Thailand’s insurance market is expanding fast. In 2024, it generated a massive $29.1 trillion (THB 939.6 trillion) in total premiums, with life insurance contributing over $20 trillion. However, we also see a big shift in the way Thais are buying insurance. With Thailand’s Insurtech Boom and the rise of digital insurance, the value of online insurance premiums reached $800 million in 2024, marking a 14% jump from the previous year. By 2026, Thailand’s online insurance market is projected to hit $5.7 billion, growing at a compound annual growth rate (CAGR) of 5.7%. This boom signals a deeper shift in consumer habits and expectations.
A Nation Ready for Digital Disruption
The foundation of Thailand’s insurtech boom is its digital infrastructure. With 88% internet penetration and 136.1% mobile connection rate (equal to nearly 98 million subscriptions), the country is primed for digital services.
Thais spend almost five hours online daily, far above regional averages. That kind of engagement creates the perfect environment for platforms that offer insurance products directly on smartphones, that can be accessed anytime, anywhere.
Millennials and Gen Z: The Digital Insurance Generation
Younger Thais are powering this shift. Millennials and Gen Z now drive over 50% of demand for digital insurance products. They want quick comparisons, easy sign-ups, and policies that match their lifestyle, instead of long forms and waiting rooms.
Their habits are pushing the industry forward. 78% of Gen Z and 74% of Millennial insurance advisors now operate primarily online. These consumers and advisors are shaping a future where insurance is bought, adjusted, and even claimed digitally.
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Personalization Is the New Standard in Thailand’s Insurtech Boom
Digital natives don’t just want convenience; they also want custom experiences. In fact, 92% of Gen Z consumers in Thailand expect personalization in their services, including insurance. Over 60% are willing to pay more for coverage that feels tailored to them, making sure that they only pay what they need.
This demand has led to flexible coverage options: micro-insurance, temporary coverage, and policies that adapt to real-time user data. These aren’t just trends—they’re fast becoming industry norms in Thailand’s insurtech ecosystem.
Why the Shift in Thailand’s Insurtech Boom Matters
Thailand’s insurtech boom isn’t just about apps and automation. It’s about making insurance accessible, especially for younger, urban populations who previously may have avoided or delayed coverage. It also empowers agents to do business more efficiently, expanding their reach and reducing costs.
And with digital insurance premiums growing 14% in a single year, it’s clear that this is more than a niche. It’s a national shift. As digital insurance becomes easier to use, more people are getting covered, creating broader social safety nets across Thai society.
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Thailand’s Insurtech Boom: Looking Ahead
Thailand’s insurtech market is not just growing, but it’s transforming the nation. With $5.7 billion in value expected by 2026, the momentum is strong and only accelerating. Fueled by mobile-first behavior, tech-savvy youth, and a hunger for personalized services, Thailand’s insurtech boom is reshaping how the country thinks about protection, security, and peace of mind.
