Factors Affecting the Performance of Non-life Insurance Businesses in Thailand in the Period Before and During the Covid-19 Pandemic

Abstract

The objectives of this research were.-1) to study the general situation of non-lifeinsurance businesses in Thailand in the period before and during the Covid-19 pandemic and 2) to study the factors affecting the performance of these businesses in Thailand. Data were collected from secondary sources of 56 insurance companies. The data were analyzed by Pearson ‘s correlation coefficient and multiple regression analysis. The study found that most (42.86%) of the non-life insurance businesses in Thailand were small businesses. They had overall incomes of less than 2,000,000,000 baht or 54.72%. They had total assets of less than 7,900,000,000 baht or 69.81%. The operating result in the range of net loss was less than 50,000,000 baht or 11.32%. The operating result in the range of the net profit is less than 200,000,000 baht or 41.51%. It was found that the financial ratios in non-life insurance businesses in Thailand both before and during the Covid-19 pandemic affected business performance differently. Before the Covid-19 pandemic, the return on assets affected business performance (0.999). However, during the Covid-19 pandemic, the return on investment affected business performance (-0.2) and asset turnover ratio affected business performance (1.183). Therefore, it can be concluded that the period before and during the Covid-19 pandemic affected business performance in different ways.

Keywords

• performance of non-life insurance business
• the covid-19 pandemic