Insurance premiums totalled THB448bn ($13.7bn) in 2024, a 0.75% rise from the previous year, according to figures released by Thailand's insurance regulator, the Office of the Insurance Commission (OIC).
Of the total, life insurance premiums made up THB249.9bn. Corporate brokers accounted for 76% of life insurance premiums in 2024, with a growth of 4.01% compared to the previous year, reflecting the importance of their role and accessibility, according to the regulator.
Despite this rise, group life insurance policies accounted for approximately 24% of life policies in 2024, showing a decline of 5.86% which has been attributed to the economic slowdown.
Non-life insurance premiums accounted for THB198.8bn of the total amount released, with motor insurance remaining the main product offered by corporate brokers. It made up 57% of total non-life insurance premiums in 2024, a decrease of 1.71% from 2023, which the regulator called consistent with the slowdown in the automotive industry.
The OIC also stated that it was ready to proceed with strict supervision for the protection of policyholders and maintain the stability of the overall insurance system, due to the large number of licensed corporate brokers in Thailand.
As of the end of 2024, there were 760 licensed corporate brokers, consisting of 18 banks and 742 non-bank juristic persons. The year also brought in 15 new licensees, although 26 juristic persons did not renew their licenses.
So far, the regulator has implemented proactive measures in supervision and emphasised that corporate brokers must have a quality control system for offering insurance products, including monitoring the performance of individual brokers under juristic persons and providing policyholders with electronic premium payment channels to reduce the risk of fraud or embezzlement that may occur from receiving cash directly.