Chuchatr Pramoolpol, secretary-general of the Office of Insurance Commission, announced that Thailand's insurance sector is expected to grow at 3.5% this year, aligning with the country's GDP growth. Despite geopolitical tensions, the sector's outlook remains stable. However, rising operational costs, such as oil and medical expenses, are impacting profitability. Consumers are adjusting their purchasing habits, opting to maintain existing coverage rather than expand, particularly in health insurance. The life insurance sector reported net profits of over 70 billion baht last year, aided by better investment returns and the adoption of the IFRS 17 accounting standard. This transition is prompting insurers to focus more on long-term risk management. Additionally, demographic changes are influencing the market, with products like savings insurance and annuities becoming vital for retirement planning. Innovations in insurance technology are also gaining traction, enhancing accessibility and efficiency in the sector.