Thailand forecasts flat insurance growth

Thailand

Flattening growth prediction from the Office of Insurance Commission (OIC) for the Thai insurance sector next year

Total gross written premiums (GWP) are expected to amount to around Bt890 billion (US$25 billion) in 2023 – close to the volume estimated for the entirety of this year.

Projected direct insurance premiums for the whole of 2023 are estimated to reach around Bt894.6 billion, with a year-on-year change of between -0.05 per cent and 1.95 per cent. This compares with direct premiums for the 2022 full-year expected to be around Bt886.2 billion, with a growth rate of between 0.10 and 2.10 per cent.

The most popular life insurance options are forecast to be endowment life insurance products and health insurance riders, while the most popular non-life insurance type is predicted to be motor insurance.

Additionally, interest in travel insurance is expected to grow next year, as international travel to and from Thailand continues to recover post-Covid.