Thailand’s insurance pricing flat in Q2

Overall pricing remains flat with a slight exception in casualty/liability pricing.

Insurance pricing in Thailand remained mostly flat during Q2 2024 with a minimal increase in the Casualty and Liability pricing, according to Global Market Insights. 

Pressure from international insurers and the cost of rising losses caused the market to compete to retain portfolios, offering flexible underwriting and modest price increases.

Automobile coverage represents about 60% of the local P&C market; hence, domestic insurers compete to retain and grow portfolios. 

The Cyber insurance was moderate too, with modest price reductions and a focus on cyber risk management and maturity. 

Economic downturn and fewer IPOs led to a soft Directors and Officers market conditions as insurers vied for few opportunities. 

While the Property market was generally moderate, appetite was limited for risks with poor risk management or unfavorable loss experience.