Thailand Travel Insurance Market by Age (Millennials, Generation X, and Baby Boomers), by Income Level (Low-income travelers, Middle-income travelers and High-Income Travelers), by Coverage (Medical Coverage, Trip Cancellation Coverage, Baggage and Personal Belongings Coverage, Accidental Death and Dismemberment (AD&D) Coverage), by Days of Coverage (Short-Trip Insurance, Standard Trip Insurance, Extended Trip Insurance and Multi-Trip Insurance) by Distributional Channel (Insurance Companies, Banks, Airlines, Online Platforms, and Travel Agents & Tour Operators), by End User (Leisure Travelers, Medical Travelers, Education Travelers, Business Travelers, Family Travelers, and Pilgrim Travelers) – Opportunity Analysis and Industry Forecast, 2025–2030
Industry: BFSI | Publish Date: 02-Jan-2025 | No of Pages: 184 | No. of Tables: 145 | No. of Figures: 74 | Format: PDF | Report Code : BF1995
Thailand Travel Insurance Market Overview
The Thailand Travel Insurance Market size was valued at USD 199.7 million in 2024 and is predicted to reach USD 504.1 million by 2030, registering a CAGR of 15.9% from 2025 to 2030.
The Thailand travel insurance market refers to the sector focused on offering insurance coverage for travelers either originating from or traveling within Thailand. This market provides various policies designed to protect against travel-related risks, including trip cancellations, medical emergencies, lost or delayed luggage, and travel disruptions. Key features of the market include flexible options such as single-trip, multi-trip, and specialized policies tailored for high-risk activities or travelers with pre-existing medical conditions.
As Thailand continues to be a popular destination for international tourists and a significant number of Thai residents travel abroad, travel insurance plays a vital role in ensuring financial protection. With customized coverage options designed to meet diverse needs, Thai travel insurance offers reassurance and confidence to those journeying within the country or venturing abroad. This insurance sector provides peace of mind and essential financial security helping travelers navigate potential risks, ensuring they can explore their destinations with peace of mind.
Growing Outbound Travel in Thailand Drives the Demand for Travel Insurance
The rising outbound travel rates in Thailand significantly boosts the demand for safeguarding the journeys against unforeseen risks that in turn propels the market growth. As per the latest report published by the British Tourist Authority 2024, outbound visits from Thailand totaled 10.7 million, resulting in an international tourism expenditure of approximately USD 11.6 billion in 2023.
With increase in Thai people travelling for leisure, business, and education purposes, they encounter heightened risks such as medical emergencies and trip cancellations, leading them to seek comprehensive insurance coverage for protection against unforeseen incidents abroad. Consequently, the rise in international travel boosts the demand for customized and reliable travel insurance policies in the country, fueled by a desire for safe and a hassle-free travel experience.
Digital Innovation by Regional Players Fuels Market Growth in Thailand's Travel Insurance
The recent wave of digital innovation by local companies in Thailand's travel insurance market is driving growth by improving user experiences and simplifying processes. Companies are integrating advanced technology such as mobile apps for straightforward policy handling, streamlined online claims, and personalized insurance solutions tailored to meet a wide range of traveler preferences. For instance, Mitsui Sumitomo Insurance Group Thailand launched Travel Easy Plus, a comprehensive travel insurance package covering accidents, health, personal belongings, and trip cancellations. These digital advancements make insurance more accessible, build consumer trust, and allow customers to effortlessly compare and select suitable coverage, accelerating market growth in Thailand.
Rising Claims and Growing Awareness Fuels Thailand's Travel Insurance Market Growth
The rising incidence of travel insurance claims in Thailand avails market growth and consumer education regarding the importance of insurance. The Insurance Premium Rating Bureau latest report shows that Japan’s non-life insurance industry deployed about 3.5% increase on direct premium writings in 2023. Various travel insurance companies operating in Thailand are gradually reacting to this by diversifying and coming up with new and more appropriate covers suitable for the clients. Such an increase in claims enhances consumer awareness for insurance coverage that can effectively address the risks associated with travelling effectively stimulating market growth in the Thai travel insurance market.
Regulatory Challenges Hinders Growth in Thailand's Travel Insurance Market
Regulatory complexities within Thailand's travel insurance market pose significant barrier to market growth due to the extensive and intricate regulations set forth by the country's regulatory authorities. Insurers in Thailand encounter substantial administrative burdens and associated costs to maintain compliance with these varying regulations, that hinders innovation and slow down the introduction of new travel insurance products. For instance, Office of Insurance Commission (OIC) requires Thai insurance companies to navigate a complex legal landscape, often resulting in delayed market responses to evolving consumer demands. Consequently, these hurdles deter potential insurers from entering the market and restraining the growth of existing companies in the Thai travel insurance market.
Integration of Chatbot in Travel Insurance Platforms Presents Lucrative Opportunity
The integration of chatbots in Thailand travel insurance platforms is expected to create ample opportunities for market growth by providing 24/7 customer support, allowing travelers to receive immediate assistance and information. For instance, AXA implemented a chatbot that enhances customer service by efficiently handling inquiries, that improves customer satisfaction and also increases conversion rates as potential customers receive prompt responses.
Additionally, Starr Insurance introduced a travel insurance chatbot on Facebook Messenger making it easier for customers to access coverage information and obtain assistance directly through a platform they frequently use. Through streamlining the claims process and reducing operational costs, integration of chatbots in travel insurance is expected to enhance efficiency for insurers that would contribute to overall market expansion in the forthcoming years.
By Age, Generation X Holds the Predominating Share in the Thailand Travel Insurance Industry
Generation X in Thailand exhibits a pragmatic approach to travel, balancing their professional responsibilities with family obligations, that shapes their travel habits and insurance preferences. While they recognize the importance of travel insurance for peace of mind, their commitment is less pronounced than that of millennials, who prioritize frequent trips and unique adventures. Unlike millennials, who actively incorporate flexible and comprehensive insurance into their travel plans, Generation X maintains a moderate frequency of travel and insurance acquisition. In comparison, baby boomers travel even less frequently, leading to a diminished focus on travel insurance products.
By End User, Medical Travelers is Projected to Witness the Highest CAGR Growth Until 2030
Medical travelers are individuals who travel to receive healthcare services, including treatments, surgeries, or specialized medical care within the country or abroad. According to our research, medical travelers is the fastest growing segment within the end user segment. This group of travelers requires tailored travel insurance policies with coverage for medical procedures, pre- and post-treatment care, emergency evacuations, and complications arising during travel. In contrast to leisure travelers, who prioritize flexibility, medical travelers focus on robust policies that address health-related risks and support their specific treatment needs. Insurers such as Chubb Limited and AIG Thailand offer specialized insurance plans for medical travelers, ensuring they receive essential financial protection and access to necessary medical assistance.
Unveiling the Spending Trends of Thai Outbound Travelers
The Thailand’s outbound tourism consumption per capita has risen over the years as shown in the graph below and increased to USD 390.41 billion in 2018. Nevertheless, the outbreak of COVID-19 led to a significant decrease in spending the previous year – by more than half. Thus, the recovery has been relatively sharp; the outbound tourism expenditure has grown to USD 402.60 billion in 2023 from 103% higher in 2022 than that of the pre-pandemic year 2019.
|
Thailand Outbound Tourism Expenditure |
Yearly Spending ($ Bn) |
Y-o-Y Change (%) |
|
2010 |
xx |
- |
|
2011 |
xx |
xx |
|
2012 |
xx |
xx |
|
2013 |
xx |
xx |
|
2014 |
xx |
xx |
|
2015 |
xx |
xx |
|
2016 |
xx |
xx |
|
2017 |
xx |
xx |
|
2018 |
390.41 |
xx |
|
2019 |
xx |
xx |
|
2020 |
xx |
xx |
|
2021 |
xx |
xx |
|
2022 |
xx |
xx |
|
2023 |
402.60 |
xx |
Source: Primary Research, Secondary Research, NMSC Analysis
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This resurgence in international travel is driving significant growth in Thailand’s travel insurance market. With heightened awareness of travel risks, particularly post-pandemic, Thai travelers are increasingly seeking comprehensive coverage for health, cancellations, and disruptions. The strong rebound in tourism spending directly translates to higher demand for travel insurance, ensuring robust growth for the industry as it adapts to evolving traveler needs and continues to expand alongside outbound tourism.
Analysis of Total Number of Outbound Travelers from Thailand
The information on tourist departures from Thailand shows a clear increase in international travel, reaching a peak in 2019 before the pandemic stopped travel activities in 2020 and 2021. However, travel rebounded strongly in 2022, with nearly 9.9 million departures and is reached to XY million in 2023. This advancement is believed to help increase demand for travel insurance as more travelers become aware of various risks that may occur while on the road. With regard to Thai tourists’ personal safety and security in consideration, the growth of travel insurance utilized as part of personal traveling belongings is anticipated while on the same foot it also let the insurers to develop and diversify its product to suit the Thai tourist market needs.
|
Year |
Tourist Departure |
|
2010 |
5451,000 |
|
2011 |
xxxxxxxx |
|
2012 |
xxxxxxxx |
|
2013 |
xxxxxxxx |
|
2014 |
xxxxxxxx |
|
2015 |
xxxxxxxx |
|
2016 |
xxxxxxxx |
|
2017 |
xxxxxxxx |
|
2018 |
xxxxxxxx |
|
2019 |
xxxxxxxx |
|
2020 |
xxxxxxxx |
|
2021 |
xxxxxxxx |
|
2022 |
xxxxxxxx |
|
2023 |
10,700,000 |
Source: Primary Research, Secondary Research, NMSC Analysis
Exploring Top International Travel Destinations for Thai Tourists
In the first quarter of the year 2023, Thai tourist preferred Cambodia, Japan, Vietnam, Singapore, and South Korea. This growing global travel is further putting pressure on travel insurance as travelers book their vacations and travels to look for coverage against the above-mentioned risks such as accompanied by medical emergencies and trip cancellations especially considering the costs accrued by healthcare service providers in the world or the changing requirements of travel in different countries. This enhanced growth in the travelers’ insurance as most Thais are beginning to pay attention to their insurance when they are traveling.
|
Country |
Number of Tourists |
|
Cambodia |
xxxxxx |
|
Japan |
xxxxxx |
|
Vietnam |
xxxxxx |
|
Singapore |
xxxxxx |
|
South Korea |
150,000 |
Source: Primary Research, Secondary Research, NMSC Analysis
For a more in-depth overview and detailed highlights of the report, connect with our analyst at Contact Us | NMSC
Competitive Landscape
The promising players operating in the global Thailand travel insurance industry 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, and Tune Insurance Public Co. Ltd., among others.
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These players are engaged in various collaboration across various regions to maintain their dominance in the Thailand Travel Insurance market.
|
DATE |
COMPANY |
RECENT DEVELOPMENTS |
|
|
Jul-24 |
MSIG Insurance |
MSIG Thailand introduced the "MSIG Travel Easy Plus" insurance plan, designed to meet the evolving needs of modern travelers. This new policy includes comprehensive coverage, such as trip cancellations, medical expenses, and personal belongings, with enhanced support and simplified claims processing. |
|
|
|
|||
|
|
|||
|
|
|||
|
Jun-23 |
Europ Assistance |
Europ Assistance has announced its acquisition of several AXA Partners assistance businesses in the Asia-Pacific region, with a focus on expanding its operations in Thailand. This strategic move aims to enhance Europ Assistance's service offerings and strengthen its presence in the Thai market. |
|
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Thailand Travel Insurance Market Key Segments
By Age
-
Millennials
-
Generation X
-
Baby Boomers
By Income Level
-
Low-income Travelers
-
Middle-income Travelers
-
High-income Travelers
By Coverage
-
Medical Coverage
-
Trip Cancellation Coverage
-
Baggage and Personal Belongings Coverage
-
Accidental Death and Dismemberment (AD&D) Coverage
By Days of Coverage
-
Short-Trip Insurance
-
Standard Trip Insurance
-
Extended Trip Insurance
-
Multi-Trip Insurance
By Distribution Channel
-
Insurance Companies
-
Banks
-
Airlines
-
Online Platforms
-
Travel Agents and Tour Operators
By End User
-
Leisure Travelers
-
Medical Travelers
-
Education Travelers
-
Business Travelers
-
Family Travelers
-
Pilgrim Travelers
Key Players
-
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.
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2024 |
USD 199.7 Million |
|
Revenue Forecast in 2030 |
USD 504.1 Million |
|
Value Growth Rate |
CAGR of 15.9% from 2025 to 2030 |
|
Analysis Period |
2024–2030 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
|
|
Companies Profiled |
15 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
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