French insurer AXA is targeting double-digit growth for its non-life insurance premiums in Thailand this year, supported by motor, health and commercial line insurance.
AXA Insurance Thailand posted an 87% increase in gross written premiums over five years from 3.45 billion baht in 2020 to 6.45 billion last year. This growth propelled the company from 22nd to 14th in the market rankings.
The uptick was attributed to AXA's customer-centric approach, portfolio diversification, and commitment to innovation, said chief executive Guillaume Mirabaud.
While Thailand's general insurance market inched up 0.5% to 286 billion baht in 2024, AXA reported a 12.9% increase in direct written premiums to 6.45 billion, securing a 2.3% market share.
"AXA Insurance Thailand's growth is driven by strategic expansion beyond motor insurance to the health portfolio, particularly in group health, along with innovative offerings such as electric vehicle [EV] and plug-in hybrid EV motor insurance," he said.
Motor insurance has the largest share of the portfolio at 53% (3.39 billion baht), followed by health insurance at 22% (1.44 billion), and others. This year, health insurance is expected to continue to grow in line with Thailand's ageing population.
AXA aims to continue growing this year, partly by embracing digital innovation to enhance the customer experience and efficiency. The company also continues to enhance accessibility and affordability with tailored insurance products.
The newly-launched Smart Traveller's Choice allows customers to customise coverage and purchase policies online. Its health insurance portfolio serves diverse segments, from individuals to businesses, with a new small and medium-sized enterprise plan set to launch soon.
As Thailand's insurance market evolves, AXA is addressing key trends such as climate change, geopolitical instability and digitalisation. The company is developing specialised solutions, including home insurance for natural disasters, customisable travel coverage, and motor insurance for EV and PHEV users, ensuring resilience in a shifting landscape,
"Our vision for the Thai market is to turn the future from a potential risk into a powerful opportunity for growth and security," said Mr Mirabaud.
"By focusing on innovation, digital transformation, and customer-centricity, we are not only shaping a more resilient and accessible insurance landscape in Thailand but also ensuring that we meet the evolving needs of our customers in an increasingly dynamic market."
