Country Snapshot


    • Thai government welcomes foreign investment.
    • The tax system in Thailand is comparatively modern and the tax structure is relatively simple.
    • Labour-relations climate is generally peaceful; strikes are relatively infrequent.


    • Political climate remains precarious.
    • Widespread corruption is a problem in Thailand, reaching into government offices and law-enforcement authorities.
    • Thailand's legal system is generally satisfactory, but transparency is sometimes missing.

    Source: IHS Global Insight,, (May-2015)

  • FLOODS ARE LIKELY TO HAVE A PROFOUND IMPACT ON THE THAI NON-LIFE INSURANCE: Standard & Poor's Ratings has revised its outlook on the Thai non-life insurance sector to negative from stable. The ratings agency considers the sector susceptible to natural catastrophe risks, a change from their previous view. The losses in Thailand following the floods are still being assessed and there is still very limited information about business interruption losses. It is expected that the market losses will continue to develop throughout 2012. A potential decline in underwriting profits stemming from flood-related claims and investment earnings because of equity market-related losses is expected to contribute to the deterioration. Indeed, ‘more than a year after devastating floods in late 2011 that cost more than US$10 billion in insurance losses and $40 billion in overall losses, Thailand's insurance market has largely recovered, with foreign reinsurers willing to accept more flood peril risk. But the market landscape will no longer be the same, says the secretary-general of the Office of the Insurance Commission. (Source: Bangkok Post, March, 2013) 

    MARKET PLAYERS: According to the OIC, Thailand had 69 licensed property and casualty insurers in 2010. There are many global insurers represented in Thailand and several Thai insurers have affiliations with foreign insurers. Over the past few years, a number of foreign insurers have taken stakes in Thai insurers.

    DISTRIBUTION: The Thai insurance market uses a network of agents and brokers to distribute products. While brokers tend to target the corporate market, Thai agents reach both individuals and corporates. In addition, banks long hold equity in leading insurers, but changes in regulations have opened the doors to their using branches to sell insurance.

    OUTLOOK: The Thai insurance market is likely to change following the catastrophic events of 2011. It is likely that global reinsurers will take the brunt of the Thai flood losses (Tokio Marine loss estimate stood at JPY 200bn (S$2.3bn) (company website; February 2012) and Munich Re loss estimate stood at €500m (US$ 360m) (company website February 2012). Higher reinsurance costs are likely to filter through the primary market eventually. Some local Thai insurers are also likely to be forced to raise capital to ensure their financial strength. Other Thai insurers may possibly find themselves financially constrained, which - in addition to new risk-based capital rules – may lead to consolidation in the Thai insurance market in the medium term.


    Source: Market Intelligence, Country Profile,  June 2014


    Top Natural Disasters 


    Damage (000 US$) 

    Flood  05-Aug-11  40,000,000 
    Flood  27-Nov-93  1,261,000 
    Earthquake (seismic activity) 26-Dec-04  1,000,000 
    Flood  30-Sep-13  482,000 
    Storm  03-Nov-89  452,000 
    Drought  Jan-05  420,000 
    Flood  Dec-93  400,100 
    Flood  Aug-78  400,000 
    Flood  19-Jan-84  400,000 
    Flood   10-Oct-10  332,000 


    Source: The OFDA/CRED International Disaster Database -, Université Catholique de Louvain, Brussels (Belgium); (June 2014)

Country Profile

Country ProfilesCountry Profiles provides individual summaries for Lloyd’s key territories. These profiles contain factsheets on the economy, insurance market and Lloyd’s business.

If you wish to access the document please email Market Intelligence at

Thailand Country Profile (Nov-2017)

MI Analyst

Shruti Sharma

Analyst, Market Intelligence

t: +44 (0)20 7327 6209

Useful Links

Thailand Financial Services Regulator:





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