Thailand: Life market to see stable growth of 2-3% in 2025
Source: Asia Insurance Review | Apr 2025
The Thai Life Assurance Association (TLAA) has forecast that total insurance premiums this year will rise by 2-3%, following growth of 3.23% in 2024.
TLAA president Nusara Banyatpiyaphod said that total life premiums reached THB653.92bn in 2024, comprising new business premiums of THB184.33bn (3.28% increase), and renewal premiums of THB469.59bn (3.21% increase). The policy retention rate was 83% in 2024.
The main factors driving the business growth are economic and social factors, including the public’s increasing health consciousness and awareness of the impact of medical inflation, which have boosted the growth of health and critical illness policies. The extension of the health insurance age to 80 years is another driving force behind health and critical illness insurance growth.
Looking ahead, life insurers are hoping that new co-payments rules will help them cope with medical inflation, although the new rules are expected to affect less than 10% of health insurance policyholders. A