Riding the Waves of Uncertainty: How Thai’s Non-life Insurance Companies Are Weathering the COVID-19 Pandemic

This study examines the financial performance and profitability of Thai non-life insurance companies affected by the COVID-19 pandemic. The samples of 204 non-life insurance companies were selected due to their accessibility of financial information and relevance to the study. The data observations contain information of the Thai non-life insurance companies from 2018 to 2021. Twelve financial stability, operational efficiency, and profitability indicators are identified among non-life insurance companies. This study examines the profitability of non-life insurance companies using return on assets (ROA) and return on equity (ROE). This study uses t-tests to compare before and after COVID-19 and multiple regression models to determine the factors that influence profitability. The result revealed that the COVID-19 pandemic has caused significant financial instability in Thailand’s non-life insurance companies, particularly in their capital adequacy ratio (CAR) and debt-to-equity ratio (DE), indicating a potential shift in stability. The COVID-19 pandemic did not affect operational performance or profitability. Thai non-life insurers maintained operating efficiency and profitability despite difficult conditions. The report recommends non-life insurers focus on financial stability, operational effectiveness, and size to maximize profitability and survive post-pandemic.