Market Insights Financial Insurances Non-life insurances

General Liability Insurance - Thailand

Thailand

The General Liability Insurance market market in Thailand is expected to witness substantial growth in the coming years.
According to projections, the market size in terms of gross written premium is set to reach US$1.26bn in 2024.
This indicates a positive trajectory for the industry in the country.
Furthermore, the average spending per capita for General Liability Insurance market is estimated to be US$17.47 in 2024.
This figure highlights the significance of the market and the willingness of individuals to invest in insurance coverage.
In terms of future growth, the gross written premium is projected to experience a compound annual growth rate (CAGR 2024-2028) of 5.99%.
This steady increase is anticipated to result in a market volume of US$1.59bn by 2028.
These numbers demonstrate the potential for continued expansion and development within the General Liability Insurance market sector in Thailand.
It is worth noting that, in a global context, the United States is expected to generate the highest gross written premium in 2024, amounting to a staggering US$179.7bn.
This highlights the dominance of the US market in terms of size and revenue.
Overall, the General Liability Insurance market market in Thailand is poised for growth, with promising projections for the coming years.
In Thailand, the General Liability Insurance market is experiencing a surge in demand due to increased awareness of potential risks and the need for financial protection.

Market

Region

Region comparison

Currency

Analyst Opinion

General liability insurance provides essential coverage for businesses and individuals, protecting them against various liabilities and risks. In this dynamic sector, several discernible trends are shaping the landscape of general liability insurance, while specific indicators offer insights into its performance and stability.

Trends on the market:

Cyber Liability Coverage: With the increasing threat of cyberattacks, general liability insurers are adapting to offer cyber liability coverage, protecting businesses against data breaches and digital risks.
Contractual Risk Transfer: More businesses are transferring risk through contractual agreements, impacting general liability underwriting and the need for specialized coverage.
Environmental Liability Coverage: The market is evolving to address environmental liability risks, providing coverage for pollution and contamination liabilities.
Litigation Trends: Changes in litigation trends, such as the frequency and severity of liability lawsuits, influence underwriting and pricing decisions in the general liability market.

Underlying Indicators:

Claims Frequency and Severity: Monitoring the frequency and severity of liability claims is pivotal for assessing risk and profitability in the general liability insurance market. Changes in these indicators can signal emerging risks or shifts in market dynamics.
Regulatory Compliance: Staying compliant with evolving liability and contractual regulations is essential for general liability insurers to operate within legal boundaries and adapt to changing liability standards.
Contractual Agreements: The structure and terms of contractual agreements between businesses directly impact the risk transfer and liability exposures, affecting the need for general liability coverage.
Customer Retention and Satisfaction: Monitoring customer retention and satisfaction rates is key in evaluating the competitiveness of general liability insurance products and the effectiveness of marketing and customer service efforts.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.