Inclusive insurance and risk financing in Thailand. Snapshot and way forward 2023
Inclusive insurance and risk financing in Thailand. Snapshot and way forward 2023
Inclusive insurance and risk financing in Thailand. Snapshot and way forward 2023
March 07, 2023
This report presents the main findings of UNDP’s inclusive insurance and risk finance country diagnostic for Thailand. It sets out key risks, the current inclusive insurance and disaster risk finance landscape, and recommendations to advance inclusive insurance, risk finance and development.
Thailand’s main hazards include floods, drought, storms and earthquakes. Microinsurance regulations were created in 2011, and personal accident insurance dominates the market. The government relies heavily on budget allocations and loans for disaster response, though some risk transfer solutions exist, including public asset insurance and a national crop insurance scheme.
Recommendations include reviewing the microinsurance regulatory framework; developing a disaster risk financing strategy; and creating a unified database on disaster risks and risk financing.
