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Thailand Motor Insurance Market Size (2024 - 2029)

The Thailand Motor Insurance Market is anticipated to experience significant growth in its market size over the forecast period, driven by an increase in direct written premiums. This sector is a major component of the country's insurance landscape, with motor insurance premiums constituting a substantial portion of the non-life insurance market. Despite challenges posed by the pandemic, which heavily impacted the motor insurance sector, the market is expected to recover as vehicle sales rise, bolstered by improved customer demand. This recovery is likely to contribute positively to the expansion of the motor insurance market in Thailand.

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Market Size of Thailand Motor Insurance Industry

Thailand Motor Insurance Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 187.03 Billion Thai
Market Size (2029) USD 254.91 Billion Thai
CAGR (2024 - 2029) 6.39 %
Market Concentration Medium

Major Players

Thailand Motor Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

Thailand Motor Insurance Market Analysis

The Thailand Motor Insurance Market size in terms of direct written premiums value is expected to grow from Thai 187.03 billion in 2024 to Thai 254.91 billion by 2029, at a CAGR of 6.39% during the forecast period (2024-2029).

Thai Motor Insurance is one of the largest business line and accounts in the country. Overall motor insurance's direct premium holds a 60% share in the overall non-life insurance segment. The number of policies has increased and amounts to 25 billion in compulsory motor insurance and 8 billion in voluntary motor insurance.

The impact of the pandemic was most pronounced in the motor insurance business line, which reported for more than 50% of the general insurance premium in 2021. Thailand, which is a major hub for automotive manufacturing, registered a decline in domestic sales and exports due to supply chain interruptions and subdued domestic needs.

Corresponding to the Federation of Thai Industries, the total passenger and commercial vehicle sales from January-November 2020 witnessed over a 25% decline as compared to the same period the prior year. Vehicle sales are expected to gradually rise over the near term, reflecting an improvement in customer demand, which is expected to support the growth in motor insurers' premiums.

Thailand Motor Insurance Industry Segmentation

This report aims to offer a detailed analysis of the Thailand motor insurance market. It concentrates on the market dynamics, emerging trends in the segments and regional markets, and insights into various product and application types. Also, it focuses on the key players and the competitive landscape in the market. The Thailand Motor Insurance Market is segmented by Insurance Type (Third Party Liability, Comprehensive) and Distribution Channel (Agents, Brokers, Banks, Online, and Other Distribution Channels). The report offers market size and forecast values for the Thailand Motor Insurance Market in USD million for the above segments.

Insurance Type
Third Party Liability
Comprehensive
Distribution Channel
Agents
Brokers
Banks
Online
Other Distribution Channels
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Thailand Motor Insurance Market Size Summary

The motor insurance market in Thailand is a significant segment within the country's non-life insurance industry, holding a substantial share of the overall market. The sector has shown resilience and is poised for growth, driven by various factors including government initiatives and economic recovery. The Thai government's efforts to develop the insurance sector, alongside rising per capita income, are expected to bolster demand for motor insurance. The market is also witnessing a shift towards electric vehicles (EVs), supported by the government's zero-emission vehicle plan, which is anticipated to drive further growth in motor insurance premiums. This transition is part of a broader strategy to convert the automotive industry from internal combustion engines to electric vehicles, positioning Thailand as a leader in the ASEAN region in this regard.

The competitive landscape of the Thai motor insurance market is semi-consolidated, with major players like Viriyah Insurance, The Falcon Insurance Public Company Limited, AIG Insurance (Thailand) Public Company Limited, FWD General Insurance Public Company Limited, and Allianz Ayudhya Assurance Public Company Limited holding significant market shares. Technological advancements and service innovations are enabling both local and international companies to expand their market presence. Notably, Roojai, an online insurance company, has experienced remarkable growth through product diversity and strong customer service. However, the market also faces challenges, as evidenced by the suspension of Falcon Insurance's license due to operational irregularities. Overall, the market is expected to continue its upward trajectory, supported by economic growth and strategic industry shifts.

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Thailand Motor Insurance Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Insights on Various Regulatory Trends Shaping Motor Insurance Market

    6. 1.6 Impact of Technology and Innovation on Motor Insurance Market

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Insurance Type

      1. 2.1.1 Third Party Liability

      2. 2.1.2 Comprehensive

    2. 2.2 Distribution Channel

      1. 2.2.1 Agents

      2. 2.2.2 Brokers

      3. 2.2.3 Banks

      4. 2.2.4 Online

      5. 2.2.5 Other Distribution Channels

Thailand Motor Insurance Market Size FAQs

The Thailand Motor Insurance Market size is expected to reach Thai 187.03 billion in 2024 and grow at a CAGR of 6.39% to reach Thai 254.91 billion by 2029.

In 2024, the Thailand Motor Insurance Market size is expected to reach Thai 187.03 billion.

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