The Office of Insurance Commission (OIC) has suggested a number of new mechanisms to drive the Thai insurance industry in 2026.
These mechanisms include driving e-policy through open insurance, restructuring car insurance according to driver behaviour, pushing forward the fifth insurance development plan, positioning insurance as a risk management mechanism and enhancing the stability of the Thai economy in the long term. The commission estimates that through these initiatives the total insurance premium would reach nearly THB970bn ($31bn) in 2026.
Some of the initiatives include:
Enhancing group-wide supervision: OIC will continue to raise the standard of governance of Thailand's insurance business. The group wide supervision approach is applied according to international principles to be in line with the current insurance business structure that has been established as a group of businesses and expand investment in more related businesses. This will increase transparency, enhance stability, and enhance the competitiveness of the Thai insurance industry in the long term.
Investment matters: Improve the criteria for investment in other businesses of life insurance companies and non-life insurance companies to be flexible in line with the business structure and risk acceptance level of each company. Under the supervision based on the principle of risk proportionality to provide insurance companies with unlimited access to investment channels. Generate returns and diversify risks and strengthen the stability of people's savings in the form of insurance policies.
Determination of driving behaviour: By using driving behaviour factors to determine the premium rate to reflect the real risk of car users and create fairness in the insurance system. In the past, car insurance premium rates are still based on overall information such as age or car model, which cannot properly reflect individual driving habits. As a result, disciplined drivers have to pay premiums similar to those at high risk.
In-depth research: To create a model area for road safety and promotion campaigns by initiating a project to create a model area for road safety and a compulsory car insurance campaign
Driving the electronic insurance policy system (e-Policy): Moving forward with the e-policy and e-custodian projects for compulsory car insurance in the next year, which is a structural reform of the Thai insurance industry.