Thai life insurance industry grows 4.87% to $10b in H1 2025

New business premiums rose 7.38%.

Thailand’s life insurance industry grew 4.87% year-on-year (YoY) in the first half of 2025, with total premiums reaching $10.12b (THB326.59b), according to the Thai Life Assurance Association.

New business premiums rose 7.38% YoY to $2.94b (THB94.92b), whilst renewal premiums increased 3.88% YoY to $7.18b (THB231.67b).

First-year premiums climbed 9.32% YoY to $1.95b (THB62.94b), and single premiums were up 3.77% YoY to $0.99b (THB31.98b).

By channel, agencies led with $5.07b (THB163.48b) (50.06%), followed by bancassurance at $3.97b (THB127.97b) (39.18%).

Brokers accounted for $0.59b (THB18.99b), telemarketing $0.20b (THB6.39b), digital $23.25b (THB750b), and other channels $0.28b (THB9.0b). Digital saw the fastest growth at 28.21% YoY.

Health riders drove product demand, generating $1.90b (THB61.22b) in premiums, up 18.99% YoY.

Pension products rose 9.51% YoY to $0.19b (THB6.24b), whilst investment-linked policies increased 7.54% YoY to $0.60b (THB19.41b).

The association said growth remains in line with its 2% to 3% forecast, supported by rising health awareness, medical inflation of about 15%, and demand for retirement savings.

It added that the sector is preparing for TFRS 17, investing in technology to improve efficiency, whilst also facing risks from inflation, debt, geopolitics, climate change, and disease outbreaks.

($1.00 = THB32.59)