Thailand Office of Insurance Commission publishes expert briefing on urgent climate adaptation and disaster insurance preparedness

The Thailand Office of Insurance Commission (OIC) published a summary of expert presentations and a panel discussion from its “Adapting to climate change: New World-New Risk-New Practice” event, framing climate change as an urgent risk requiring faster national adaptation and positioning insurance as a key mechanism for managing and financing climate-related losses. The briefing highlights research suggesting Thailand will face four major disaster risks over the next 20 years: sea level rise with land subsidence, more severe flooding, extreme drought and severe heatwaves. Speakers distinguished between mitigation and adaptation and outlined a proposal to use tax revenues to establish a Green Transition & Adaptation Fund (GTAF), with mitigation support declining over time and adaptation support increasing, including support for vulnerable groups. OIC representatives pointed to the establishment of the Insurance Center for Disaster Management and Co-operation (ICD) and described a focus on strengthening regulation, aligning risk management with International Association of Insurance Supervisors (IAIS) priorities, and expanding the use of insurance policy data to develop more comprehensive natural catastrophe coverage and promote public risk-awareness. Industry participants cited rising global catastrophe claims of around USD 140–150 billion in 2024 (27% above the 10-year average and the fifth consecutive year above USD 100 billion), a persistent protection gap (only around 40% of disaster losses insured), and the need for risk-based product design using technology, risk-reduction collaboration and maintained financial strength to pay claims.