Thailand Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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Published: August 09, 2024 Report Code: GDIS2888MR-ST

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Thailand Life Insurance Market Report Overview

The gross written premium of the Thailand life insurance market was THB636.7 billion ($18.3 billion) in 2023. The market will achieve a CAGR of more than 4% during 2024-2028. Heightened health consciousness and the increased need for financial planning drive the market’s growth. Furthermore, the country’s expanding elderly population and a surge in premiums from both new businesses and renewals will contribute to this growth in the Thailand life insurance market growth during the forecast period.

The Thailand life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Thailand Life Insurance Market Outlook, 2023-2028 (THB Billion)

Thailand Life Insurance Market Outlook, 2023-2028 (THB Billion)

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The Thailand life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Thailand economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.

Market Size (2023) THB636.7 billion ($18.3 billion)
CAGR (2024-2028) >4%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·       Whole Life

·       Universal Life

·       Endowment

·       Pension

·       Life PA&H
Key Distribution Channels ·       Direct Marketing

·       Insurance Brokers

·       Bancassurance

·       Agencies
Leading Companies ·       AIA Thailand

·       Thai Life

·       FWD Life

·       Muang Thai Life

·       Krungthai AXA
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Thailand Life Insurance Market Trends

Healthcare for the elderly, mental health, insurtech, AI, and digital distribution are the key trends that will impact the Thailand life insurance sector.

  • All Thai citizens are covered by one of three public health insurance schemes: the Civil Servant Medical Benefit Scheme (CSMBS), Social Health Insurance (SHI), or the tax-financed Universal Coverage Scheme (UCS). Approximately 75% of the population is enrolled in the UCS, which is managed by the National Health Security Office (NHSO) and provides a comprehensive health safety net. The UCS offers elderly beneficiaries complimentary eyeglasses, adult diapers, dentures, and dental implants as part of the government’s initiative to improve senior health and well-being.
  • Thailand’s enhanced national healthcare policy of 30 Baht Treat All Diseases Anywhere with a Single ID Card represents a substantial advancement toward universal health coverage by improving access to healthcare, particularly for vulnerable populations and minorities.

Thailand Life Insurance Market Segmentation by Lines of Business

Whole life accounted for the highest share of the Thailand life insurance market in 2023

The key lines of business in the Thailand life insurance industry are whole life, universal life, endowment, pension, life PA&H, and other life insurance. The expansion of whole life insurance is bolstered by the rise in average life expectancy, which reached 77.9 years old in 2023, as reported by GlobalData. Whole life insurance which offers enduring coverage until death or an advanced age, such as 99 years old, has gained traction among Thailand’s aging demographic. This type of long-term insurance policy builds cash value over time; presenting an opportunity to augment income post-retirement for a prolonged period.

Thailand Life Insurance Market Analysis by Lines of Business, 2023 (%)

Thailand Life Insurance Market Analysis by Lines of Business, 2023 (%)

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Thailand Life Insurance Market Segmentation by Distribution Channels

In 2023, bancassurance was the most preferred channel to purchase life insurance

The key distribution channels in the Thailand life insurance industry are direct marketing, insurance brokers, bancassurance, and agencies. An uptick in partnerships between banks and insurance firms drives this channel. Notably, Thai Life Insurance forged a bancassurance agreement with CIMB Thai Bank in January 2024.

Thailand Life Insurance Market Analysis by Distribution Channels, 2023 (%)

Thailand Life Insurance Market Analysis by Distribution Channels, 2023 (%)

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Thailand Life Insurance Market - Competitive Landscape

AIA Thailand accounted for the highest share of the Thailand life insurance market in 2023

A few of the leading life insurance companies in Thailand are:

  • AIA Thailand
  • Thai Life
  • FWD Life
  • Muang Thai Life
  • Krungthai AXA

The sector is predominantly occupied by foreign insurers, with Thai Life Insurance as the sole domestic insurer among the top 10.

Thailand Life Insurance Market Analysis by Companies, 2023 (%)

Thailand Life Insurance Market Analysis by Companies, 2023 (%)

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Thailand Life Insurance Market - Latest Developments

  • In July 2024, AIA Thailand, in partnership with Krungsri, launched a new unit-linked product; the Krungsri Unit Linked Smart Plan. The plan is designed to safeguard family wealth, facilitate retirement preparation, or ensure the transfer of legacies.
  • In October 2023, FWD Life unveiled the FWD Health Companion; a program aimed at fostering a culture of wellness among its policyholders. The program encompasses proactive healthcare services and robust support for both physical and mental well-being.

Segments Covered in the Report

Thailand Life Insurance Lines of Business Outlook (Value, THB Billion, 2019-2028)

  • Whole Life
  • Universal Life
  • Endowment
  • Pension
  • Life PA&H
  • Other Life Insurance

Thailand Life Insurance Distribution Channel Outlook (Value, THB Billion, 2019-2028)

  • Direct Marketing
  • Insurance Brokers
  • Bancassuarance
  • Agencies

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Thailand.

  • Historical values for the Thailand life insurance segment for the report’s review period and projected figures for the forecast period.

  • Profiles of the top life insurance companies in Thailand and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Thailand’s life insurance segment.

  • A comprehensive overview of Thailand’s economy, government initiatives, and investment opportunities.

  • Thailand’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing and capital requirements.

  • Thailand’s life insurance segment’s market structure gives details of lines of business.

  • Thailand’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.

  • Distribution channels deployed by Thailand’s life insurers.

  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Thailand’s life insurance segment.

  • Understand the demand-side dynamics, key market trends, and growth opportunities in Thailand’s life insurance segment.

  • Assess the competitive dynamics in the life insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

American International Assurance - Thailand
Thai Life Insurance
FWD Life Insurance (Thailand)
Muang Thai Life Assurance
Krungthai AXA Life Insurance
Bangkok Life Assurance
Prudential Life Assurance (Thailand)
Ocean Life Insurance

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Company Profiles

Reinsurance

Appendix

Frequently asked questions

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