Can rising costs push more Thai consumers towards insurance?

Health premiums are forecast to grow 8.6% annually through 2036.

Thai consumers are showing stronger interest in insurance as higher living and medical costs increase the need for financial protection, with older adults emerging as the strongest potential buyers.

“The popularity of savings insurance products and interest in health insurance demonstrate the need for both financial security and a safeguard in the lives of Thai people,” Nusra Banyatpiyapoj, president of the Thai Life Insurance Association, said in a statement on 5 August.

Data from 13 association members showed that 298 people bought insurance at a recent event, generating $4.2m (THB137.33m) in premiums and $7.9m (THB262.48m) in insured amounts as of 18 July.

Endowment insurance, which combines life cover with savings, accounted for 64.77% of policies sold at the event.

A survey of 187 participants found savings and accumulation insurance were the most popular products, followed by health and critical illness insurance. Most prospective buyers had an annual premium budget of $303 (THB10,001) to $907 (THB30,000).

Consumers aged 45 and above were the most intent on buying life insurance, pointing to stronger demand among older working adults and people approaching retirement. About 31% of respondents had attended the event specifically to buy life insurance.

Digital platforms were the main sources of information about the event, with Facebook, LINE, and TikTok ranking ahead of insurance agents and promotional materials at the venue.

Banyatpiyapoj said the findings reflected growing public awareness of financial planning and risk management amid uncertain economic conditions.

The findings come as Allianz SE expects Thailand’s health insurance market to expand faster than other major insurance segments over the next decade.

Thailand generated about $31b (EUR26.2b) in insurance premiums in 2025—$16.2b (EUR14b) from life insurance, $9.3b (EUR8b) from property and casualty insurance, and $4.9b (EUR4.2b) from health insurance, according to Allianz Research.

Insurance premiums were equivalent to 5.1% of gross domestic product in 2025, whilst average insurance spending was about $421 per person.

Thailand’s health insurance premiums are forecast to grow by an average 8.6% annually from 2026 to 2036, compared with 4.5% for property and casualty insurance and 3.6% for life insurance.

Questions to ponder:

• How can insurers encourage younger consumers to buy coverage earlier?
• Can digital platforms turn insurance interest into actual policy purchases?
• Will savings-linked products remain attractive as households face tighter budgets?