IMF Staff Country Reports

Thailand : Financial Sector Assessment Program-Detailed Assessment of Observance-Insurance Core Principles

Author/Editor:

International Monetary Fund. Monetary and Capital Markets Department

Publication Date:

October 24, 2019

Electronic Access:

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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.

Series:

Country Report No. 19/320

Subject:

Financial crises Financial infrastructure Financial institutions Financial regulation and supervision Financial sector development