Bangkok (VNA) – Thailand’s Office of the Insurance Commission (OIC) is launching a new strategic roadmap to strengthen Thailand's non-life insurance sector, aiming to address rising disaster risks and the growing challenges of an ageing population.
The Bangkok Post cited Chuchatr Pramoolpol, Secretary-General of the OIC, as saying that the fifth Insurance Development Plan (2026-2030) envisions an insurance system that serves as a pillar of national economic resilience and risk management, ensuring the industry can effectively respond to emerging domestic and global challenges.
These challenges include the impacts of climate change and increasingly severe natural disasters, transition to a super-aged society, and the accelerating digital transformation of the insurance landscape.
Chuchatr said the Thai insurance industry has evolved, as previous national development plans reinforced its stability and adaptability amid economic and social change.
The new plan is to serve as a comprehensive policy framework positioning the industry as a central mechanism for managing economic and social risks, driving sustainable growth, and promoting public benefit, he said.
The plan calls for collaboration among all stakeholders to shape the industry's direction.
A public hearing held in late September brought together 229 representatives from life and non-life insurers, insurance associations, brokers, actuaries, and financial advisors, contributing valuable insights and recommendations for the draft plan.
During the session, the Thai Life Assurance Association raised concerns over prolonged low interest rates and rising healthcare costs affecting that sector.
Meanwhile, the Thai General Insurance Association highlighted structural changes in motor insurance driven by the rapid adoption of electric vehicles, a trend expected to reshape that sector.
Following the consultation, Chuchatr said the OIC will compile and analyse all feedback to refine the draft roadmap, ensuring it addresses all industry dimensions -- from risk-based capital frameworks and product innovation to consumer protection and disaster risk financing mechanisms.
After revision, the final plan is to be submitted to the OIC board for approval.
Once implemented, the OIC said the roadmap will guide Thailand's insurance industry towards greater resilience, inclusivity and sustainability - reinforcing its role as a national safety net against economic shocks, climate risks and demographic shifts, while contributing to stronger financial stability and improved quality of life for Thais./.
