sample of thailand's non-life insurance monthly report

BUSINESS OUTLOOK REVIEWAFTER NOVEMBER 2013 INDUSTRY RESULT RELEASE

February 2014

CONFIDENTIAL

This report is solely for the use of client personnel. No part of it may be circulated, quoted, or reproduced for distribution outside the client organisation without prior written approval from Chart Maker Co., Ltd.

About this report

‐ Internal Use Only ‐ 2

Main purpose

Source of information

Release schedule

Our team

• Increasing competitive advantage through better usage of information• Introducing analytical perspectives to typical industry data• Addressing key issues for busy executives• As a tool for internal strategic communication

• For macro economy – various official sources such as BOT, NESDB, etc.• For non‐life insurance industry data – OIC• NO CONFIDENTIAL DATA NEEDED

• Typically 2‐5 working days after the OIC monthly release• March Annual report: Economy, Industry, Segment, Players, Company• June Annual report: Non‐life insurers’ financials• Monthly report: Economy, Industry, Segment, Players, Company

• Chart Maker Co., Ltd. is a specialist provider of Management Report service• Established in 2012, with the successful launching of

www.ChartingThailandEconomy.com , today’s leading online‐magazine on Thailand’s economy

• More than 20 years of combined experiences in consulting, investment and banking

Content


¶ Economy• Summary of the current state of the Thai economy• Movements of key economic indicators• Growth projections for this year and next

¶ Industry• Industry’s growth• Channels and Geographies• Underwriting profit

¶ Segments• Segments’ growth• Channels and Geographies• Underwriting profits

¶ Players• Market concentration by segment• Market share by segment• High‐growth players

¶ Company• Growth indicators• Market share overall and in each segment• Changes in market share compared to peers

Content







www.ChartingThailandEconomy.com5

Executive summary

GrowthGDP in 3Q13 grew 2.7% from a year ago, a slower pace than the first two quarters. On the expenditure side, , Export contributed the most to total real GDP growth. On the production side, Manufacturing is the main drag.

Manufacturing production ended the year 2013 with disappointing level, while Agriculture production recovered impressively. On the expenditure side, Private consumption improved slightly while Private Investment continued to slow down. FDI increased slightly year‐to‐date.

Export tumbled and registered ‐2.4% growth in 2013. The problem occurred in every main export markets, except ASEAN and EU. On the other hand, Import also registered a negative growth, driven by lower intermediate goods import. Tourist arrivals grew at an impressive 19% in 2013.

Looking forward, Monetary policies are pro‐growth, with policy rate in a downward trend. Government spending caught up in the last month of 2013.

Confidence in private sector is worsened. Businesses, Industries and Consumers were more pessimistic.

No change in consensus projection in January. Consensus projection is now between 2.8%‐3.7% for 2013 and 4.4‐5.1% for 2014.

Employment and wealth distributionIn November unemployment rate increased to 0.72%, still a very low rate compared to other major and emerging economies.

Thailand’s per capita income was at USD 5,210 in 2012, ranked 102nd in the world. An average Thai is slightly poorer than an average Chinese but more than three times richer than an average Indian. Thailand’s Income distribution is among the worst in Asia but there has been overall improvement over the past two decades, except for only in Bangkok. Poverty headcount and poverty rate have declined over the last decade.

StabilityHead line inflation increased to 1.93% while Core increased slightly to 1.04% in January. Producer Price Index increased 1.2% from a year ago.

Banking system is quite stable. Bank’s capital ratio is still high, at 16.1% in November. Total system’s NPL decreased slightly in 2013. Liquidity in the system tightened as loan growth accelerated.

Big improvement in budget deficit was cut by half in 2013. Public debt as percentage of GDP increased slightly so far this year due mainly to direct government debt, but the current level of 45% is not yet dangerous. Majority of the public debt is domestic based.

Balance of Payment turned to deficit in 2013 due to negative net service and transfer. External debt increased slightly but capability to repay is not a concern as debt service ratio remained low and international reserves is at healthy level. THB depreciated 1.2% against a basket of key currencies in January.

Manufacturing production ended the year 2013 with disappointing level

Chart 1.11 – Manufacturing Production Index (2000=100)

Source: The Office of Industrial Economics www.ChartingThailandEconomy.com

124.2138.6

152.1161.1

174.8182.6

170.0

194.2177.7 181.6

2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.0

50.0

100.0

150.0

200.0

250.0

J F M A M J J A S O N D

Monthly Average

2012

M‐o‐M‐1.9%

Y‐o‐Y‐6.1%

CAGR4.3%

2013

6

Private consumption improved slightly from last month

Chart 1.15 – Composite Private Consumption Index* (2000=100)

Source: Bank of Thailand www.ChartingThailandEconomy.comNote: (*) seasonally adjusted

111.2117.8 121.9 124.2 126.2

130.6 127.2134.2

139.2147.0

03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 11-Avg 12-Avg130.0

135.0

140.0

145.0

150.0

155.0

160.0


Monthly Average

M‐o‐M0.4%

Y‐o‐Y‐0.2%

2012

CAGR3.2%

2013

7

Private Investment continued to decline

Chart 1.17 – Private Investment Index (2000=100)

Source: Bank of Thailand www.ChartingThailandEconomy.com

133.2

155.8172.1 174.9 175.3

183.4

160.8

193.0210.2

242.1

03-Avg 04-Avg 05-Avg 06-Avg 07-Avg 08-Avg 09-Avg 10-Avg 11-Avg 12-Avg0.0

50.0

100.0

150.0

200.0

250.0

300.0


Monthly Average

2012CAGR6.9%

M‐o‐M‐0.8%

Y‐o‐Y‐8.1%

2013

8

Export has decreased in 2013, with Other export, Agro and Electronics the main drags

Chart 5.05a – YTD annual change in Export in BahtFull year 2013 vs that of 2012, percent

Source: Bank of Thailand; CTE analysis

-2.41,324.6

12.15.35.25.04.43.73.12.31.81.40.0

-1.7-1.9-2.8-3.1-4.8-5.6-6.7-7.6-9.7

-25.5-26.9-45.8

Total exportRe‐exports

ForestryAutomotiveChemicals

Optical instruFurniture

Other manufacturingPetro‐chemical

JewelleryMachineryApparelsElectricalToiletries

AgricultureElectronicsPetroleum

Agro productsFootwareAircrafts

MetalPhoto instru

MiningFishery

Other export

Chart 5.05b – Sectoral contributionsContributions to total export growth

www.ChartingThailandEconomy.com

-2.40.7

0.20.20.10.10.10.10.00.00.00.00.0

0.00.0

-0.1-0.1-0.2-0.2-0.2

-0.3-0.4-0.4

-0.6-1.5

Total exportAutomotiveChemicals

Petro‐chemicalMachinery

Other manufacturingJewelleryForestry

Optical instruApparels

Re‐exportsFurnitureElectricalFootwareToiletriesAircrafts

Photo instruAgriculturePetroleum

MiningFisheryMetal

ElectronicsAgro productsOther export

9

10.810.0

11.7 11.5

13.814.5 14.1

15.9

19.2

22.3

03FY 04FY 05FY 06FY 07FY 08FY 09FY 10FY 11FY 12FY

Tourist arrivals increased 19% in 2013

Chart 5.18 – International Tourist ArrivalsMillion visits

Source: Department of Tourism www.ChartingThailandEconomy.com

Monthly cumulative

CAGR8.4%

0.0

5.0

10.0

15.0

20.0

25.0

30.0


2012

2013

10

No change in consensus projection in January

Chart 1.03a – Real GDP growth projectionsFor 2013, Annual percentage change

Source: NESDB, Fiscal Policy Office, Bank of Thailand, The Economist

Chart 1.03b – Real GDP growth projectionsFor 2014, Annual percentage change

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14

Forecast as of, month ending

BOT

FPO

The Economist poll

NESDB

2.00

2.50

3.00

3.50

4.00

4.50

5.00

5.50

6.00

Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14

Forecast as of, month ending

www.ChartingThailandEconomy.com

The Economist poll

BOT

FPO

NESDB

11

Content







Source: OIC; Charting Thailand’s analysis ‐ Internal Use Only ‐ 13

14.8%

-80.3%

0.6%

5.4%

No. of Policy

Sum Insured

Direct Premium

Earned Premium

INDUSTRY GROWTH INDICATORSNov 2013 vs Nov 2012, Percent

INDUSTRY GROWTH INDICATORSFirst 11 months of 2013 vs those of 2012, Percent

10.0%

-31.1%

13.6%

21.0%

Market overall

Non‐life insurance market slowed down in November but the year‐to‐date growth in Direct premium is still impressive at 13.6%

93.9108.0

19.0

22.919.0

21.28.8

10.5

5.3

5.5

4.8

4.9

11.9

11.6

First 11 months of 2012 First 11 months of 2013

‐ Internal Use Only ‐ 14Source: OIC; Charting Thailand’s analysis

DIRECT PREMIUM BY SEGMENTBillion Baht

Automobile

Industrial

P.A.

FireHealthMarine & TransportAll Others

GrowthRate

13.6%Total

15.1%

20.5%

12.0%

19.3%4.3%1.5%

-2.3%

147.7

169.6

Market overall

Industrial all risks, Auto and Fire have been growing faster than industry average so far this year


Broker

Agent

Banc assurance

WorksiteWalk in

All others

OVERALL DIRECT PREMIUM BY CHANNELPercent of Total

56% 57%

14% 14%

14% 14%

6% 5%5% 4%5% 5%

2012/11mo 2013/11mo

CHANGE IN DIRECT PREMIUM BY CHANNELFirst 11 months of 2013 vs those of 2012, Percent

70.8%

14.7%

12.2%

11.7%

11.4%

9.2%

8.0%

1.4%

-56.6%

Internet

Broker

Bancassurance

Others

Agent

Walk‐in

Tele Maketing

Work site

Direct Mail

Market overall

Broker is still the most important channel for the overall market but Internet has the highest growth

4.4%

15.8%

2012/11mo 2013/11mo

55.5%45.0%

2012/11mo 2013/11mo

20.5% 19.2%

2012/11mo 2013/11mo

19.6% 20.0%

2012/11mo 2013/11mo


OVERALL UNDER WRITING PROFITPercent of Earned Premium

Losses

Commission, Brokerage, UW

Operating expenses

Source: OIC; Charting Thailand’s analysis

=1-

Market overallIndustry profitability improved this year, thanks to lower loss ratio

=1-

270%

37% 35%16% 16%

3% 3%

Industrial Marine Fire P.A. Overall Auto Health

-220%

31% 0% 37% 45% 61% 58%


-2%

7% 7%17% 19% 21% 20%


52%

25%37% 30% 20% 15% 20%



UNDER WRITING PROFIT BY SEGMENTPercent of Earned Premium, First 11 months of 2013

Losses


Operating expenses


Market overallAll of key segments have positive underwriting profit so far this year

Content








1.5%

1.5%

-3.4%

-12.3%

13.4%

-6.4%

4.2%

6.2%

No. of Policy

Sum Insured

Direct Premium

Earned Premium

SEGMENT GROWTH INDICATORSNov 2013 vs Nov 2012, Percent First 11 months of 2013 vs those of 2012, Percent

Compulsory

Voluntary

9.4%

9.4%

14.5%

14.2%

13.0%

-4.5%

15.1%

22.3%

Automobile

Year‐to‐date growth for both segments are still very impressive, despite a slow down in November


Broker

Agent

Banc assurance

WorksiteWalk in

All others

DIRECT PREMIUM BY CHANNELPercent of Total

62%56%

61% 63%

25%30% 19% 18%

5% 5%4% 4%

4% 3%

3% 3%

3% 3%11% 10%

1% 3% 2% 2%

2012/11moCompulsory

2013/11moCompulsory

2012/11moVoluntary

2013/11moVoluntary

CHANGE IN DIRECT PREMIUM BY CHANNELFirst 11 months of 2013 vs those of 2012

199%

44%

35%

14%

9%

6%

2%

0%

-73%

0%

54%

8%

9%

3%

1%

16%

19%

Others

Tele Maketing

Agent

Bancassurance

Work site

Internet

Walk‐in

Broker

Direct Mail

CompulsoryVoluntary

Automobile

Agent has gained more share in Compulsory while Broker has gained in Voluntary

=1-

8.1%

0.2%

3.5% 3.3%

Compulsory Voluntary

51%62%

51.0%62.4%


23% 22%24% 20%


19% 16%21%

14%



UNDER WRITING PROFIT – AUTOPercent of Earned Premium

Losses


Operating expenses


2012/11mo

2013/11mo

Automobile

Lower underwriting profit for Compulsory while Voluntary had a turnaround compared to the same period last year


67.2%

4.3%

-15.1%

4.8%

200.9%

48.9%

16.4%

21.6%

No. of Policy

Sum Insured

Direct Premium

Earned Premium


Industrial All RisksFire

32.9%

20.9%

20.5%

46.8%

25.7%

7.5%

19.3%

17.9%

Industrial All Risks and FireImpressive growth for Industrial All Risks and Fire so far this year


Broker

Agent

Banc assurance

Worksite

Walk in

All others


69% 72%

37% 32%

13% 10%

10%12%

6% 6%

3%2%

6% 6%

13%12%

5% 6%

36% 41%

1% 1% 1% 1%

2012/11moIndustrial

2013/11moIndustrial

2012/11moFire

2013/11moFire


1153%

31%

23%

19%

11%

-8%

-12%

-29%

-98%

-47%

26%

-2%

4%

-4%

35%

0%

27%

Tele Maketing

Bancassurance

Broker

Agent

Walk‐in

Work site

Others

Internet

Direct Mail

Industrial All RisksFire

Industrial All Risks and FireTele Marketing has explosive growth in IAR segment so far this year

=1-

115.7%

-45.5%

270.5%

35.4%

Industrial Fire

-59%

88%

-220%

0%

Industrial Fire

-1%

31%

-2%

28%

Industrial Fire

45%

27%

52%

37%

Industrial Fire


UNDER WRITING PROFIT – INDUSTRIAL & FIREPercent of Earned Premium

Losses


Operating expenses


2012/11mo

2013/11mo

Industrial All Risks and FireBig turn around in underwriting profit for both, thanks to improved loss ratio


8.0%

-88.8%

1.6%

13.3%

-4.5%

5.6%

7.0%

No. of Policy

Sum Insured

Direct Premium

Earned Premium


Personal AccidentHealth

5.3%

-55.3%

12.0%

20.1%

-7.9%

4.3%

8.2%

P.A. and Health

High growth for Personal Accident so far this year, especially in earned premium


Broker

Agent

Banc assurance

Telemarketing

All others


40% 42%

9% 13%

26% 27%

27% 24%

23% 20%

30% 32%

5% 5%

11%10%

3% 4%

7% 3%

3% 3%

16% 19%

2012/11moP.A.

2013/11moP.A.

2012/11moHealth

2013/11moHealth


82%

24%

8%

7%

3%

-5%

-11%

-14%

-21%

3%

-58%

45%

-10%

20%

-8%

9%

-45%

-90%

Internet

Work site

Bancassurance

Tele Maketing

Walk‐in

Agent

Broker

Direct Mail

Others

Personal AccidentHealth

Work site

P.A. and HealthInternet has the highest growth in P.A. and Bancassurance in Health

=1-

17.6%

5.4%

16.0%

2.5%

P.A. Health

42%

58%

37%

58%

P.A. Health

15% 18%17% 20%

P.A. Health

25%19%

30%20%

P.A. Health


UNDER WRITING PROFIT – P.A. & HEALTHPercent of Earned Premium

Losses


Operating expenses


2012/11mo

2013/11mo

P.A. and HealthLower underwriting profit for both as expenses increased


-3.8%

-5.4%

-29.2%

-20.3%

10.3%

-64.5%

-8.0%

-2.4%

No. of Policy

Sum Insured

Direct Premium

Earned Premium


HullCargo

14.3%

10.8%

-6.4%

8.9%

4.3%

-9.9%

2.2%

12.1%

Marine and Transport

Slow growth in premiums for Cargo so far this year, while Hull has negative growth in direct premium


Broker

Agent

Banc assuranceWalk in

All others


54% 53%

73% 73%

22% 20%

8% 9%15%

12%5% 6%

5%8% 2% 2%

4% 6% 10% 10%0% 1% 0% 0%

2012/11moHull

2013/11moHull

2012/11moCargo

2013/11moCargo


143%

32%

25%

-23%

-28%

-40%

-18%

10%

-7%

0%

7%

14%

-2%

Others

Bancassurance

Walk‐in

Broker

Agent

Work site

Direct Mail

Tele Maketing

Internet

HullCargo

Work site

Marine and TransportBroker is the main channel in both Hull and Cargo segments

=1-

-14.8%

30.1%

8.2%

38.2%

Hull Cargo

83%

40%

58.8%

29.3%

Hull Cargo

-3%

8%

-1%

8%

Hull Cargo

35%22%

34% 25%

Hull Cargo


UNDER WRITING PROFIT – MARINEPercent of Earned Premium

Losses


Operating expenses


2012/11mo

2013/11mo

Marine and TransportBig turn around for Hull while profitability of Cargo increased slightly


29.4%

-97.2%

11.7%

15.7%

39.3%

-3.2%

-18.4%

654.6%

No. of Policy

Sum Insured

Direct Premium

Earned Premium


Public LiabilityEngineering

23.6%

-73.0%

14.2%

0.2%

16.7%

16.0%

4.5%

29.5%

Public Liability and EngineeringHigh growth in Engineering so far this year


Broker

Agent

Banc assurance

Walk in

All others


71% 70%65% 60%

9% 10%

5%7%

8% 8%

11% 16%

8% 7%13% 10%

3% 2% 6% 6%1% 3% 2% 1%

2012/11moP.L.

2013/11moP.L.

2012/11moEngineering

2013/11moEngineering


131%

19%

14%

13%

4%

2%

-66%

-31%

60%

-3%

-19%

55%

1%

29%

Others

Agent

Broker

Walk‐in

Work site

Bancassurance

Tele Maketing

Direct Mail

Internet

Public LiabilityEngineering

Work site

Public Liability and EngineeringBroker is the main channel for both, but less so for Engineering

=1-

46.6%

25.7%

35.4%

-8.0%

Public Liability Engineering

23%

43%

24%

70%


8%

-7%

10%

-7%Public Liability Engineering

22%

38%31%

46%



UNDER WRITING PROFIT – P.L. & ENGINEERINGPercent of Earned Premium

Losses


Operating expenses


2012/11mo

2013/11mo

Public Liability and EngineeringLower underwriting profit level for both so far this year


10.0%

27.9%

-36.5%

-299.7%

-3.2%

4.4%

-13.1%

2.9%

No. of Policy

Sum Insured

Direct Premium

Earned Premium


AviationOthers

26.1%

14.8%

-30.3%

-4077.6%

11.3%

3.7%

-5.8%

27.5%

Aviation and Misc OthersNegative growth in direct premium for both so far this year


Broker

Banc assuranceAgent

Walk in

All others


68%57%

8% 7%

19%29%

65% 70%

11% 12%

7%7%

1% 0%

2% 2%

1% 1%

9% 6%

0% 1%7% 8%

2012/11moAviation

2013/11moAviation

2012/11moOthers

2013/11moOthers


76%

3%

-26%

-31%

-42%

-65%

29%

16%

4%

-27%

-9%

-10%

19%

33172%

Agent

Broker

Walk‐in

Bancassurance

Work site

Others

Direct Mail

Tele Maketing

Internet

AviationOthers

Work site

Aviation and Misc Others

Broker is the main channel for Others, while the focus for Aviation is on selling direct

=1-

10753.8%

-22.1%-230.9% -3.0%

Aviation Others

-4778%

59%55% 45%

Aviation Others

3434%

20%

-30%

21%

Aviation Others

-9310%

43%306% 37%

Aviation Others


UNDER WRITING PROFIT – AVIATION & OTHERSPercent of Earned Premium

Losses


Operating expenses


2012/11mo

2013/11mo

Aviation and Misc OthersLess under writing loss for Misc. Others

Content








MARKET SHARE OF DIRECT PREMIUMS –OVERALL Top 20 in the first 11 months of 2013, Percent of Total

16.8

11.2

7.2

4.4

4.3

4.2

4.1

3.0

2.9

2.8

2.5

2.1

1.9

1.9

1.8

1.7

1.6

1.5

1.5

1.5

1. VIRIYAH

2. DHIPAYA

3. BANGKOK

4. SYNMUNKONG

5. MUANG THAI PUBLIC

6. THE SAFETY

7. TOKIO MARINE SRI MUANG

8. LMG

9. MITSUI SUMITOMO

10. THANACHART

11. SIAM COMMERCIAL SAMAGGI

12. THE SOUTHEAST

13. RAV

14. ACE INA OVERSEAS

15. DEVES

16. MSIG

17. AXA

18. KRUNGTHAI PANICH

19. NEW HAMPSHIRE

20. SRI AYUDHYA GENERAL

1.19

0.28

0.27

0.26

0.24

0.19

0.17

0.14

0.13

0.12

-0.16

-0.19

-0.19

-0.19

-0.19

-0.20

-0.34

-0.36

-0.36

-0.37

1. VIRIYAH


3. ACE INA OVERSEAS

4. SOMPO JAPAN

5. BANGKOK

6. MITSUI SUMITOMO

7. UNION INTER

8. CHAO PHAYA

9. PHOENIX


10. BANGKOK UNION

9. AIOI BANGKOK

8. THAISRI

7. THAI SETAKIJ

6. THE SAFETY

5. RAV

4. DEVES

3. DHIPAYA

2. THAI DEVELOPMENT

1. THANACHART

TOP 10 MARKET SHARE GAINERS/LOSERS –OVERALLChange in market share, PercentFirst 11 months of 2013 vs full year 2012

Players – Market ShareViriyah has the most overall market share so far in 2013 and also has gained the most


MARKET SHARE OF DIRECT PREMIUMS –AUTO (COMPULSARY) Top 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –AUTO (COMPULSARY) Change in market share, PercentFirst 11 months of 2013 vs full year 2012

26.1

18.7

6.1

3.7

3.4

3.0

3.0

2.6

2.3

2.3

2.3

2.0

1.9

1.7

1.7

1.6

1.5

1.4

1.3

1.2

1. RAV

2. VIRIYAH

3. SYNMUNKONG

4. UNION INTER

5. MITTARE

6. THE SOUTHEAST

7. ASIA 1950

8. DHIPAYA

9. PHOENIX

10. THE SAFETY

11. THAI UNITED

12. THAI

13. THANACHART

14. DEVES


16. BANGKOK

17. LMG

18. INDARA

19. UNION PROSPERS


2.51

1.79

1.40

1.30

0.97

0.81

0.76

0.63

0.57

0.30

-0.11

-0.11

-0.16

-0.18

-0.21

-0.46

-0.49

-2.42

-2.93

-4.70

1. UNION INTER

2. PHOENIX

3. ASIA 1950

4. VIRIYAH

5. THAI

6. INDARA

7. SYNMUNKONG

8. THE SOUTHEAST

9. CHARAN

10. BANGKOK THONBURI

10. AIOI BANGKOK


8. KAMOL

7. THAISRI

6. LMG

5. CHAO PHAYA

4. UNION PROSPERS

3. BANGKOK UNION

2. RAV

1. THAI DEVELOPMENT

Players – Market Share

RAV has the most market share in Auto (Compulsory) segment so far in 2013, but Union Inter has gained the most


MARKET SHARE OF DIRECT PREMIUMS –AUTO (VOLUNTARY) Top 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –AUTO (VOLUNTARY) Change in market share, PercentFirst 11 months of 2013 vs full year 2012

27.1

7.0

6.2

6.1

4.7

4.6

4.5

4.1

3.9

2.3

2.2

2.1

2.0

1.8

1.6

1.6

1.6

1.6

1.3

1.3

1. VIRIYAH

2. SYNMUNKONG

3. THE SAFETY

4. BANGKOK

5. LMG

6. DHIPAYA

7. THANACHART



10. MITTARE

11. AIOI BANGKOK

12. THAIVIVAT

13. THE SOUTHEAST

14. MITSUI SUMITOMO

15. AXA


17. MSIG

18. NAVAKIJ

19. NAM SENG

20. ASIA 1950

1.47

0.69

0.62

0.32

0.11

0.11

0.08

0.08

0.08

0.06

-0.13

-0.15

-0.22

-0.23

-0.28

-0.29

-0.37

-0.41

-0.41

-0.75

1. VIRIYAH

2. BANGKOK


4. DEVES

5. SOMPO JAPAN

6. MSIG

7. MITTARE

8. NAM SENG

9. AXA


10. KAMOL

9. ASSETS

8. THE SAFETY

7. THAISRI

6. SYNMUNKONG

5. DHIPAYA


3. THAI SETAKIJ

2. AIOI BANGKOK

1. THANACHART


Viriyah has the most market share in Auto (Voluntary) segment so far in 2013, and also has gained the most


MARKET SHARE OF DIRECT PREMIUMS –INDUSTRIAL ALL RISKSTop 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –INDUSTRIAL ALL RISKSChange in market share, PercentFirst 11 months of 2013 vs full year 2012

26.4

9.6

9.6

7.4

5.2

4.6

4.5

3.9

3.7

2.9

2.2

2.1

2.0

1.7

1.6

1.5

1.1

1.1

1.1

1.0

1. DHIPAYA

2. BANGKOK

3. MITSUI SUMITOMO



6. SOMPO JAPAN

7. ALLIANZ C.P GENERAL

8. ACE INA OVERSEAS

9. DEVES

10. THE SAFETY

11. FALCON

12. MSIG


14. THAISRI


16. NEW HAMPSHIRE

17. AIOI BANGKOK

18. QBE

19. BANGKOK UNION

20. AXA

2.31

2.26

1.49

1.33

1.17

0.78

0.36

0.20

0.13

0.09

-0.29

-0.31

-0.35

-0.36

-0.53

-0.57

-1.01

-1.07

-1.80

-3.09

1. DHIPAYA

2. ACE INA OVERSEAS

3. NEW HAMPSHIRE

4. MITSUI SUMITOMO

5. SOMPO JAPAN

6. BANGKOK


8. AIOI BANGKOK

9. SIAM CITYINSURANCE

10. KURNIA


9. THAISRI

8. KRUNGTHAI PANICH

7. THAI PAIBOON

6. MSIG



3. NAVAKIJ

2. AXA

1. DEVES


Dhipaya has the most market share in Industrial segment so far in 2013, and also has gained the most


MARKET SHARE OF DIRECT PREMIUMS –FIRETop 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –FIREChange in market share, PercentFirst 11 months of 2013 vs full year 2012

18.5

13.3

9.9

9.9

7.5

5.4

5.1

4.3

3.1

2.4

2.3

1.6

1.4

1.3

1.3

1.2

1.1

1.1

0.8

0.7

1. DHIPAYA

2. BANGKOK


4. THE SOUTHEAST


6. NEW HAMPSHIRE


8. AXA

9. KRUNGTHAI PANICH

10. NAVAKIJ

11. VIRIYAH

12. AIG

13. THAIVIVAT

14. THAISRI

15. DEVES

16. THAI

17. SYNMUNKONG

18. MSIG

19. BANGKOK UNION

20. THANACHART

3.18

0.71

0.67

0.65

0.59

0.51

0.31

0.14

0.08

0.07

-0.23

-0.24

-0.24

-0.25

-0.34

-0.41

-0.41

-0.48

-1.03

-1.25

1. AXA

2. BANGKOK


4. DHIPAYA

5. AIG

6. NEW HAMPSHIRE

7. THE SOUTHEAST

8. PHOENIX

9. SOMPO JAPAN

10. KURNIA

10. THAISRI

9. THAIVIVAT


7. THANACHART


5. NAVAKIJ

4. KRUNGTHAI PANICH

3. THE SAFETY

2. DEVES



Dhipaya has the most market share in Fire segment so far in 2013, but Axa has gained the most


MARKET SHARE OF DIRECT PREMIUMS –PERSONAL ACCIDENTTop 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –PERSONAL ACCIDENTChange in market share, PercentFirst 11 months of 2013 vs full year 2012

26.1

11.0

6.4

6.3

5.8

5.5

4.3

4.1

3.0

2.6

2.6

2.2

2.1

1.8

1.8

1.7

1.7

1.6

1.3

1.2

1. DHIPAYA

2. ACE INA OVERSEAS

3. CIGNA


5. BANGKOK


7. NEW HAMPSHIRE

8. KRUNGTHAI PANICH

9. VIRIYAH

10. THANACHART

11. CHAO PHAYA



14. DEVES

15. LMG

16. SYNMUNKONG

17. THAI

18. INDARA

19. THE SOUTHEAST

20. MSIG

1.52

1.27

0.54

0.54

0.47

0.45

0.31

0.26

0.22

0.07

-0.06

-0.06

-0.10

-0.10

-0.12

-0.22

-0.26

-0.79

-1.36

-2.38


2. CHAO PHAYA


4. LMG

5. DEVES

6. VIRIYAH

7. BANGKOK UNION

8. CIGNA

9. THANACHART

10. NAM SENG

10. GENERALI

9. PHOENIX

8. A.I.A


6. SYNMUNKONG

5. ACE INA OVERSEAS

4. MSIG

3. BANGKOK

2. THE SOUTHEAST

1. DHIPAYA


Dhipaya has the most market share in P.A. segment so far in 2013, but Tokiohas gained the most


MARKET SHARE OF DIRECT PREMIUMS –HEALTHTop 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –HEALTHChange in market share, PercentFirst 11 months of 2013 vs full year 2012

34.7

9.8

8.8

5.2

4.6

4.5

4.2

4.0

3.7

3.6

3.6

2.9

2.5

1.5

1.5

1.4

1.0

0.8

0.5

0.4

1. BUPA HEALTH

2. CIGNA

3. BANGKOK

4. DHIPAYA


6. VIRIYAH

7. THE SAFETY

8. MITSUI SUMITOMO

9. AXA

10. THAI HEALTH


12. LMG

13. DEVES

14. AIOI BANGKOK

15. MSIG


17. THAIVIVAT

18. NAVAKIJ


20. SYNMUNKONG

2.34

1.52

0.90

0.86

0.56

0.53

0.44

0.23

0.21

0.18

-0.08

-0.09

-0.28

-0.29

-0.39

-0.42

-0.45

-0.56

-0.56

-4.61

1. BUPA HEALTH


3. AXA

4. VIRIYAH

5. THAI HEALTH

6. MITSUI SUMITOMO


8. MSIG

9. CIGNA

10. AIOI BANGKOK

10. NAVAKIJ

9. KRUNGTHAI PANICH

8. BANGKOK UNION

7. BANGKOK

6. DEVES

5. THE SAFETY

4. THAIVIVAT


2. LMG

1. DHIPAYA


Bupa has the most market share in Health segment so far in 2013, and also has gained the most


MARKET SHARE OF DIRECT PREMIUMS –MARINE (HULL)Top 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –MARINE (HULL)Change in market share, PercentFirst 11 months of 2013 vs full year 2012

32.2

20.0

19.4

8.9

7.8

5.0

2.4

1.1

1.0

0.9

0.8

0.3

0.2

0.1

0.1

0.0

0.0

1. QBE


3. DHIPAYA

4. BANGKOK


6. THE SAFETY

7. DEVES

8. VIRIYAH

9. KRUNGTHAI PANICH


11. THAISRI


13. NAVAKIJ

14. THE SOUTHEAST

15. THANACHART

16. MSIG

17. AXA

1.42

0.87

0.56

0.31

0.25

0.19

0.12

0.05

0.02

-0.03

-0.04

-0.05

-0.07

-0.08

-0.15

-2.80

-4.52

1. QBE

2. THE SAFETY




6. VIRIYAH

7. KRUNGTHAI PANICH

8. THANACHART

9. THE SOUTHEAST

8. MSIG

7. IAG

6. DEVES

5. UNION INTER

4. NAVAKIJ

3. THAISRI

2. DHIPAYA

1. BANGKOK


QBE has the most market share in Marine (Hull) segment so far in 2013, and also has gained the most


MARKET SHARE OF DIRECT PREMIUMS –MARINE (CARGO)Top 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –MARINE (CARGO)Change in market share, PercentFirst 11 months of 2013 vs full year 2012

17.7

11.7

8.7

5.9

5.9

4.7

4.6

4.6

3.6

3.4

3.3

2.8

2.5

2.3

2.2

1.9

1.8

1.5

1.4

1.1


2. MITSUI SUMITOMO

3. MSIG


5. BANGKOK

6. DHIPAYA

7. VIRIYAH

8. SOMPO JAPAN

9. AXA

10. NEW HAMPSHIRE


12. THAISRI

13. THE SAFETY


15. NAVAKIJ


17. AIOI BANGKOK

18. DEVES


20. CHUBB

1.64

1.10

1.04

0.54

0.38

0.34

0.16

0.15

0.14

0.11

-0.09

-0.10

-0.13

-0.37

-0.42

-0.43

-0.53

-0.68

-1.23

-1.45


2. VIRIYAH

3. MSIG

4. SOMPO JAPAN


6. THAISRI

7. QBE

8. CHAO PHAYA

9. AXA

10. GENERALI

10. BANGKOK UNION

9. ASIA 1950

8. DEVES

7. CHUBB

6. NEW HAMPSHIRE

5. AIOI BANGKOK


3. NAVAKIJ

2. MITSUI SUMITOMO

1. DHIPAYA


Tokio Marine has the most market share in Marine (Cargo) segment so far in 2013 and also has gained the most


MARKET SHARE OF DIRECT PREMIUMS –PUBLIC LIABILITYTop 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –PUBLIC LIABILITYChange in market share, PercentFirst 11 months of 2013 vs full year 2012

15.6

10.4

10.3

8.0

6.7

6.5

6.4

6.0

4.8

4.7

3.1

3.0

3.0

2.9

1.6

1.2

0.8

0.8

0.7

0.5

1. BANGKOK

2. ACE INA OVERSEAS

3. DHIPAYA

4. MITSUI SUMITOMO

5. THAISRI


7. SOMPO JAPAN


9. QBE


11. THE SAFETY

12. VIRIYAH

13. AXA

14. DEVES

15. PHUTTHATHAM


17. KURNIA

18. NAM SENG

19. NAVAKIJ


2.46

1.73

0.89

0.74

0.44

0.40

0.39

0.34

0.26

0.20

-0.11

-0.12

-0.15

-0.15

-0.18

-0.21

-0.29

-0.49

-1.04

-4.91

1. SOMPO JAPAN

2. QBE

3. DHIPAYA

4. ACE INA OVERSEAS


6. PHUTTHATHAM

7. NAM SENG


9. CHAO PHAYA

10. VIRIYAH

10. THANACHART

9. THE SAFETY

8. KRUNGTHAI PANICH

7. CHUBB

6. AXA

5. DEVES

4. THAI PAIBOON

3. NAVAKIJ

2. BANGKOK

1. THAISRI


Bangkok has the most market share in Public Liability segment so far in 2013, but Sompo has gained the most


MARKET SHARE OF DIRECT PREMIUMS –ENGINEERINGTop 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –ENGINEERINGChange in market share, PercentFirst 11 months of 2013 vs full year 2012

26.7

15.6

11.4

6.5

5.5

4.4

3.8

3.7

3.5

2.1

1.9

1.7

1.6

1.5

1.5

1.3

1.0

1.0

0.8

0.7

1. DHIPAYA

2. BANGKOK

3. MITSUI SUMITOMO

4. THE SOUTHEAST

5. DEVES



8. FALCON


10. BANGKOK UNION


12. NAVAKIJ

13. SOMPO JAPAN

14. MSIG

15. THAISRI

16. QBE


18. GENERALI

19. AIOI BANGKOK


3.61

2.86

1.44

1.08

0.71

0.63

0.32

0.30

0.25

0.15

-0.21

-0.27

-0.37

-0.39

-0.39

-0.69

-0.81

-1.60

-1.63

-4.36

1. DHIPAYA

2. BANGKOK

3. BANGKOK UNION

4. THE SOUTHEAST

5. QBE

6. THAISRI


8. NAM SENG

9. KURNIA


10. MSIG

9. SOMPO JAPAN


7. FALCON

6. NAVAKIJ


4. MITSUI SUMITOMO

3. IAG

2. DEVES



Dhipaya has the most market share in Engineering segment so far in 2013, and also has gained the most


MARKET SHARE OF DIRECT PREMIUMS –AVIATIONTop 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –AVIATIONChange in market share, PercentFirst 11 months of 2013 vs full year 2012

73.1

25.3

1.3

0.3

0.0

1. BANGKOK

2. DHIPAYA


4. DEVES

5. NAVAKIJ

21.19

0.02

-0.24

-1.28

-5.89

-13.80

1. BANGKOK

2. NAVAKIJ

4. THANACHART


2. DEVES

1. DHIPAYA


Bangkok has the most market share in Aviation segment so far in 2013, and also has gained the most


MARKET SHARE OF DIRECT PREMIUMS –MISC. OTHERSTop 20 in the first 11 months of 2013, Percent of Total

TOP 10 MARKET SHARE GAINERS/LOSERS –MISC. OTHERSChange in market share, PercentFirst 11 months of 2013 vs full year 2012

19.3

14.3

9.9

8.2

5.1

4.2

3.6

2.8

2.4

2.3

2.3

2.2

2.1

1.9

1.8

1.7

1.5

1.5

1.4

1.3

1. VIRIYAH

2. DHIPAYA

3. BANGKOK

4. NEW HAMPSHIRE

5. THE SAFETY

6. THAIVIVAT



9. FALCON

10. MSIG

11. THAI SETAKIJ

12. SYNMUNKONG


14. AXA


16. DEVES

17. THE SOUTHEAST


19. MITSUI SUMITOMO

20. QBE

4.63

1.05

0.85

0.80

0.73

0.66

0.63

0.56

0.31

0.26

-0.29

-0.36

-0.40

-0.42

-0.52

-0.98

-1.28

-1.29

-1.57

-4.70

1. VIRIYAH

2. THAIVIVAT

3. AXA



6. MITSUI SUMITOMO

7. FALCON

8. CHAO PHAYA

9. SYNMUNKONG

10. BANGKOK THONBURI



8. INDARA

7. THANACHART

6. THAI PAIBOON

5. DHIPAYA

4. THE SAFETY

3. AIG

2. DEVES

1. NEW HAMPSHIRE


Viriyah has the most market share in Other miscellaneous segments so far in 2013, and also has gained the most


HIGHEST GROWTH IN DIRECT PREMIUMSAnnual growth rate, First 11 months of 2013 vs those of 2012

315.1%

310.1%

222.7%

61.8%

47.0%

39.6%

31.7%

26.5%

26.4%

25.3%

23.6%

23.0%

21.9%

20.0%

19.6%

19.3%

19.0%

18.9%

18.3%

17.5%

1. UNION INTER

2. PHOENIX

3. BANGKOK THONBURI

4. CHARAN

5. SOMPO JAPAN

6. CHAO PHAYA

7. ACE INA OVERSEAS

8. INDARA

9. ASIA 1950

10. THAI

11. NAM SENG

12. VIRIYAH


14. MITTARE

15. THAI UNITED

16. BANGKOK


18. THAI HEALTH

19. MITSUI SUMITOMO

20. AXA

Players – GrowthUnion Inter has by far the highest growth in Direct premiums so far this year


OPERATING PROFITPercent of Earned Premium

Losses


Operating expenses


-4%

0%

172%

7% 1%

183%

Domestic Health Foreign

Underwriting profit

Investment and Other income2% 3%

159%

13% 5%

159%


Operating profit

+

=1‐

6% 3%

-13%

6% 3%

-24%


64% 76%

-114%

54% 76%

-118%


21%

6% 7%

20%

11%6%


19% 18%

34%

20%

12%

29%


2012/11mo2013/11mo

Players – ProfitabilityOperating profit has improved for all groups of players, except Foreign

sample of thailand's non-life insurance monthly report

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