The Insurance Industry in Thailand is a critical sector that plays a vital role in the country's economic development. In 2022, the industry's value was estimated to be 615 billion baht, a 3.6% increase from the previous year. In this article, we will discuss the key statistics, factors contributing to its growth and success, industry growth and comparison to previous years, key trends, challenges, and future outlook.
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Headcount
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Description
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LIBERTY MUTUAL INSURANCE
40,869
+65 6338 0990
At Liberty Mutual, we want to help you embrace today and confidently pursue tomorrow. That’s why our company culture supports and champions each employee—helping you turn your passion into a rewarding profession. From comprehensive health and benefits to professional development opportunities, you’ll have access to the resources you need to pursue a meaningful career in an environment focused on openness, inclusion, trust and respect.As a Fortune 100 global leader in property and casualty insurance with more than 45,000 employees in 29 countries and economies around the world, our dedication to putting others first extends beyond our organization. We’re also committed to being a force for social and environmental good, and championing sustainability and Diversity & Inclusion initiatives around the world. Whether you’re helping our customers navigate an important claim or developing a new environmentally friendly product, you can feel good about the work you do at Liberty Mutual. We’ve spent more than 100 years creating innovative insurance products, services, ideas and technologies to meet the world’s ever-changing needs—breaking away from old mindsets and thinking outside of traditional insurance roles. Why? Because we’re committed to transforming our industry in order to create peace of mind for our customers. We hope you’ll join us.
PARTNERRE
1,304
+65 6538 2066
At PartnerRe, we are a community of curious, intelligent industry experts, united by a drive to outperform. As an international reinsurer with a robust capital base, we are a market leader with a reputation of financial stability and strength, and a commitment to rebuilding businesses and communities after risk events around the world.
CHUBB
33,290
+65 6398 8785
Chubb is the world’s largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs 31,000 people worldwide. Additional information can be found at: chubb.com.Read our Social Media Guidelines here: https://www.chubb.com/us-en/about-chubb/chubbs-social-media-guidelines.aspxNotre section « À propos » est également disponible en français, ici: https://www.chubb.com/ca-fr/about-chubb-in-canada/a-propos-de-chubb-au-canada.aspx
FWD INSURANCE
7,946
+65 6820 8888
FWD Group is a pan-Asian life insurance business with more than 10 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. FWD reached its 10-year anniversary in 2023. The company is focused on making the insurance journey simpler, faster and smoother, with innovative propositions and easy-to-understand products, supported by digital technology. Through this customer-led approach, FWD is committed to changing the way people feel about insurance.
IGLOO
179
+65 6920 5134
Igloo is a full stack insurtech startup founded in 2016. It leverages big data, real-time risk assessment and end-to-end automated claims management to create innovative B2B2C insurance solutions for platform partners and insurers. Igloo’s insurance solutions enable companies to eliminate their exposure to operational risk, create new revenue streams and optimise and enhance existing products.
INCOME
2,379
+65 6789 5000
Income Insurance Limited (Income Insurance) is one of the leading composite insurers in Singapore, offering life, health and general insurance. Established in Singapore to plug a social need for insurance in 1970, Income Insurance continues to put people first by serving the protection, savings and investment needs of individuals, families and businesses today. Its lifestyle-centric and data-driven approach to insurance and financial planning puts the company at the forefront of innovative solutions that empowers the people it serves with better financial well-being. Additionally, Income Insurance is committed to being a responsible business that champions the environment and builds stronger communities by supporting financial inclusion, education for youth-in-need and seniors’ well-being. For more information, please visit www.income.com.sg
NATIONAL CREDIT INSURANCE (BROKERS) PTY LTD
178
+61 1800 882 820
NCI offers a complete range of trade credit services helping clients to safeguard their business from bad debts and to integrate better credit management practices. Dedication to technology, research and staff training ensures this and sets NCI apart from competitors.NCI was established in Adelaide, Australia in 1985 as a specialist credit insurance broker. The business has grown to become the largest credit insurance broker in Australia with offices in all major capitals and also in New Zealand and Singapore. As it grew, NCI realized while its core product was insurance broking, its business was actually about protecting the profitability of its clients. While credit insurance was the ultimate safeguard against bad debts, better business practices in trade credit management could also help to improve profitability on a day-to-day basis.NCI can improve cash flow, protect profitability and secure the value of your debtors.
AXA INSURANCE COMPANY
627
+65 6880 4888
Our purpose at AXA is to protect people and businesses so they can pursue their lives and ventures with peace of mind. AXA US Insurance, part of AXA’s international network, provides US commercial Property & Casualty insurance and risk management solutions to large and mid-sized companies. In a rapidly changing world, we are committed to supporting our domestic and international customers so they can face US risks and exposures head on.AXA US Insurance Value:Commitment to our CustomersEmbedded in our culture as a core value; we put our customers first; our number one priority is to provide the best products and services that empower our customers to succeed.Large International Network:We are a member of AXA’s Property & Casualty international network, which covers over 150 countries worldwide with 64 locations.Customized Coverage:AXA US Insurance is admitted in all 50 states, including Washington DC, Puerto Rico, Guam and other US territories, our responsive and knowledgeable underwriting team offer Property, Casualty, Marine Cargo, Aviation and Specialty Liability solutions for US business risks.Claims Expertise:We are committed to providing the best in class services to our customers through our in-house specialty claims team, currently ranked 5/5 stars for customer satisfaction.Financial Strength:AXA US Insurance is rated A (VIII) by AM Best and part of the AXA Group, rated AA- by Standard & Poor’s with €100BN revenue, €5.7BN underlying earnings, €72.7BN shareholders equity, and €1.059TN assets under management.For more information or questions about our company, please contact: marketing@axa-ic.com
ROOJAI
202
+66 2 582 8844
Roojai was launched in 2016 in Thailand to make insurance simple, affordable and reliable. Roojai is a licensed insurance broker, specializing in online insurance. We operate as an MGA and we bring innovation to insurance, by using new technologies and improving processes, from product design to claims. We aim to give our customers the best possible insurance experience at an affordable price. We expanded our offer to Indonesia in March 2022 and we now offer motor, health and accident insurance products.
STARR INSURANCE COMPANIES
2,528
+65 6636 0380
Starr Insurance Companies is a leading insurance and investment organization, providing commercial property and casualty insurance, including travel and accident coverage, to almost every imaginable business and industry in virtually every part of the world.Cornelius Vander Starr established his first insurance company in Shanghai, China in 1919. Today, we are one of the world’s fastest growing insurance organizations, capable of writing in 128 countries on 6 continents.Starr has the global knowledge, vision and relationships to help your company succeed, anywhere you do business.
SUNDAY
210
+66 2 026 3355
Sunday is a fully-integrated sales and services InsurTech that uses artificial intelligence and digital platforms to offer personalised insurance products and services that suits all types of individual and business risks. Here to reinvent the entire insurance value chain, the company offers its end-to-end solutions via its partners and proprietary distribution channels.Website: www.easysunday.com
MARSH
27,114
+65 6333 6006
We help our clients and colleagues grow — and our communities thrive — by protecting and promoting Possibility. We seek better ways to manage risk and define more effective paths to the right outcome. We go beyond risk to rewards for our clients, our company, our colleagues, and the communities in which we serve.Marsh is the world’s leading insurance broker and risk advisor. With over 45,000 colleagues operating in 130 countries, Marsh serves commercial and individual clients with data-driven risk solutions and advisory services. Marsh is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people. With annual revenue nearly $20 billion, Marsh McLennan helps clients navigate an increasingly dynamic and complex environment through four market-leading businesses: Marsh, Guy Carpenter, Mercer and Oliver Wyman.
METLIFE
56,831
+65 9325 6401
We live in a time of unprecedented change. A time when economies, regulations, and social safety nets are all in flux.Customers around the globe have told us they’re overwhelmed by the pace of change and are looking for a trusted partner to help them manage life’s twists and turns.MetLife is committed to being that partner. That’s why we’re transforming our business: Delivering greater value for the people we serve by becoming a simpler, more focused, and future-facing company. We’ll be introducing new ways to meet our customers’ evolving needs, with flexible products; simpler, more intuitive experiences and a range of new services. MetLife. Navigating life together.For customer service: https://www.metlife.com/support-and-manage/contact-us/For social media notices: https://www.metlife.com/about-us/terms-and-conditions/social-media/MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.
TOKIO MARINE INSURANCE GROUP (ASIA)
1,507
+65 6221 6111
Welcome to the official page of Tokio Marine in Asia.More than 140 years ago, we were established as the first Insurance company in Japan. Our network now spans across 45 countries, and we have never lost sight of conducting business with integrity, passion and quality. Doing good, being good means profits are not the be all and end all of our existence, but a natural progression of doing the best for customers, employees and society. Working to be a Good Company brings us together as a united global insurance group. WHO WE ARE Established in the year 1879 as the first insurance company in Japan, TOKIO MARINE has grown over the decades, now offering an extensive selection of General and Life insurance products and solutions. With a presence in 45 countries and expanding, Tokio Marine ranks as one of the world’s most globally diversified and financially secure insurance groups. Today, as Japan’s largest insurance group, with over JPY22,531 billion in assets, JPY3,807 billion of market capitalisation (as at end of March 2019) and over 40,000 employees, Tokio Marine is ever-ready to partner with you to continuously realise more achievements.
PRUDENTIAL INDONESIA (PT PRUDENTIAL LIFE ASSURANCE)
10,928
+62 1 500 085
Listening. Understanding. Delivering.At Prudential Indonesia we deliver excellence by consistently innovating, creating new opportunities and growing our business to cater all of our customers needs.With a vision of becoming truly world class, Prudential Indonesia provides quality services and proven track record of market leadership in the country.Working at Prudential Indonesia gives you many opportunities to develop yourself and explore what you’re really capable of, as well as the perfect environment to collaborate, listen and care for others.Ask around. The more you find out about us, the more you’ll learn that we’re an insurance company that understands you.We are here to listen.
PACIFIC PRIME
476
+66 2 656 0180
Pacific Prime was founded in 2000 by Neil Raymond to simplify insurance for international clients looking for health insurance coverage. Fast forward, and over two decades later, we are now the 3rd largest employee benefits broker in the Asia Pacific region after acquiring CXA Group’s brokerage arms in Hong Kong and Singapore in 2021. Globally, we are internationally recognized as one of the largest employee benefits and insurance brokers. We have a broad portfolio of clients, including expats, families, international schools, professional services firms, and more.Our global operations in 15 strategic locations (Hong Kong, Shanghai, Beijing, Singapore, Dubai, Bangkok, London, New York, Miami, Los Angeles, Mexico City, Cebu, Kuala Lumpur, Guangzhou, Shenzhen) allow us to offer a wide range of cross-border and compliant insurance solutions. Collectively, we manage over USD $700 million in premiums and cover more than 1,500,000 lives. Moreover, our team of over 1,000 professional insurance experts and staff, speaking more than 28 different languages, helps foster strong, long-term relationships with clients and stakeholders. We are also a leading distributor for over 60 insurance companies, including BUPA, Allianz, Cigna, AXA, Aetna, CHUBB, and many more. In partnership with networks such as the Worldwide Broker Network (WBN), we strive to extend our reach and provide dedicated support and solutions to individuals and companies across various industries.If youre interested in learning more about our insurance solutions, please email us at corporate@pacificprime.com or visit our website: https://www.pacificprime.com/.
EULER HERMES
5,713
+65 6589 3700
Welcome to Euler Hermes. We are the global leader in trade credit insurance and a recognised specialist in the areas of surety, collections, structured trade credit and political risk. Our proprietary intelligence network means we track and analyse companies in markets representing 92% of the worlds GDP. Our unique knowledge of companies, industries and countries will help businesses choose the right customers and the right markets to avoid bad debt in the first place. But, when the unexpected does arrive, they can be confident they’re protected. We are endorsed by Allianz, the world’s largest insurance company; this means we have the resources to provide compensation to maintain their business.Multinational businesses and financial institutions can benefit from our expert team, World Agency. With dedicated focus and expertise in this segment, we’ve proven to be a reliable and sustainable provider of credit risk management solutions for businesses operating globally. We offer a wide range of products including: World Program, Transactional Cover and Excess of Loss.Our passion is to give companies of all sizes the confidence to trade and get paid, so they can move their business forward, whatever their goal. Headquartered in Paris, we are present in 52 countries with more than 6,000 employees.At Euler Hermes, we believe a high level of employee engagement and motivation leads to superior business results and customer satisfaction. We offer:- Talent management, including high potential programs- Global mobility within Euler Hermes and Allianz- Learning and development within the Euler Hermes AcademyLet’s take control of tomorrow, together.For further information visit eulerhermes.com or follow us on LinkedIn and Twitter @eulerhermes.
DIRECTASIA INSURANCE
106
+65 6665 5555
Welcome to DirectAsia Insurance!We go the extra mile to provide Singaporeans a fuss-free, pleasant experience to meet your car, motorcycle and travel insurance needs. We want you to focus on living out life’s every moment — because what drives you matters most.DirectAsia is a pioneer direct insurer born in 2010 with the aim to provide people an alternative to buying insurance direct versus through brokers and middlemen which is prevalent in Asia vs in USA or Europe. The business blossomed and flourished over the years delighting customers across Singapore and Thailand. In 2014, DirectAsia was acquired by Hiscox Insurance, a leading and admired specialty insurer in the London Stock Exchange to further committed to serving customers in Asia.When you get your DirectAsia insurance, you can experience:• a fair and competitive price • clear, jargon-free policies with customer care specialists to explain to you for better understanding• speedy claims process with personal claims specialists to guide you through from start to end when you need us• a delightful and fast web experience buying anytime and anywhere you want• customisable cover options so you only pay for what you needWe aim to be an employer of choice to happier customers and employees. Working in an imaginative, inspiring and fun culture is important to us and we love smart and good hearted people who are Bold, Bright and Direct. These are our values. If youre looking for a career in a customer-centric, human technology brand that will inspire you to jump out of bed for every morning in order to protect the lives of our customers and their precious possessions through a happier insurance experience, we want you! DirectAsia. What drives you matters most.Visit http://www.directasia.com/why-us/careers/
PRUDENTIAL LIFE ASSURANCE PUBLIC COMPANY LTD. (THAILAND)
542
+66 81 815 2011
Prudential Life Assurance Public Company Ltd. (Thailand) (Prudential Thailand) is a subsidiary of UK-based Prudential plc and started its operations in Thailand in 1995. We have worked consistently to grow the company as well as provide the people of Thailand with opportunities to protect and secure their financial futures. Prudential Corporation Asia is one of Asia’s leading insurance companies with more than 14 million customers in 12 countries. The company offers a wide range of life insurance, protection, savings and retirement products and services. With a long heritage in Asia, the company has 500,000 financial consultants who live up to the promise every day to be “Always Listening. Always Understanding. Eastspring Investments is the asset management operation and serves both retail and institutional investors. It is one of Asias largest retail asset managers with operations in 10 regional markets plus offices in North America, the UAE, and the Europe.
SWISS RE
14,208
+65 6428 1817
The Swiss Re Group is a leading wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. Dealing direct and working through brokers, its global client base consists of insurance companies, mid-to-large-sized corporations and public sector clients. From standard products to tailor-made coverage across all lines of business, Swiss Re deploys its capital strength, expertise and innovation power to enable the risk taking upon which enterprise and progress in society depend. Founded in Zurich, Switzerland, in 1863, Swiss Re serves clients through a network of over 70 offices globally and is rated AA- by Standard & Poors, Aa3 by Moodys and A+ by A.M. Best. Registered shares in the Swiss Re Group holding company, Swiss Re Ltd, are listed in accordance with the Main Standard on the SIX Swiss Exchange and trade under the symbol SREN. Were smarter together.For more information about Swiss Re Group, please visit: www.swissre.com or follow us on Twitter @SwissRe
Top Insurance Companies in Thailand
Key Statistics from 2022
According to the Thailand Board of Investment, the Insurance Industry in Thailand accounted for 4.5% of the country's GDP in 2022, employing over 100,000 people. The industry comprises life insurance, non-life insurance, and reinsurance. The life insurance sector is the largest sub-sector, accounting for approximately 80% of the industry's value.
Factors Contributing to Its Growth and Success
One of the key factors contributing to the growth and success of the Insurance Industry in Thailand is the government's initiatives to support the industry's development. The government has been implementing policies and programs to improve the quality and accessibility of insurance, promote innovation and research, and develop a skilled workforce.
For example, the government has been promoting the development of insurance products that meet the needs of consumers and businesses, such as health insurance, cyber insurance, and catastrophe insurance. Additionally, the government has been promoting innovation and research in the industry, by funding research projects, establishing research centers, and providing incentives to researchers and innovators.
Industry Growth and Comparison to Previous Years
The Insurance Industry in Thailand has been growing steadily over the years, with an average growth rate of 3.6% per year. In 2022, the industry's value increased by 3.6% from the previous year, which is in line with the average growth rate. The industry's growth rate has been affected by the COVID-19 pandemic, which has affected the industry's investment income and reduced the demand for insurance products.
Key Trends
The Insurance Industry in Thailand has been experiencing technological disruptions that are changing the industry's landscape. One of the key trends in the industry is the adoption of digital technologies, such as online insurance platforms, mobile apps, and data analytics. These technologies are being used to improve the efficiency and accessibility of insurance, reduce costs, and enhance customer experience.
Another trend in the industry is the growing demand for sustainable and socially responsible insurance products. Consumers and businesses are becoming more interested in insurance products that have a low environmental impact, are socially responsible, and contribute to sustainable development.
Challenges
The Insurance Industry in Thailand faces several challenges that could affect its growth and competitiveness. One of the challenges is the impact of the COVID-19 pandemic on the industry's investment income and reduced demand for insurance products. Another challenge is the intense competition from other countries, such as Singapore and Hong Kong, which have well-established insurance industries and more efficient insurance services.
Future Outlook
The future of the Insurance Industry in Thailand looks promising, despite the challenges it faces. The industry is expected to continue growing, driven by the government's support and investment in innovation, infrastructure, and sustainability. The industry's adoption of digital technologies and sustainable and socially responsible insurance products is expected to increase, improving its efficiency and competitiveness.
To remain competitive, the industry players need to focus on innovation and differentiation, through the use of digital technologies and sustainable and socially responsible insurance products. They need to invest in research and development, and collaborate with other players in the industry to develop new solutions and technologies. The government should also continue to provide support to the industry, by investing in infrastructure, education, and research and development, and by promoting trade agreements and partnerships with other countries Moreover, the COVID-19 pandemic has also presented new challenges and opportunities for the Insurance Industry in Thailand. The pandemic has affected the industry's investment income and reduced the demand for insurance products. However, it has also accelerated the adoption of digital technologies, which have enabled the industry to improve its efficiency, reduce costs, and enhance customer experience.
The pandemic has also highlighted the importance of innovation and sustainability in the industry. The industry players need to adopt new business models and strategies that leverage the potential of digital technologies and sustainable and socially responsible insurance products to improve their competitiveness and environmental and social performance.
Conclusion
In conclusion, the Insurance Industry in Thailand is a vital sector that contributes significantly to the country's economic development. The industry has been growing steadily, supported by the government's initiatives, investment in innovation, infrastructure, and sustainability. However, the industry faces several challenges, such as the impact of the COVID-19 pandemic on investment income and demand for insurance products and intense competition from other countries. The future outlook for the industry is positive, driven by the adoption of digital technologies, sustainable and socially responsible insurance products, and investment in research and development. By addressing the challenges and capitalizing on the opportunities, the industry can continue to grow and contribute to the country's economic development.