Protectionism in Thailand insurance industry

• Main Authors: Yong, Zi Ling, Vu, Hong Ha, Liu, Can
• Other Authors: Nanyang Business School
• Format: Final Year Project
• Language: English
• Published: 2010
• Subjects: DRNTU::Business::Finance::Insurance
• Online Access: http://hdl.handle.net/10356/21218
• Institution: Nanyang Technological University

Protectionism has been a term long discussed in various fields, especially the trade of goods and services across borders. Following that the costs of protectionism outweigh its benefits, liberalization was slowly adopted by countries across the globe. This paper purports to assess the level of protectionism in Thailand insurance industry during the first stage of liberalization done in 1997 to 2007. Three measures are used; growth rate, concentration level and government regulation. Although the insurance market was largely protected, the life insurance sector is less shielded from foreign investment compared to the non-life insurance sector. More efforts need to be done in order to achieve full liberalization like in the US insurance industry. In the second section of the report, we examine the liberalization process which was further conducted in 2008. Effects observed to date and the potential issues that will arise are discussed.