56-1 One Report / Annual Report 2021 Thanachart Capital Publ ic Company Limited 133 pandemic. Unfortunately, they were hard hit again by the new wave of infections towards the latter part of 2020. This could serve as a risk factor which might put a pressure on the economic recovery in the following year. 3. The government spending measure served as a main driver preventing a sharp economic decline in 2020. In this connection, the public sector speeded up its 2020 budget disbursements, particularly those related to investments, after it experienced unusual delays in preparing the annual expenditure budget. The Thai economy in 2020 was besieged by multiple challenges. Key economic drivers including export, tourism, consumption, and domestic investment all slowed down. As a result, the public sector played an importantly role in the economic recovery. The objectives were to inject money into the economic systems and to stimulate economic activities in 2021. Thanachart Insurance Public Company Limited Overall Performance Total premium received of TNI in 2021 amounted to 8,334 million baht, representing a decrease of 348 million baht or 4.01 percent, compared to the prior year. TNI had a market share of 3.13 percent in terms of all types of direct premiums in 2021. The direct premiums in 2021 consisted of auto insurance premiums worth 7,146 million baht, representing a decrease of 273 million baht or 3.69 percent when compared to the prior year. In this connection, TNI had a market share of 4.78 percent. The decrease in the premiums received was mainly due to the drop in the sales revenue through bank branch channels, the COVID-19 situation in Thailand which remained serious, and the economic contraction. Composition of TNI’s Direct Premiums over the Past 5 Years Type of Insurance 2021 2020 2019 2018 2017 Direct Premiums Percent Direct Premiums Percent Direct Premiums Percent Direct Premiums Percent Direct Premiums Percent Auto Insurance 7,145.86 85.74 7,419.34 85.46 7,047.80 84.22 6,719.34 84.13 6,405.16 85.33 Fire Insurance 69.03 0.83 79.30 0.91 71.74 0.86 72.16 0.90 68.59 0.91 Marine Insurance - - - - - - - - - Miscellaneous Insurance 1,119.01 13.43 1,183.39 13.63 1,248.30 14.92 1,195.84 14.97 1,032.60 13.76 Total 8,333.90 100.00 8,682.03 100.00 8,367.84 100.00 7,987.34 100.00 7,506.35 100.00 (Unit: Million Baht)
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