Kathmandu. The Office of the Insurance Commission (OIC) of Thailand has announced its fifth insurance development plan for the year 2026-2030.
This plan is based on 4 main strategies. These strategies are aimed at building a robust and resilient insurance system, managing large-scale risks and emerging challenges, promoting global access to insurance, and creating responsible information and technology ecosystems.
According to Chuchat Pramulpol, secretary-general of the commission, the scheme represents a “structural evolution” of Thailand’s insurance system. Unlike previous efforts to focus companies on modernization, the Fifth Plan aims to create a connected data ecosystem, implement group-wide supervision and make insurance a key system for national risk management.
Here are the 4 strategies
Sustainability: Building the security of the insurance system by combining strong capital standards, inclusive governance and core ESG principles to increase international trust and reduce business risk.
Resilience: TAG_CLOSE_span_20Promote disaster risk management using advanced risk modeling to effectively predict, prevent, and mitigate damage from major disasters.
Inclusion: Promote insurance as an equally accessible fundamental right for all people, including self-employed workers, farmers and vulnerable groups.
Technology and data TAG_CLOSE_span_18-driven: Advance open insurance policies, promote e-policies, and use digital technology to regulate to increase transparency and efficiency of the Thai insurance system in the long run.
The launch of the scheme on February 3 included a keynote lecture on ‘The Role of Insurance Systems in National Risk Management’ by Bunyarit Kalyanmit, Chairman of the Insurance Development Plan Advance Sub-Committee. He pointed out that as Thailand faces increasing economic instability, severe natural disasters, demographic changes and other emerging risks, the insurance sector needs to move from a reactive approach to a proactive national risk buffer. “It can absorb shocks and support economic and social stability,” he said.
The Commission is currently coordinating with the concerned departments and other stakeholders to ensure effective implementation of the plan. When fully implemented, the plan aims to position the Thai insurance industry as a technology-driven, data-informed and sustainable regional leader, providing citizens with safety and confidence, and strengthening the country’s capacity to address large-scale economic and social challenges. –Agency
