The insurance sector in Thailand has seen a robust expansion of 4.5%, with the Office of the Insurance Commission (OIC) projecting insurance premiums to hit the 1 trillion baht (US$ 28,184,510,000) mark by 2026, a significant leap from the present 800 to 900 billion baht (US$ 22,554,272,000 to 25,373,556,000) figure. Such an outlook was shared by Chuchatr Pramoolpol, the secretary-general of the OIC.
Chuchatr revealed that the insurance industry had weathered a tough couple of years due to the pandemic, leading to four non-life insurers losing their licences. However, the sector is now on a revival path, with a handful of companies even boasting margins of 1 billion baht (US$ 28,192,840).
In the year 2023, gross margins from life insurance came up to 28 billion baht (US$ 789,399,520), while non-life insurance margins were at 14.4 billion…
