Thailand Motor Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Thailand Motor Insurance Market is segmented by Insurance Type (Third Party Liability, Comprehensive) and Distribution Channel (Agents, Brokers, Banks, Online, and Other Distribution Channels). The report offers market size and forecast values for the Thailand Motor Insurance Market in USD million for the above segments.

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Thailand Motor Insurance Market Size

Thailand Motor Insurance Market Summary
Study Period: 2019 - 2028
CAGR: 3 %

Major Players

Thailand Motor Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Thailand Motor Insurance Market Analysis

Thailand Motor Insurance Market has generated a revenue of USD 530.5 Million in the current year and is poised to achieve a CAGR of 3% for the forecast period. Thai Motor Insurance is one of the largest business line and accounts in the country. Overall motor insurance’s direct premium holds a 60% share in the overall non-life insurance segment. The number of policies has increased and amounts to 25 billion in compulsory motor insurance and 8 billion in voluntary motor insurance.

The impact of the pandemic was most pronounced in the motor insurance business line, which reported for more than 50% of the general insurance premium in 2021. Thailand, which is a major hub for automotive manufacturing, registered a decline in domestic sales and exports due to supply chain interruptions and subdued domestic needs.

Corresponding to the Federation of Thai Industries, the total passenger and commercial vehicle sales from January-November 2020 witnessed over a 25% decline as compared to the same period the prior year. Vehicle sales are expected to gradually rise over the near term, reflecting an improvement in customer demand, which is expected to support the growth in motor insurers’ premiums.

Thailand Motor Insurance Industry Segmentation

This report aims to offer a detailed analysis of the Thailand motor insurance market. It concentrates on the market dynamics, emerging trends in the segments and regional markets, and insights into various product and application types. Also, it focuses on the key players and the competitive landscape in the market. The Thailand Motor Insurance Market is segmented by Insurance Type (Third Party Liability, Comprehensive) and Distribution Channel (Agents, Brokers, Banks, Online, and Other Distribution Channels). The report offers market size and forecast values for the Thailand Motor Insurance Market in USD million for the above segments.

Insurance Type
Third Party Liability
Comprehensive
Distribution Channel
Agents
Brokers
Banks
Online
Other Distribution Channels

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Thailand Motor Insurance Market Trends

This section covers the major market trends shaping the Thailand Motor Insurance Market according to our research experts:

Increase in GDP Per Capita

Focus Economics Consensus Forecast projects Thailand's GDP to grow by 3.9% in 2022 and expected to expand by 4.3% in 2023. In recent years, the government of Thailand has made a concentrated effort to develop the insurance sector. The government has implemented a series of insurance development plans toward this end. The rise in per capita income coupled with government initiatives is expected to drive the demand for motor insurance market.

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Increasing Production and Sales of Electric Vehicles is Expected to Drive the Market

With the Thai government’s current zero-emission vehicle (ZEV) plan, Thailand’s demand growth for EVs is projected to increase to 402k in 2025, rising to 2m in 2030, and 6.4m by 2035. The total of new commercial vehicles for the e-truck and e-bus categories is expected to grow from 31k in 2025 to 430k in 2035. The number of charging stations is forecast to rise to 2,460 in 2025, 13,450 in 2030, and 40,500 in 2035, up from a mere 693 stations as of Sep-21. 

In its most recent move to approve the comprehensive EV promotion plan by the National Electric Vehicle Policy Committee (NEVPC), the Thai government has clearly signaled that Thailand is dedicated to fully converting the country’s existing internal combustion engine (ICE)-based automotive industry into an EV industry. According to the Electric Vehicle Association of Thailand (EVAT), Thailand is now at the forefront of its ASEAN peers in transitioning its automotive industry from an ICE-based industry to an EV industry. Increased demand for EV is set to be the main driving force for the motor insurance industry.

motor-insurance-thailand-market-trend2

Thailand Motor Insurance Industry Overview

The report covers the main players operating in the Thailand motor insurance market. The market is semi-consolidated due to top companies holding approximately 50% of the market share. However, with technological advancement and service innovation, local to international companies are increasing their market presence by securing new contracts and tapping new markets. Viriyah is the biggest local Motor Insurance Company in Thailand. They have been in the insurance market for more than 70 years. It has major players The Falcon Insurance Public Company Limited, Aig Insurance (Thailand) Public Company Limited, Fwd General Insurance Public Company Limited, Allianz Ayudhya Assurance Public Company Limited and The Viriyah Insurance.

Thailand Motor Insurance Market Leaders

  1. THE FALCON INSURANCE PUBLIC COMPANY LIMITED

  2. AIG INSURANCE (THAILAND) PUBLIC COMPANY LIMITED

  3. FWD GENERAL INSURANCE PUBLIC COMPANY LIMITED

  4. ALLIANZ AYUDHYA ASSURANCE PUBLIC COMPANY LIMITED

  5. THE VIRIYAH INSURANCE

*Disclaimer: Major Players sorted in no particular order

Thailand Motor Insurance Market Concentration

Thailand Motor Insurance Market News

  • In September 2022, An online insurance company called Roojai has seen significant growth, collecting THB 1.1 billion ( $0.031 billion) in premiums while also seeing a 40% rise in the number of customers compared to 2021. The secrets to Roojai's ongoing success have been product diversity, satisfying customer service, and powerful branding.
  • In October 2022, Seychelles Financial Services Authority (FSA) suspended the license of Falcon Insurance on the basis of an audit related to irregularities in its operations.

Thailand Motor Insurance Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Insights on Various Regulatory Trends Shaping Motor Insurance Market

    6. 4.6 Impact of Technology and Innovation on Motor Insurance Market

    7. 4.7 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 Insurance Type

      1. 5.1.1 Third Party Liability

      2. 5.1.2 Comprehensive

    2. 5.2 Distribution Channel

      1. 5.2.1 Agents

      2. 5.2.2 Brokers

      3. 5.2.3 Banks

      4. 5.2.4 Online

      5. 5.2.5 Other Distribution Channels

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 The Falcon Insurance Public Company Limited

      2. 6.2.2 FWD General Insurance Public Company Limited

      3. 6.2.3 AIG Insurance (Thailand) Public Company Limited

      4. 6.2.4 Allianz Ayudhya Assurance Public Company Limited

      5. 6.2.5 The Viriyah Insurance Public Company Limited

      6. 6.2.6 Bangkok Insurance Public Company Limited

      7. 6.2.7 Syn Mun Kong Insurance Public Company Limited

      8. 6.2.8 Muang Thai Insurance

      9. 6.2.9 Thanachart Insurance Public Company Limited

      10. 6.2.10 Dhipaya Insurance Public Company Limited*

    3. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

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Thailand Motor Insurance Market Research FAQs

The Thailand Motor Insurance Market is studied from 2019 - 2028.

The Thailand Motor Insurance Market is growing at a CAGR of 3% over the next 5 years.

THE FALCON INSURANCE PUBLIC COMPANY LIMITED, AIG INSURANCE (THAILAND) PUBLIC COMPANY LIMITED, FWD GENERAL INSURANCE PUBLIC COMPANY LIMITED, ALLIANZ AYUDHYA ASSURANCE PUBLIC COMPANY LIMITED, THE VIRIYAH INSURANCE are the major companies operating in Thailand Motor Insurance Market.

Thailand Motor Insurance Industry Report

Statistics for the 2023 Thailand Motor Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Motor Insurance analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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