(Photo: 123RF)
Thailand's insurance industry continued to expand steadily last year, with total direct premiums rising 3.17% year-on-year to 969 billion baht, supported by strong growth in health, unit-linked, and travel insurance segments, according to the Office of the Insurance Commission (OIC).The industry maintained growth momentum despite economic uncertainty and rising global risks, underscoring its role in risk management for households, businesses and the economy, noted the regulator.
Last year, life insurance premiums rose 3.62% to 676 billion baht, while non-life insurance premiums increased 2.17% to 293 billion baht.
Among life insurance products, ordinary life insurance remained the largest segment, generating 403 billion baht in premiums, followed by health riders at 135 billion baht, group life insurance 41.9 billion, unit-linked insurance products 41.4 billion, and annuity products 21.5 billion.
"The figures reflect growing consumer demand for long-term financial planning, healthcare protection, retirement savings, and investment-linked insurance solutions," the OIC said in a statement.
