Page 31 - TGIA_AnnualReport2023_EN
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Annual Report 202331
Thai General Insurance Association Thai General Insurance Association
30 Annual Report 2023
Figure 3: Direct Premium The number of insurance policies in 2023 was 69.5 million, an increase of 11.0% from 2022, while the average premium
per all types of policies decreased from 4,379 baht in 2022 to 4,098 baht in 2023, a decrease of 6.4%.
Figure 5: Policies and Average Premiums 2019-2023
Source: Office of Insurance Commission (OIC)
The proportion of direct premiums of each type of insurance in 2023 is close to 2022, with motor voluntary insurance accounting
for the largest proportion at 49.5%, followed by industrial all risks at 13.0%, personal accident insurance 11.1%, motor compulsory Source: Office of Insurance Commission (OIC)
insurance 7.0%, health insurance 5.5%, and fire insurance 3.5%. The remaining 10.4% includes marine cargo, public liability, travel, The total loss ratio of all insurance types in 2023 was 55.5%, a decrease from 2022, which had a loss ratio of 88.4%.
bail bonds, and other miscellaneous insurance (Figure 4). The decrease in loss ratio was mainly due to health insurance, which decreased from 523.3% in 2022 to 62.3% in 2023,
as a result of claims for COVID-19-related insurance claims, while motor insurance and accident insurance claims saw a slight
Figure 4: Proportion of Direct Premiums of General Insurance Industry 2022-2023 increase in claims rates.
Figure 6: Loss Ratio 2022-2023
Source: Office of Insurance Commission (OIC)
Source: Office of Insurance Commission (OIC)
