In the second quarter of 2024, insurance pricing in Thailand remained largely unchanged, with only a minor uptick in Casualty and Liability sectors, according to Global Market Insights.
The market faced pressure from international insurers and increasing loss costs, driving competition among local insurers to maintain their portfolios. This competition led to flexible underwriting practices and modest price hikes.
Automobile insurance, which constitutes approximately 60% of the local property and casualty market, saw vigorous competition among insurers aiming to both retain and expand their portfolios.
Cyber insurance also experienced modest pricing trends, with slight reductions and an emphasis on enhancing cyber risk management and maturity.
Economic challenges and a reduction in IPO activity contributed to a softened market for Directors and Officers insurance, with insurers struggling to secure limited opportunities.
The Property insurance market displayed generally moderate conditions, with insurers showing a cautious approach toward risks associated with poor risk management or adverse loss histories.
