Page 99 - TGIA_AnnualReport2015

Message From TGIA President

Thai economy in 2015 expanded at a slow pace. The Office of the National Economic
and Social Development Board (NESDB) had projected the economic growth of Thailand in
2015 at 2.9%, an increase from 0.9% in 2014. Average annual inflation rate was -0.8%, lower
than 1.9% in 2014. Surplus in current account balance of 6.3% of GDP from 3.8% in 2014.
Value of Export shrunk by 0.5%, compared to a shrinkage of 0.3% in 2014. Total Investment
was projected to grow at 4.6%, increasing from the shrinkage of 2.6% in 2014. The investment
expansion was derived mainly from public investment, showing a 22.6% growth, where private
investment declined by 1.3%. In 2016, the NESDB forecasts the GDP to grow by 3.0-4.0%, the
Investment to grow by 9.5%, Export to increase by 3.0%, the Current Account Surplus per GDP
to increase by 5.7%, and Inflation rate is around 1-2%.
For the first 10 months of 2015, total direct premium of the Thai insurance business
was 171,864 million baht, increasing by 0.92% from the corresponding period last year. Direct
premium from motor insurance accounted for the highest market share of 98,856 million baht,
increasing by 0.69% from the same period last year, followed by miscellaneous insurance

Message which had direct premium of 59,944 million baht, increasing by 2.21% from the same period
from last year. Fire insurance had direct premium of 8,613 million baht, declining by 5.25% from
TGIA President
the corresponding period last year due to the lower-than-projected economic expansion. The
Insurance Premium Rate Bureau (IPRB) forecasted that total direct premium for the year 2015
would be at 209,487 million baht, an increase of 2% from the year 2014.
In the past year, Thai General Insurance Association had undertaken and
conducted many activities, pertaining to the annual plan declared by the Board of
Directors and approved by member companies. All implementations were beneficial to
the insurance business as well as to the society. Undertaken activities are as follows:
- Hosting a PIAM-TGIA Liaison Meeting, in collaboration with the General Insurance
Association of Malaysia (Persatuan Insurans Am Malaysia: PIAM). The meeting’s discussion
focused basically on exchanging information about technical knowledges, codes of best
practice, trends of insurance business, and regulations by supervisory authorities both in
Thailand and Malaysia.
- Organizing the 25 Insurance Seminar under the theme of “Digitalization for the Thai
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Insurance Industry” and hosting the Thai General Insurance Association’s 48 anniversary
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ceremony;
- Disseminating insurance statistics to member companies and sharing insurance
news and movements via Newsletter on a monthly basis;
- Developing the Insurance Bureau System (IBS) in collaboration with the OIC;
- Revising Industrial All Risks Insurance policy to fit with current situation;
- Publicizing a research on “Future of the ASEAN Economic Community (AEC) and Impacts
on Thai Insurance Industry” to prepare Thai insurance business and member companies
for the AEC.

96 รายงานประจาปี 2558 | Annual Report 2015
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