Muang Thai Life Assurance (MTL) chief executive, Sara Lamsam, is cautiously optimistic about the insurance sector’s growth prospects for the second half of 2025. Despite ongoing global economic uncertainties and the implementation of the new Thai Financial Reporting Standard 17, MTL expects the Thai insurance industry to maintain its expansion trajectory.
Growth Drivers
Lamsam attributes the expected growth to continued demand for health-related insurance products, following changes in co-payment structures earlier in 2025. “We anticipate overall premiums, particularly from new business, will continue to grow,” he stated. The surge in health insurance purchases observed in the first quarter is expected to persist throughout the year.
Changing Consumer Behavior
“More Thais are embracing life insurance, driven by a growing sense of responsibility and the desire to leave a legacy for their loved ones,” Lamsam explained. For 2025, MTL projects sector-wide insurance premium growth of 2-3%. The company notes that while new savings products face challenges in offering competitive returns, Thai consumers are becoming increasingly receptive to health and legacy insurance plans.
Industry Performance
According to the Thai Life Assurance Association, the industry showed promising signs in the first four months of 2025, with new premiums rising by 11% and total premiums increasing by 6%. MTL is responding to these trends by launching two new insurance products designed to support long-term financial security and intergenerational wealth transfer.
New Product Offerings
- Premier Legacy 99/1: This plan offers lifetime insurance coverage for a one-time premium, with a minimum insured sum of 10 million baht. It features a fixed cash surrender value and tax-exempt benefits for customers aged 30 days to 80 years.
- Flexi Protection 99/20: This comprehensive life and health coverage policy requires premiums to be paid over 20 years, with protection extending until age 99. From age 65 onwards, it offers lump-sum medical coverage for both inpatient and outpatient care.
“We are committed to supporting customers with diverse needs,” Lamsam said. MTL is also enhancing its estate planning services for high-net-worth clients, underscoring its commitment to helping customers prepare for and pass on financial security to their loved ones.
Regional Operations
MTL’s operations in Cambodia, Laos, Myanmar, and Vietnam continue to perform relatively well, particularly in Laos. The company remains vigilant amid a complex risk environment characterized by domestic economic pressure, global geopolitical tensions, and rising compliance costs associated with regulatory changes and digital transformation.
“We are navigating a shifting landscape but are confident in our ability to deliver value to policyholders through innovative solutions,” Lamsam concluded.
