SINGAPORE, March 3 (Bernama) -- Thailand’s non-life insurance market marked a turnaround in 2023, posting an underwriting gain of THB 13.0 billion following a difficult 2022, when it reported a net underwriting loss of THB 50.7 billion, according to a new AM Best report.
In a new Best’s Special Report, titled, “Strong Profitability for Thailand Non-Life Insurers in 2023,” AM Best states that the 2022 underwriting loss was the largest the non-life industry has experienced since 2011, when Thailand saw severe widespread flooding. The rebound was attributed to a rise in premium income and a decline in claims incurred, with the health and hull lines performing more favourably.
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