Thailand’s insurance sector continues to chart a stable growth trajectory, supported by a proactive regulatory push to enhance transparency, streamline dispute resolution, and introduce sustainable policy reforms. The Office of Insurance Commission (OIC) is also prioritising youth engagement and digital innovation to secure the industry’s future.
Over the past few months, Thailand’s insurance regulator, the Office of Insurance Commission (OIC) has been fostering cooperation between government agencies, insurance sector and the public to improve service standards, reduce the number of complaints and disputes, as well as build public confidence in receiving transparent, fast and fair services.
OIC’s dispute mediation initiatives
To boost confidence in the market the regulator has instructed insurers to depute representatives with decision-making authority for dispute mediation processes, as well as prepare complete information and evidence to ensure effective negotiations.
There was also a discussion on the development of a dispute mediation system via the Microsoft Teams platform to increase convenience, reduce time required and support the OIC system to increase the efficiency of data linkage between the regulator and insurers.
Insurers must promptly notify the OIC of major events affecting the public and follow up on payment of compensation to ensure that it is prompt and fair, as well.
New copayment rules in health insurance
A new copayment rule for health insurance policyholders has come into effect from 20 March 2025. Under the new system policyholders will share a portion of medical expenses, unlike the traditional all-inclusive plan in which all costs within the limits of the policy are fully covered. This is expected to transform the country’s health insurance industry which has been affected by rising medical costs, challenging economic conditions and unnecessary claims.
OIC believes that the copayment policy is not to benefit insurance companies, but rather to help slow down the increase in health insurance premiums from rising too quickly compared to the rising inflation rate, which truly benefits policyholders, promotes balance in the health insurance system and reduces the impact on policyholders who exercise their rights as needed, as well as helps the sustainability of Thailand’s health insurance system in the long run.
Engaging the next generation
In May 2025, OIC launched a project titled “Insurefluencer the new GEN” for students across different provinces.
The project plans to educate youth on the importance of insurance as a risk management tool for daily life in the face of increasing natural calamities and financial uncertainties and to use their creativity and communication skills to effectively convey knowledge of insurance to their families, communities and society.
The project is an extension of the “Insurance Youth Genius Project”, launched in 2024, when the OIC recognised the potential and power of the future generation who are being raised with digital technology and will play an important role in driving Thai society into the digital age.
Industry performance remains strong in 2024
Figures released by the OIC revealed that insurance premiums totalled THB448bn ($13.7bn) in 2024, a 0.75% rise from the previous year. Life insurance premiums amounted to THB249.9bn and non-life insurance premiums amounted to THB198.8bn.
Motor insurance 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. In the life segment, 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.
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. A