Market Insights Financial Insurances Non-life insurances

Health insurance - Thailand

Thailand

The Health insurance market market in Thailand is expected to reach a projected market size (gross written premium) of US$3.15bn in 2025.
The average spending per capita in the Health insurance market market is estimated to be US$43.75 in the same year.
With an annual growth rate (CAGR 2025-2029) of 4.52%, the gross written premium is anticipated to increase, resulting in a market volume of US$3.76bn by 2029.
When compared globally, the United States is projected to generate the highest gross written premium, amounting to US$1,764.0bn in 2025.
Thailand's health insurance market is witnessing a surge in demand due to the rising awareness of the importance of comprehensive healthcare coverage among the population.

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Analyst Opinion

Over the past few years, the Health insurance market in Thailand has been experiencing significant growth and development. Customer preferences in the Thai health insurance market have been shifting towards comprehensive coverage that includes not only medical expenses but also wellness programs and preventive care. Customers are increasingly looking for insurance plans that offer a wide range of benefits and services to ensure their overall well-being. Trends in the market show a rise in the popularity of digital health insurance platforms in Thailand. With the increasing penetration of smartphones and the internet, customers are now more inclined towards purchasing and managing their health insurance policies online. This trend has led to greater convenience and accessibility for policyholders. Local special circumstances in Thailand, such as the government's push for universal healthcare coverage and the rising healthcare costs, have also played a significant role in shaping the health insurance market. As the demand for quality healthcare services grows, more individuals are turning to private health insurance to supplement the limitations of the public healthcare system. Underlying macroeconomic factors, such as the country's aging population and the increasing prevalence of chronic diseases, have further fueled the growth of the health insurance market in Thailand. The need for long-term healthcare solutions and financial protection against rising medical expenses has driven more individuals to invest in comprehensive health insurance plans. Overall, the Health insurance market in Thailand is evolving to meet the changing needs and preferences of customers, driven by a combination of local circumstances and macroeconomic factors that are shaping the industry landscape.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.