted significantly on the Thai property insurers. As shown in Table 2, medium size companies suffered the most from the event with an average combined ratio of % in If excluding Thailand Mega Flood in 2011, the 5 years average combined ratio of medium-size companies were at 91.85% while large-size companies average combined ratio were at 90.15%. The average combined ratio of small-size companies was always above 100% during 2011 to 2016 indicating their high operating expenses. 8
10 Table 2: Combined Ratio of Non-Life Insurance Companies Year Categories Large Medium Small Total 2011 Number of Companies Number of Companies Number of Companies Number of Companies Number of Companies Number of Companies Average Combines Ratio 6 Years ( ) Average Combines Ratio 5 Years (Excluding Thailand Mega Flood ) Note: Grouping of Company Sizes Large: Total direct premiums income of more than Baht 5 billion Medium: Total direct premiums income of Baht 1 to 5 billion Small: Total direct premiums income of below Baht 1 billion 9
11 Going forward, the outlook of the non-life insurance industry remains strong despite moderate economic growth, based on the forecast of real GDP growth from 3.00 to 4.00% in the year There are still a great potential and abundant opportunities for Thai insurers to grow in both domestic and regional markets, particularly in the integrated economy amongst the 10 ASEAN nations under AEC Framework at the end of We are also expecting an enhanced standardized framework on Risk-Based Capital II Regime along the years. The Thai Non-Life insurance market is also moving towards a gradual tariff liberalization, starting from the voluntary motor insurance. These regulatory changes will further consolidate the industry. The consumers will benefit from competition through innovative and variety of products introduced by both domestic and international insurers. Customer centric strategy will be a challenging strategy for all insurers. Sound underwriting disciplines together with strong management on cost efficiency are crucially important to cope with volatility of risks. The key challenge on future of the Thai insurance markets is the scarcity of human capital resources on both soft skills and technical expertise. The talent movement across ASEAN insurance markets is explicitly imminent. An increasing demand on higher acquisition costs from various distribution channels is another concerned area that needs to be addressed. Leveraging all the above issues is a challenging task for Thai insurers to pursue a long term sustainability. ********************** 10
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