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Annual Report 202335
Thai General Insurance Association Thai General Insurance Association
34 Annual Report 2023
Loss Ratio (after deduction of reinsurance) Combined Ratio
The loss ratio of the general insurance business in 2023 is 55.5%. The loss ratio of each type of insurance is ranked The combined ratio of the general insurance business in 2023 was 92.7%, indicating that the overview of the general
from highest to lowest as follows: insurance business this year has begun to recover after continuous losses since 2021.
1) Motor compulsory insurance is 74.8%, an increase from 68.8% the previous year
2) Motor voluntary insurance is 58.4%, a slight increase from 56.3% the previous year
3) Miscellaneous insurance is 48.4%, a decrease from 180.2% the previous year due to health insurance that adjusted down
from 523.3% to 62.3%
4) Marine hull insurance is 43.2%, a decrease from 60.0% the previous year
5) Marine cargo insurance is 30.9%, a decrease from 34.7% the previous year
6) Fire insurance is 23.1%, a decrease from 25.3% the previous year
Source: Office of Insurance Commission (OIC)
Profit (Loss) from Underwriting
Profit (loss) from underwriting in 2023 was 14,793 million baht, recovering and turning into profit again after losing since
2021, which was a result of higher earned premiums, while the value of the claims decreased compared to the previous year.
Source: Office of Insurance Commission (OIC)
Source: Office of Insurance Commission (OIC)
