Thailand Insurance License Applications Drop by 11.31%

International Desk: Thailand’s insurance sector experienced a notable decline in new license applications for individual agents and brokers during 2025. According to data from the Office of Insurance Commission (OIC), total new applications fell by 11.31 percent year-on-year to 104,884. This slowdown has carried over into the current year, reflecting broader trends in the intermediary market.

The downward momentum persisted in the first quarter of 2026, with new applications decreasing by 13.40 percent compared to the same period in the prior year, reaching a total of 19,408. OIC Secretary General Chuchat Pramunphon released the figures, which provide a detailed snapshot of the licensing landscape as of March 31, 2026. At that time, Thailand had 244,048 insurance agents, 2,318 agency offices, 321,759 individual brokers, and 736 corporate brokers.

These statistics highlight structural differences across insurance segments. Insurance agents continue to dominate the life insurance sector, forming the majority of licensed intermediaries in that space. In contrast, individual and corporate brokers maintain a stronger presence in the non-life insurance market, where their roles in risk placement and specialized coverage often prove more prominent.

Interestingly, while new license applications have softened, renewals among existing individual intermediaries have shown resilience and growth. Renewals rose by 7.44 percent in 2025 to reach 175,401. This positive trend continued into the first quarter of 2026, with renewals increasing by 11.97 percent year-on-year to 43,897.

The contrasting patterns between new applications and renewals suggest that the Thai insurance intermediary market may be entering a phase of consolidation. Established professionals appear more inclined to maintain their licenses, possibly amid economic uncertainties, regulatory adjustments, or shifts in market demand that make entry less attractive for newcomers. At the same time, the sustained renewal activity points to underlying stability within the existing workforce, which could support continuity in distribution channels even as overall growth in new entrants moderates.

For insurers and industry stakeholders, these developments warrant close monitoring. A shrinking pool of new agents and brokers may influence distribution strategies, training programs, and recruitment efforts over the coming quarters. Conversely, the strength in renewals could help preserve expertise and relationships with policyholders, potentially mitigating some of the pressures from slower inflows of fresh talent. As Thailand’s insurance market continues to evolve, the balance between retention and expansion of intermediaries will likely play a key role in shaping sector dynamics.