Thailand’s Insurance Policies Grow 6.13% in Q2

The Thai general insurance industry witnessed a modest growth in the second quarter of 2024. As per the data from the Thai General Insurance Association, the direct premiums managed a slight year-on-year (YoY) increase of 0.43%, reaching $4.10 billion (THB141.4 billion). This indicates a relatively stable yet not overly exuberant growth trend in the overall premium earnings of the sector.

Another notable aspect was the growth in the number of policies. There was a significant 6.13% YoY increase, with the total number of policies reaching 37.51 million. This could suggest an expanding customer base or perhaps a more aggressive marketing and outreach strategy by the insurance companies operating in Thailand.

However, not all aspects were on an upward trajectory. The net written premiums saw a slight dip of 0.60%, amounting to $3.02 billion (THB104 billion), while the net earned premiums remained almost neutral with a 0.8% change, standing at $2.95 billion (THB101.6 billion). These figures imply that while the industry is attracting more customers in terms of policy numbers, there might be some challenges in optimizing the premium earnings and managing the associated costs and risks effectively.

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