Insurance

Given its low penetration rates, ageing society and the trend towards increased liberalisation, the Thai insurance sector has significant potential and growth is expected to be steady in the coming years. Thais are becoming more interested in savings and wealth-related products, and over time it is also likely that they will have a better understanding of the need to cover risks. Together, these factors could mark a tipping point for the industry. Still, balancing the positive trends are several factors weighing on the sector. The nation’s relatively weak economy, which has made insurance less affordable, is leading to lower than normal premium growth. The sector is also somewhat mature in certain segments. Over the next decade, the Thai insurance market is expected to grow at a slower pace than in the past, but the rate is still comparatively high. This chapter contains interviews with Suthiphon Thaveechaiyagarn, Secretary-General, Office of Insurance Commission; and Michael Plaxton, CEO, FWD Life Insurance.