Mr Chuchatr pointed out that instead of expanding coverage, many policyholders are choosing to maintain existing protection levels and prioritise essential insurance products, especially health insurance renewals.
Thailand's insurance industry is expected to maintain growth broadly in line with the country's GDP this year, despite mounting economic uncertainty and rising living costs that are beginning to influence consumer purchasing behaviour, the sector's regulator and senior executives say.Chuchatr Pramoolpol, secretary-general of the Office of Insurance Commission, said the overall insurance industry is still projected to expand at around the same pace as Thailand's economic growth, with the regulator maintaining the growth target at 3.5% this year.
Geopolitical tensions and ongoing global conflicts have not yet caused severe disruptions to the sector's outlook. Historically, Thailand's insurance industry has tended to grow at roughly the same rate as national GDP.
However, higher operating costs, including rising oil prices, medical expenses, labour, and spare parts costs, are increasing pressure on insurers' profitability. Elevated living expenses are also reshaping insurance purchasing patterns among consumers, Mr Chuchatr said.
