Page 98 - TGIA_AnnualReport2014

Overview of Non-life Insurance Business in 2014

In 2014, Thai economy expanded at 0.8% . Export and import volumes of goods and services had negative
1
growth rates of -0.7% and -4.3% respectively. Likewise, private and public investment shrunk by 0.8% and 5.9%
respectively. Thai economic driving factors in 2014 were only private consumption and public consumption which
expanded slightly at 0.8% and 4.1% respectively. Details as shown in Table 1.

Table 1: Thai Economic Growth Rates in 2014

Percent per year 2014

Economic Growth Rate 0.8

Domestic Demands 0.5

Private Consumption 0.8

Private Investment -0.8
Public Consumption 4.1

Public Investment -5.9

Export Volume of Goods and Services -0.7

Import Volume of Goods and Services -4.3

1 Source: Fiscal Policy Report, December 2014, Bank of Thailand

Direct premium in 2014 was projected to be 204,645 million baht, an increase of 0.8% from the previous year.
(See Chart 1) Proportion of Direct Premium to Gross Domestic Product (Insurance Penetration) declined from 1.7%
in 2013 to 1.67% in 2014. Amount of premium per capita (Insurance Density) increased from 3,134 baht in 2013 to
3,155 baht in 2014. (See Chart 2). From January-October, 2014, total direct premium was 170,327 million baht.

Miscellaneous insurance expanded at 3.43%. Fire insurance, motor insurance, and marine and transportation
insurance declined by 5.21%, 0.73%, and 0.68% respectively. (See Table 2).

96 รายงานประจำาปี 2557 | Annual Report 2014