The non-life insurance market is assessed as likely to have met its 5% growth target for 2019, the Thai General Insurance Association (TGIA) has said.
For the first 11 months of 2019, the non-life insurance sector reported 4.7% growth in total premiums received. For the year as a whole, premiums are estimated to amount to THB243bn ($8bn) , up by 5% from THB232bn in 2018, said TGIA chairman Anon Vangvasu.
Non-life insurance businesses saw promising growth in the first half of last year, but momentum began to slow during the second half as car sales fell.
Motor insurance contributes about 60% of total non-life insurance premiums. Other challenges experienced by the non-life segment included fiercer competition and a price war.
Mr Anon said he expected motor insurance premiums to continue declining in 1H2020.