Thailand could see $27b in total premiums this year – Baker McKenzie

The Land of Smiles braces for high electric vehicle adoption.

Thailand’s insurance sector expanded by 4.5% in 2023, with total premiums in 2024 expected to reach $27b (THB1.0t), a Baker McKenzie report stated.

Health insurance, driven by Thailand's aging population and rising medical costs, has gained significant traction, and insurers are increasingly embracing environmental, social, and governance (ESG) principles, Baker McKenzie’s 15th edition of its Insurance Outlook for Thailand.

As Thailand enters the second half of the Fourth Insurance Development Plan (2021-2025), the Office of Insurance Commission (OIC) in Thailand is diligently working toward its goals.

The report noted that Chuchatr Pramoolpol, former vice secretary general of the OIC's Supervision Department, succeeded Dr. Suthiphon Thaveechaiyagarn as secretary general on 31 October 2023.

ALSO READ: How resilient is Thailand amidst business risks and opportunities?

With over 30 years of experience at the OIC, Chuchatr brings continuity and fresh perspectives to the OIC's mission.

At the 26th ASEAN Insurance Regulators' Meeting, sustainable insurance took centre stage.

As the adoption of electric vehicles accelerates, insurers are gearing up for intense competition in this burgeoning market, and the OIC recently introduced standard insurance coverage for this sector.

In December 2023, the OIC hosted a seminar to discuss proposed amendments to the Insurance Act aimed at enhancing regulatory effectiveness and adaptation to evolving industry dynamics.

Notably, reinsurance regulations have been eased, allowing for creative business models and capital solutions.

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