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During the year 2015 global economic growth continued its sluggish path. Thailand’s economy remained fragile as reflected by contractions in consumption and investment, falling agricultural prices, weak manufacturing output and export.
Fortunately, Thailand’s strong fiscal position and prudent monetary policy offered effective protection against more severe downside conditions. Also the government launched timely stimulus packages that provided short-term results and offered great benefits derived from a resultant injection of much needed confidence for businesses and the private sector.
Under this macro overview, growth of the insurance sector was 5.46% being 6.91% for life insurance and 1.90% for the non-life insurance market. The non-life sector sluggishness for a second consecutive year was due to the continuing softening of rates in the commercial sector, the subdued motor vehicle sales and low domestic demand. The insurance penetration rate was 7.84% made up of 5.63% for life insurance and 2.21% for non-life insurance.Read more...