The study aims to understand the perception, ownership, and preferences of the Thai population toward the insurance industry. The Method Research was assisted by the InsureTech company OneDegree in the survey design of the research.
June 2021 ● 1 week duration ● Thailand ● Co-branded Research ● Digital Survey
- The insurance products people have in Thailand
- The preferences and influences in the insurance industry
- Digital usage in the insurance sector
- The perception and popularity of insurance companies
- Main Takeaways on the insurance industry in Thailand
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Despite a COVID-19-driven economic contraction in 2020 in Thailand, the country's insurance market still managed to expand, driven by strong growth in the health segment, according to a new AM Best report.
Health insurance, which has grown steadily in recent years, posted a 44% expansion in 2020, with the spike in demand underpinned by increasing health awareness in light of the pandemic. Motor insurance, which is the largest line of business and accounts, grew by 1.4%.
Government-imposed COVID-19 containment measures have catalyzed digitalization and innovation in Thailand’s insurance industry, as companies jostle for a share in the kingdom’s highly competitive and developing insurance market.
The digital transformation of the insurance segment can help to raise operational efficiency, diversify distribution, as well as strengthen product development and pricing capabilities.
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