Page 295 - India Insurance Report 2023- BIMTECH

India Insurance Report - Series II 283

premiums can be seen due to COVID and increased public awareness of long-term health issues.

- Due to high competition in the non-life insurance market, together with the adverse effects from the
COVID-19 upheaval in 2020 and 2021, many non-life insurers faced financial difficulties, and some
had to surrender their non-life insurance licenses and cease operations. Others found an opportunity
to merge with other non-life insurers to strengthen their financial status and market position.

- During the COVID-19 outbreak, sales of non-life insurance policies via the Internet raised by almost
200%, while sales via traditional channels such as bancassurance and walk-in dropped. Despite the
continued upheaval and increase in health awareness, it is uncertain whether health insurance products
and sales through online channels will increase.

2. Life Insurance Business in Thailand

- There are a total of 22 life insurance companies compose of the following:

 5 large life insurance companies, 69 percent of a total share of the market,
 6 medium life insurance companies, 11 percent of a total share of the market, and

 11 small life insurance companies, 6 percent of a total share of the market.

- The distribution channel: (1) 49 percent is insurance agents, (2) 44 percent by a bancassurance, and (3)
7 percent other distribution channels.
- Life insurance underwriting: (1) 56 percent is the savings insurance policies, (2) 22 percent is whole
life insurance policies, (3) 11 percent is group life insurance policies, (4) 6 percent is individual life
insurance policies, and (5) 5% is other life insurance policies.

3. Non-Life Insurance Business in Thailand

- There are a total of 58 non-life insurance companies, most of which are medium and small ones.

 12 large companies with 67 percent of the total share of the market,
 24 medium companies with 30 percent of the total share of the market, and

 22 small companies with 3 percent of the total share of the market.

- The distribution channel with the largest market share of (1) 58 percent is insurance brokers, 14
percent is the bancassurance, 13 percent is insurance agents, and other distribution channels with a
combined share of 15 percent.

- The major lines of non-life insurance business are:

 59 percent is a motor insurance
 13 percent is an accident insurance

 10 percent is a property insurance at 10%