Insurance

Steadily improving macroeconomic growth and shifting demographics are creating favourable conditions for the expansion of Thailand’s insurance industry, with reforms aimed at boosting foreign participation supporting a bright outlook for the remainder of 2018. The life insurance segment continues to dominate the country’s insurance landscape, accounting for the bulk of premium and policyholders, benefitting from the ageing population and rising popularity of investment-linked products, which should keep it on a steady growth path in the coming years. The smaller non-life segment is also poised for steady expansion in the short to medium term, with low penetration and density, leaving room for growth. Although the sector remains overcrowded, the industry regulator Office of Insurance Commission (OIC) is increasingly pushing for consolidation. This chapter contains interviews with Vitai Ratanakorn, Secretary-General, Government Pension Fund; and Bryan Smith, President and CEO, Allianz Ayudhya.