Mr Sara delivers a presentation during the company’s recent 2026 business strategy briefing.

In response to a sharp rise in mental health cases nationwide, Muang Thai Life Assurance (MTL) is studying the launch of Thailand’s first life insurance policy covering depression.

The company expects to introduce the product this year, positioning itself as a first mover in addressing one of the country’s most pressing public health challenges.

Speaking during the company’s 2026 annual business strategy, Sara Lamsam, the company’s chief executive, said that prolonged economic uncertainty, workplace stress and growing social pressure have significantly increased depression rates, particularly among the working-age population.

Depression, he said, is a life-threatening illness, unlike burnout syndrome, which, despite being widespread, is not classified as a disease and does not directly lead to mortality.

"MTL is also studying the introduction of broader insurance coverage for psychiatric disorders, as the number of patients continues to rise," he said.

According to Thailand’s Department of Mental Health, more than 1.5 million people aged 18 through retirement age – or around 17% of the population – are living with depression.

Of every 100 patients, only 28 are able to access treatment. Mental health conditions account for more than 70% of premature deaths, while a further 15% of the population is experiencing high stress levels that require clinical screening, excluding those who remain undiagnosed.

The total number of psychiatric patients is estimated at more than 3 million, largely driven by stress, with wide-ranging impacts on personal well-being, social stability, crime and overall economic productivity. Research shows that women are more likely to suffer from depression, while men record higher suicide rates.

Men experiencing severe stress or depression are also at greater risk of cardiovascular disease.

Over the past year, Thailand recorded an average of six suicide attempts per hour, or more than 53,000 attempts a year, with around 4,000 deaths, making suicide one of the country’s leading causes of death. Mental health problems have intensified markedly over the past 2-3 years following the Covid-19 pandemic, particularly among working adults, newly graduated youths and self-employed entrepreneurs.

Tacking a super-aged society

With Thailand set to become a "super-aged society" where more than 28% of the population is elderly by late 2029, Mr Sara said MTL is expanding its life and health insurance offerings to better address long-term care needs.

The company recently introduced a new life insurance concept under its "ShieldLife" framework, offering flexible protection through the Muangthai Flexi Protection product. The plan allows customers to combine life and health coverage under a single policy, with premiums adjustable to individual needs. Health coverage can be maintained up to age 99, while life coverage extends to age 99 with a 20-year premium payment period, with an emphasis on affordability, flexibility and accessibility under the concept of "insurance for everyone".

MTL continues to offer both lump-sum health insurance and co-payment plans to provide greater choice for customers. The company said medical inflation has eased from nearly 15% previously to 10.8% last year, supported by broader treatment options and the wider adoption of co-payment systems.

Sustainability in focus

For 2026, MTL’s strategy will focus on customer-centric segmentation, product sustainability and long-term value creation, rather than short-term volume growth. The company aims to position insurance as a "support system, not a financial burden", encouraging customers to select coverage aligned with their financial capacity while ensuring long-term sustainability for both the insurer and policyholders.

MTL targets 2–3% growth in total assets from 690 billion baht at the end of 2025. New business premiums are expected to increase by 10%, outperforming the industry, while total premiums are projected to grow by 5%, in line with the market.

On the investment side, MTL plans to further diversify into higher-return risk assets. Its core portfolio remains conservative, with more than 80% allocated to fixed income, 13% to equities and the remainder to alternative investments. The company may increase exposure to high-dividend Thai equities and gold, and is also studying limited investment in cryptocurrencies, alongside a stronger focus on sustainable assets.

MTL welcomed regulatory initiatives by the Office of Insurance Commission that allow financially strong insurers to expand into alternative assets. The company is exploring investments in private equity, private credit and hedge funds, while cryptocurrency investment remains under review pending regulatory approval.