Thailand's insurance regulator, the Office of the Insurance Commission (OIC), has launched the '5th Insurance Development Plan (2026-2030)', addressing modern risks. Public hearings have also been planned, following a focus group meeting to outline the future direction of the Thai insurance industry.
The plan will serve as the main strategic framework for determining the direction of development of Thailand’s insurance industry over the next five years, in the context of a volatile economy, rapidly changing technology and the public’s increasing expectations for risk management systems.
OIC secretary-general Chuchat Pramulphon issued a policy to develop a new plan based on the principle of “all-sector participation” to ensure that the plan truly reflects the needs of all stakeholders, including businesses, consumers and the government.
The plan will also be open to all stakeholders through focus group forums and public hearings, before being presented to the OIC Board for approval.
Recently, OIC deputy secretary-general for strategy and technology Chayanin Kerdpholngam chaired a focus group discussion with the life and non-life insurance sectors to gather in-depth opinions on the draft framework for the plan. The discussion covered four areas:
- Building consumer awareness and confidence through communication, knowledge promotion and the development of easily understood products.
- Strengthening the stability and adaptability of insurers to cope with new risks such as cyber threats, weather disasters and technological change.
- Promoting the insurance sector to play a role in supporting the Thai economy and society, such as agricultural, labour income and promotion of health coverage for the public.
- Improving the infrastructure of the insurance system, including laws, databases, regulatory systems and technology, to ensure it is modern, transparent and fair.
Touching on the new plan, the OIC has assessed that critical factors facing the insurance industry in the future include economic and geopolitical uncertainty; the transition to a super-aged society; sustainability trends (ESG), technological advancements such as AI, big data and open data; and changing consumer behaviour that demands fast, transparent and flexible services, such as usage-based insurance and easily accessible digital channels.
One of the OIC’s goals is for the new plan to serve as a mechanism for elevating the Thai insurance system to be competitive on the global stage.
This will be achieved through strong regulatory standards, promoting innovation that meets consumer needs and developing businesses that are flexible, modern and socially responsible.
It will serve as a true guarantee of public security in all situations, including disasters, epidemics, economic volatility and even geopolitical and technological risks. It will also act as a driving force for the Thai economy, ensuring stability, sustainability and resilience against future uncertainties.