Thailand's Office of the Insurance Commission (OIC) has announced its 5th Insurance Development Plan for the years 2026-2030.
The Plan is centred on four main strategies: building a robust and resilient insurance system; managing large-scale risks and new challenges; promoting universal access to insurance; and developing a responsible information and technology ecosystem.
OIC Secretary-General Mr Chuchat Pramoolpol emphasised that the Plan represents a “structural evolution” of Thailand’s insurance system. Unlike prior initiatives that focused on modernising companies, the 5th Plan seeks to create a connected data ecosystem, implement group-wide supervision, and elevate insurance to a key mechanism for national risk management.
In more detail, the four strategies are:
Stability: to build the security of the insurance system through strong capital standards, inclusive governance, and the integration of core ESG principles to enhance international confidence and reduce business risk.
Resilience: to elevate disaster risk management to the use of advanced risk modeling to effectively predict, prevent, and mitigate damage from large-scale disasters.
Inclusion: to promote insurance as a fundamental right, accessible equally to all groups of people, including self-employed workers, farmers, and vulnerable groups.
Technology & Data-Driven: to drive the Open Insurance policy, promoting the use of e-policy and digital technology in regulation to enhance the transparency and efficiency of the Thai insurance system in the long term.
The unveiling of the Plan on 3 February also included a keynote lecture by the Chairman of the Sub-Committee for Driving the Insurance Development Plan Boonyarit Kalyanamit, chairman of the subcommittee driving the plan, on “The Role of the Insurance System in National Risk Management.” He emphasised that Thailand is facing growing economic volatility, severe natural disasters, demographic shifts, and other emerging risks, requiring the insurance sector to evolve from a reactive approach to a proactive “National Risk Buffer” capable of absorbing shocks and supporting economic and social stability.
The OIC is currently coordinating with relevant departments and other stakeholders to ensure the Plan is implemented effectively. Once fully realised, the Plan aims to position the Thai insurance industry as a technology-driven, data-informed, and sustainable regional leader, providing security and confidence for citizens while strengthening the country’s capacity to withstand large-scale economic and social challenges.