Life insurers in Thailand maintaining their growth trajectory in the first half of 2025 garnered a premium income of THD326.588b registering an increase of 4.87% over the same period in the previous year 2024.
According to a press release issued by Thai Life Assurance Association the total premium income included new business premiums of THD94.916b registering an increase of 7.38% and renewal premiums of THD231.672b, a growth of 3.88%, with a retention rate of 82%.
TLAA president Ms Nusara (Assakul) Banyattipiyaphot said the most popular life insurance product with significant growth in the first half of 2025 was the health insurance supplementary contract, with total premiums of THD61,219.52m, representing an increase of 18.99%.
This constituted 18.75% of the total premiums, primarily due to the public's increasing health awareness and awareness of the importance of health insurance to manage risks and cope with rising medical costs.
The press release said as Thailand is gradually acquiring the status of an ageing society and this has raised awareness of the importance of long-term financial planning, particularly retirement savings through pension insurance.
This low-risk approach offers both life insurance coverage and tax deductions under government measures. Furthermore, amid global economic and investment volatility, some investors are seeking flexible and secure investment opportunities therefore investment-linked life insurance has become increasingly popular.
In addition, the Thai life insurance sector continues to enhance its competitiveness through the development of technologies such as Big Data, AI, and data analytics to increase operational efficiency, support product development to meet consumer needs, and increase accuracy in various processes.
Another significant risk that cannot be overlooked is the impact of climate change, pollution, and potential future outbreaks of emerging diseases. These impacts will not only impact the overall economy but also directly impact consumer demand, confidence, and behaviour towards life insurance products.
TLAA also said life insurance companies need to invest and manage costs to adapt their internal systems to effectively and sustainably support these standards. They will also need to develop and offer innovative products and services that meet consumer needs in the digital age. At the same time, they must continuously promote public understanding of life planning and risk management.
Also, to ensure stable long-term growth in the life insurance industry amidst a rapidly changing environment the Thai Life Assurance Association is systematically integrating ESG (Environment, Social, and Governance) concepts into its operations, including investment considerations, product design, and service development that meet the needs of today's consumers.