Growing Outbound Travel in Thailand Fuels the Demand for Travel Insurance Market

The Thailand Travel Insurance Market size was valued USD 199.7 million in 2024, and it is projected to reach USD 504.1 million by 2030, with a CAGR of 15.9% from 2025-2030.

Travel insurance in Thailand is also driven by the rising outbound flight rates from Thailand for the protection against the unknowns. About 10.7 million outbound tourists visited Thailand and USD 11.6 billion worth of foreign tourism spending was generated in 2023, as per the latest figures from the British Tourist Authority. The greater the number of Thais traveling on leisure, business, and educational trips, the greater the risk of medical emergency and cancellation and they need to make sure they have complete insurance. This international boom drives the need for customized and quality travel insurance as consumers demand an ad-hoc, hassle-free travel.

Additionally, the rise of digital innovation in Thailand travel insurance sector is driving market growth by enhancing customer experiences and streamlining operations. Companies are adopting advanced technologies such as mobile apps for policy management and online claims processing, with Mitsui Sumitomo Insurance Group Thailand launching the MSIG Travel Easy Plus product in July 2024, offering comprehensive coverage tailored to various traveler needs. These innovations improve accessibility and consumer confidence, allowing customers to compare options easily and secure suitable coverage. Ultimately, this trend contributes to the overall expansion of the travel insurance market in Thailand.

Moreover, growing claims on travel insurances in Thailand is accelerating the growth of this market by making the consumers more aware and highlighting the need of insurance. In 2023, non-life insurance wrote approximately 3.5% more direct premiums, according to the Insurance Premium Rating Bureau’s most recent report. Travel insurance companies are adapting and expanding, innovating and designing policy specifically for the consumer. This spike in claims does not just increase awareness but also encourages people to have proper insurance protection to deal with the risks of travel, which further spurs the growth of Thailand travel insurance industry.

However, the regulatory complexities in Thailand travel insurance market present significant barriers to growth due to intricate regulations imposed by authorities. Insurers face substantial administrative burdens and costs to comply, hindering innovation and delaying the introduction of new products, which deters potential entrants and restricts the growth of existing companies.

On the contrary, the integration of chatbots in Thailand's travel insurance platforms is set to drive market growth by offering 24/7 customer support for immediate assistance. For example, AXA's chatbot improves customer service by efficiently handling inquiries, while Starr Insurance's Facebook Messenger chatbot simplifies access to coverage information, enhancing efficiency and consumer confidence in insurance products.

Request for a Sample PDF on the Thailand Travel Insurance Market

According to the report, leading players operating in the Thailand travel insurance market include Dhipaya Insurance Public Co. Ltd AXA Thailand AIG Thailand MSIG Insurance (Thailand) Public Co. Ltd Tokio Marine Holdings Inc April International Bangkok Insurance Public Co. Ltd Allianz Ayudhya Muang Thai Insurance Public Co. Ltd Thaivivat Insurance Public Co. Ltd Chubb Ltd Europ Assistance Pacific Cross International Krungthai Panich Insurance Public Co. Ltd GeoBlue Morgan Price Optimum Global Aon Plc Tune Insurance Public Co. Ltd., among others. 

Key Insights from the Thailand Travel Insurance Market Report:  

• The information related to key drivers, restraints, and opportunities and their impact on the Thailand travel insurance market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.

• The market share of the players in the Thailand travel insurance market along with their competitive analysis are provided in the report.