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The COVID-19 pandemic primarily contributed to the overall motor insurance market’s decline in vehicle sales.
In terms of the auto insurance industry as a whole, the sector continues to be the most affected, despite its ability to compete effectively in the digital age.
Due to the lockdown, there were no car purchases or sales, so the pandemic had the greatest impact on dealers and offline insurers.
With technology becoming more important, competition is expected to get worse. In addition, most insurers are actively developing their own technology, adopting InsurTech, or partnering with brokers on established InsurTech platforms in order to maintain underwriting efficiency and market share.
Companies that provide health and auto insurance are the most involved in these developments.
The Thailand Motor Insurance market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
Bangkok Life Affirmation combined efforts with individual advance business “KTC” or Krungthai Card Public Organization Restricted and Embraces Protection Dealer Organization Restricted to grow new advertising channels for the cruiser credit assurance P Embankment.
Siam City Protection changed its name to FWD General Protection Public Organization Restricted.The acquisition of Bangkok-based SCI prompted the rebranding.
Top companies hold approximately 60% of the market, resulting in market consolidation.In order to attract uninsured motorists throughout Thailand, insurance company Thaivivat has joined forces with telco AIS.
Through a one-of-a-kind product that is the first of its kind in the world, the idea is to provide a type of coverage that is affordable.
