Thailand’s Office of the Insurance Commission (OIC) has introduced a new strategic roadmap aimed at guiding the country’s insurance industry through a period of significant change.
The fifth Insurance Development Plan, which will cover 2026 to 2030, is designed to help the sector respond to emerging risks such as climate change, demographic shifts, and technological advancements.
Chuchatr Pramoolpol, secretary-general of the OIC, described the new plan as a framework to ensure the insurance sector continues to play a key role in supporting economic resilience and risk management in Thailand.
According to Bangkok Post’s report, the goal is to enable the industry to adapt to both local and global challenges – with Pramoolpol referencing the increasing frequency of natural disasters and the implications of an aging population.
The OIC’s roadmap was developed with input from a wide range of industry participants.
In September, the commission organised a public hearing attended by 229 representatives from life and non-life insurance companies, industry associations, brokers, actuaries, and financial advisors. This session was intended to gather perspectives on the draft plan and to identify areas for improvement.
During the hearing, the Thai Life Assurance Association highlighted concerns about the impact of sustained low interest rates and rising healthcare expenses on the life insurance segment.
Meanwhile, the Thai General Insurance Association noted that the rapid adoption of electric vehicles is prompting structural changes in the motor insurance market.
Chuchatr stated that the OIC will review all feedback received and incorporate relevant suggestions into the final version of the plan.
The revised roadmap will address topics such as capital adequacy, product development, consumer protection, and disaster risk financing.
Once finalised, the plan will be submitted to the OIC board for approval.
The OIC expects the new strategy to serve as a foundation for industry collaboration and to help the insurance sector manage a range of economic and social risks.
The plan emphasises the importance of resilience and sustainability, aiming to position the industry as a key component of Thailand’s financial safety net.
According to the OIC, the roadmap will also focus on strengthening the sector’s ability to respond to climate-related risks and demographic changes, while supporting innovation and consumer interests.
The launch of the new roadmap coincides with positive growth projections for Thailand’s general insurance market. According to research from GlobalData, gross written premiums in the sector are expected to rise from THB310.9 billion in 2024 to THB370.8 billion by 2028, representing a compound annual growth rate of 4.5%.
Meanwhile, Thailand’s life insurance market is projected to generate THB781.7 billion (US$23.1 billion) in gross written premiums by 2028, based on data from GlobalData. The sector is anticipated to grow at a compound annual growth rate of 4.4%, rising from THB660.4 billion (US$19.2 billion) in 2024.
The OIC’s roadmap and the industry’s projected growth reflect the evolving landscape of Thailand’s insurance sector as it adapts to new risks and opportunities.
Insurance professionals are expected to play a central role in implementing these changes and supporting the sector’s continued development.
