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Banking and insurance
The Banking & Insurance sector – often referred to as the lifeblood of the real economy – is of vital importance in the modern credit-driven economic growth model. Among its functions are intermediation between savers and borrowers, ensuring funds are allocated efficiently; support of payment and settlement systems that facilitate trade and international economic relations; and provision of various products that mitigate risk and uncertainty. The accelerating pace of technological change, stricter regulation and shifting consumer habits are reshaping the traditional banking model and pushing the sector towards innovation-led growth.
Activities associated with Banking & Insurance are depositary and non-depositary credit intermediation and related activities, investment banking, securities brokerage, commodity contracts dealing and diverse financial investment activities. The sector also includes insurers, re-insurers and insurance brokerages, pension funds, health and welfare funds, monetary authorities, stock exchanges, and collection and credit agencies.
The Thai insurance industry is fragmented, with nearly 80 licenced insurers operating in the country. Nonetheless, Thailand's insurance density remains low, at around USD 381 per capita in 2021, significantly lower than the advanced Asia-Pacific ...
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Thailand's agribusiness and food & beverage sectors accounted for 8.7% and 6%, respectively, of the GDP, rising by 2.25% y/y and 2.18%, respectively, in 2021, as both sectors showed the first signs of recovery after the negative effects of COVID-19 ...
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