Insurance sector to match Thai GDP growth

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.