Thailand’s life insurance market is forecasted to grow at a compound annual growth rate (CAGR) of 4.4%, reaching THB781.7 billion by 2028, up from THB660.4 billion in 2024, according to GlobalData.
The anticipated 3.7% growth in 2024 is driven by increased health awareness and demographic shifts, particularly the financial needs of an aging population.
Whole life insurance is set to remain dominant, accounting for 60.3% of gross written premiums (GWP) in 2024. This growth is supported by rising life expectancy, which is expected to reach 79.6 years by 2030. Whole life insurance is projected to grow at a CAGR of 3.7% through 2028.
Supplementary or rider insurance, the second-largest segment, is expected to cover 22.3% of total GWP in 2024, with a CAGR of 5.4%. This increase is due to growing demand for customizable health coverage among expatriates and Thai employees.
Endowment insurance, the third-largest line, is anticipated to hold a 5.2% share of GWP in 2024 and grow at a CAGR of 5.2% over the next four years. Pension, universal life, and other insurance types are expected to make up 12.2% of GWP in 2024.
