Thailand Online Insurance Market Outlook to 2027F

The report titled “Thailand Online Insurance Market Outlook to 2027F- Driven by changing consumer needs and preferences with availability of supplies and reliability of delivery of the products” provides a comprehensive analysis of the Online Insurance market in Thailand. The report covers overview and genesis of the Insurance Industry in Thailand, market size, Business Model, market segmentations viz.by Product Type, by Non- Life Insurance, by Region, by Income and by Mode of Distribution; trends and developments, issues and challenges and comparative landscape including market shares of major companies, competition scenario, cross comparison and financial parameters of major players in the industry. The report concludes with future market projections of each product segmentation and Analyst recommendations in the Online Insurance Market in Thailand.

Thailand Online Insurance Market Overview

The Online Insurance market in Thailand has grown at an increasing growth rate supported by the increase in continuous growth of aging population in the country along with growing internet penetration and rising use of e-platforms. Thailand consumers have been evolving dynamically in their quest for convenience, health, and value with the pandemic that forced everyone to issue insurance with rising awareness on financial planning further accelerated these trends along with the changing needs and preferences of consumers. Implementation of Insurance Development Plan 4.0 policy of digitally transforming the country is a major growth driver of the market. 

Online Insurance Market Size and Segmentations

The Thailand Online Insurance Market has grown with COVID-19 being the largest driver for the growth in Thailand’s Online Insurance market as it compelled people to issue insurance online which has spurred Health Insurance in the country as people were inclined toward family health security and uncertain circumstances. 

The Thailand Online Insurance Market Segmentations:

By Product Type: In Product type, Non-Life Insurance dominate the market as people in Thailand prefer Non- life insurance over  life insurance as non-life insurance takes care of the compensation to be paid to the third party in any case of damage to the property or life.

By Non- Life Insurance: The Health Insurance segment conquers the market with highest contribution Thailand is one of the fastest-ageing countries in the world where  60+ old spend more on health and purchase insurance as the country provides wide coverage for various health issues for different age groups.

By Region: Bangkok overpowers the Online Insurance Market Segmentation by Region as Bangkok has high urban population of 52.3% and high working population of 65.8% who have taken insurance via online websites owing to the awareness and online convenience in urban areas.

By Income: People with income level less than 40k dominate the market as they tend to buy online insurance as it is cheaper online, where the premium is less, and the policy can be used for the daily requirement such as vehicle and travel.

By Mode of Distribution: The online insurance market by mode of distribution is dominated by Agents because Thais believe that Agents understand the features and benefits of different insurance plans & help them choose the right policy. 

Comparative Landscape in Thailand Online Insurance Market

The Online Insurance Market in Thailand is extremely consolidated with one market leader, Prudential Life Assurance contributing majority of the total market share in the industry in 2021. Companies are competing against each other to acquire and retain clients focusing on providing customer-oriented services, expand geographical presence and advanced customer interface. Key competitive parameters include sectors/ product portfolio, associations/ subsidiaries/ partners, no of policy holders, target for tele-sales representatives, key performance indicators, and operational analysis of insurance departments. 

Thailand Online Insurance Market Outlook and Projections:

Online Insurance in Thailand is expected to increase with a robust CAGR owing to a shift to targeted life and non-life insurance management in the country. Factors like rising aging population, increase in mobile commerce, rising health spending by consumers, convenient insurance issuance with minimal paper work along with government and private initiatives in future will drive the market in future. 

Key Segments Covered in the report

Thailand Online Insurance Market 

• By Product Type

• Life Insurance
• Non-Life Insurance

• By Non-Life Insurance

• Health Insurance
• Motor Insurance
• Property insurance
• Others

• By Region

• Bangkok
• Songkhla
• Lamphun
• Others

• By Income

• Less than 40k
• More than 40k

• By Mode of Distribution

• Agents
• Aggregators
• Company Website

Key Target Audience

• Insurance Industry
• Online Insurance Companies
• Policy Consultants
• Life and Non-Life Insurers
• Government Agencies
• Private Insurance Agents
• Insurance Brokers
• Market Research and Consulting Firms 

Time Period Captured in the Report:

• Historical Period: 2016-2021
• Base year: 2021
• Forecast Period: 2022F-2026F 

Companies Covered:

• Prudential Life Assurance
• Muang Thai Life Assurance
• Bangkok Life Assurance
• South East Life Insurance
• Ocean Life Insurance
• FWD Life Insurance
• Allianz Ayudhya Assurance
• SCB Insurance
• Manulife Insurance
• Krungthai  AXA Life Insurance

Key Topics Covered in the Report

• Executive Summary of Thailand Online Insurance Market
• Thailand Country Overview
• Thailand Insurance Sector Overview
• Thailand Online Insurance Market Genesis and Overview
• Major Challenges in Thailand Online Insurance Market
• Comprehensive Analysis on Thailand Online Insurance Market (Market Size, 2016-2026F; Market Shares; Future Trends) 
• Industrial Analysis of Thailand Online Insurance Market
• Government and Private Initiatives for Thailand Online Insurance Market
• Technologies Shaping Thailand Online Insurance Market
• Competitive Landscape in Thailand Online Insurance Market

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