Allianz eyes 6% annual growth in ThailandOctober 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.
- November 29
Technology and analytics should increase insurance penetration in the region.
- November 23
The business has started operations in Beijing and Jakarta to meet growing demand in the corporate insurance segment.
- June 17
Forget innovation, insurance buyers complain that the industry in Asia is still not getting the basics right.
- September 29
New insurance premium calculations to be applied in 2016 disappoint garment industry.