Market Size of Thailand Motor Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 187.03 Billion Thai |
| Market Size (2029) | USD 254.91 Billion Thai |
| CAGR (2024 - 2029) | 6.39 % |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
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Thailand Motor Insurance Market Analysis
The Thailand Motor Insurance Market size in terms of direct written premiums value is expected to grow from Thai 187.03 billion in 2024 to Thai 254.91 billion by 2029, at a CAGR of 6.39% during the forecast period (2024-2029).
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.
