Thailand Insurance Core Principles
The Thai insurance sector is a relatively small but growing part of the country’s financial services industry. Insurance sector assets have grown from 10 percent of gross domestic product (GDP) in 2006 to over 22 percent of GDP in 2016, constitutin...
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| Language: | English |
| Published: |
World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/469421571259145676/Thailand-Detailed-Assessment-of-Observance-Insurance-Core-Principles http://hdl.handle.net/10986/32611 |
| Summary: | The Thai insurance sector is a
relatively small but growing part of the country’s financial
services industry. Insurance sector assets have grown from
10 percent of gross domestic product (GDP) in 2006 to over
22 percent of GDP in 2016, constituting 9 percent of total
financial industry assets. Similarly, between 2008 and 2017,
gross premiums written have grown at an average annual rate
of approximately 16.9 percent, substantially above nominal
GDP growth of 9.9 percent during the same period. As a
result, the insurance penetration ratio (the ratio of
premiums written to GDP) has gradually increased from 3.63
percent in 2008 to 5.39 percent in 2017. This paper provides
an assessment of significant regulatory and supervisory
practices in the insurance sector of Thailand. The
assessment was conducted by Charles Michael Grist, Financial
Sector Consultant, the World Bank Group, and A. Thomas
Finnell, Financial Sector Consultant to the International
Monetary Fund, from February 6 until February 22, 2019. The
last review of the Thai insurance sector was conducted as
part of an April 2008 Financial Sector Assessment Program
Review (FSAP), but this review did not include a detailed
assessment against the ICPs issued by the International
Association of Insurance Supervisors (IAIS). |
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