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Annual Report 202329
Thai General Insurance Association Thai General Insurance Association
28 Annual Report 2023

General Insurance Business For the General Insurance business in 2023, direct premiums were 284,944 million baht, an increase of 3.9% from
Report in 2023 the previous year (Figure 1). The proportion of direct premiums to gross domestic product (Insurance Penetration) was 1.59%,
a slight increase from the previous year. The number of insurance premiums per population (Insurance Density) increased from
the previous year of 2022, which was 3,926 baht, was 4,068 baht, an increase of 3.6% (Figure 2). Growth of direct premiums in
2023 as follows: fire insurance grew by 1.9%, motor insurance grew by 3.9%, miscellaneous insurance grew by 4.4%, while
The Thai economy in 2023 has expanded by 1.9%, decelerating from the expansion of 2.5% in 2022. Private consumption marine and transportation insurance grew by 1.2% (Figure 3).
expanded by a high rate of 7.1%, accelerating from 6.2% in 2022. Private investment and service exports expanded by 3.2% and
38.3%, decelerating by 4.7% and 59.9% respectively in 2022. At the same time, the unemployment rate is at 0.98%, the inflation rate Figure 1: Value of Direct Premium 2009-2023
is at 1.2%, and the current account balance overbalanced by 1.3% of the GDP.

Office of the National Economics and Social Development Council forecasts that Thai economic trends in 2024 will expand
around 2.0%-3.0% (median estimate is at 2.5%), a major cause is the return of exports expansion following the recovery of world
trade, the good level of expansion of private consumption and investment, and the continued recovery of the tourism sector. It is
expected that private consumption and investment will expand by 4.5% and 3.2%, respectively. Export value in US dollars Expanded
by 2.0%, while the headline inflation rate averaged between 0.1% and 1.1%, and the current account balance exceeded 1.2% of GDP.

Table 1: Growth rate of the Thai economy

Source: Thai General Insurance Association

Figure 2: Growth Rate of the General Insurance Industry 2019-2023

Source: Thai Economic Performance in Q1 2024 and Outlook for 2024 report, Office of the National Economics and Social Development Council

Source: Office of Insurance Commission (OIC), Office of the National Economics and Social Development Council