Allianz eyes 6% annual growth in Thailand

October 19 2018 by InsuranceAsia News Staff

Allianz is predicting its insurance market premiums in Thailand will grow by 6% annually over the next  decade.

To achieve this target, the insurer will still depend on its gross written premium target of 5% of gross domestic product per capita, particularly for long-term savings and pension insurance products.

Allianz’s chief economist Michael Heise said Thailand’s gross written premium per capita, including life and non-life insurance products, was valued at €280 (US$320) in 2017.

That was less than €320 recorded in Malaysia, €2,560 in Japan, €3,970 in Taiwan and €4,190 in Singapore.

With Thailand trailing significantly behind some of its regional peers, the low gross written premium to GDP per capita ratio in Thailand means insurers still have a large opportunity to expand their shares in the market.

Allianz has life, health and general insurance operations in Thailand alongside Sri Ayudhya Capital.

MORE FROM: Commercial