Page 33 - TGIA_AnnualReport2023_EN

Annual Report 202333
Thai General Insurance Association Thai General Insurance Association
32 Annual Report 2023

Key Statistics Retention Ratio

Retention Ratio of Direct Premium of General Insurance business slightly decreased from 69.7% in 2022 to 69.6% in 2023.
Direct Premiums Motor compulsory insurance had the highest retention ratio of direct premiums at 88.8%, followed by motor voluntary insurance
at 87.4%, fire insurance at 60.3%, marine cargo insurance at 55.2%, miscellaneous insurance at 46.6%, and marine hull insurance
Direct premiums for all types of insurance have grown every year from 2019-2023. In 2023, direct premiums totaled 284,944 at 29.8%.
million baht with a growth rate of 3.9%. When considering each type of insurance, it was found that motor insurance and
miscellaneous insurance still grow continuously every year, while fire insurance, marine hull insurance, and marine cargo
insurance have a steady growth trend.

Source: Office of Insurance Commission (OIC)

Direct premium per 1 policy

The average direct premium per policy, including all types of insurance, from 2019 to 2023, has moved between the range of
3,500 - 4,000 baht. In 2023, the average premium decreased from the previous year by 6.4% from 4,379 baht to 4,098 baht.
The highest average direct premium of the insurance is marine hull, followed by motor voluntary insurance, miscellaneous insurance,
marine cargo insurance, fire insurance and motor compulsory insurance, respectively.

Source: Office of Insurance Commission (OIC)

Source: Office of Insurance Commission (OIC)