Laos

Laos Insurance Market Highlights

Market Regulation:

Governed by the Ministry of Finance. Axco’s reports highlight 2026 priorities aimed at bringing the regulatory framework in line with ASEAN integration standards.

Non-Life Market Trends:

The market is dominated by Motor and Engineering insurance; Axco’s unique data shows that foreign-funded hydropower and infrastructure projects drive the majority of commercial GWP.

Distribution Channels:

Distribution is centralised around state-linked insurers; Axco analysis notes that the independent agent network is still in a developing phase.

Key Risks & Outlook:

Currency depreciation is a significant factor; Axco’s outlook identifies the lack of local technical expertise as the primary constraint on market expansion.

Insurance Companies:

Axco Navigator details there are 23 insurance companies are authorised to write business in Laos, of which 16 operate in non-life classes and 7 in life-classes.

Insurance Statistics:

Axco reports written premiums in 2024 increased by 41.6% to LAK 2,513,558 Mn with property the largest class of business, accounting for 22% of premiums. Insurance penetration stands at 0.70%.

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Laos Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Laos includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

What is the Non-Life Insurance market in Laos?

The regulator reports that in 2024 there were nine licensed composite companies in the market, 16 non-life insurers and seven licensed life insurers, that is 23 licensed insurance companies in total. Six companies are wholly owned by foreign interests and nine are joint ventures between local interests and foreign partners.

One company (MSIG Insurance (Lao) Co Ltd) has the Lao government as minority shareholder. Since December 2024 one company (AGL) is wholly owned by the state (Ministry of Finance).

In the Non-Life (P&C) market, Bangkok Insurance (Lao) was the market leader, recording LAK 754,470.20 million in written premiums and 28.70% market share in 2024. It was followed by Allianz General Laos (LAK 492,438.30 million; 18.73% market share) and Lao-Viet Insurance Joint Venture (LAK 443,043.05 million; 16.85% market share).

Among the leading non-life insurers, Lao-China Pacific Insurance reported the strongest growth, with premiums increasing 1005.1% year-on-year. 16 companies are licensed for non-life business.

Who are the top non-life insurers in Laos?

Source: Axco Navigator, Laos Insurance Market Rankings.

What is the Life Insurance market in Laos?

In the Life insurance market, ST-Muangthai Insurance was the largest insurer in 2024, generating LAK 120,957.99 million in written premiums and holding 63.27% market share. It was followed by Soksay Life Insurance (LAK 31,139.25 million; 16.29% market share) and Prudential Insurance (LAK 28,256.18 million; 14.78% market share).

The fastest-growing major life insurer was Soksay Life Insurance, with premium growth of 925.4% year-on-year. Seven companies are licensed for life business. 

Who are the top life insurers in Laos?

Source: Axco Navigator, Laos Insurance Market Rankings.

Country Information

The Siamese ceded Laos to the French in 1893 in a treaty bringing the country into the Union of Indo-China. After occupation by the Japanese in World War 2, the French first recolonised and then withdrew from the country. Internal struggles followed between royalists and communists backed by North Vietnam. Laos is now a one-party state controlled by the Lao People's Revolutionary Party (LPRP).

Significant economic and infrastructural developments are underway in Laos, including a USD 6.7bn railway link built between China and Laos (in which the Lao government has a 30% stake financed from borrowing from the Export-Import Bank of China) as part of China's Belt and Road initiative.

The number of licenced companies in Laos' insurance market has expanded from seven at the end of 2014 to 22 in the first quarter of 2019 (with approval of two additional licences pending).

Domestic interests own several locally licenced insurers and growing foreign interest in insurance company establishment in Laos emanates mainly from neighbouring countries, notably from China, Thailand, Vietnam and Singapore.

After many years in which foreign broking interests wholly dominated major project and property insurances (especially major construction project business), it is interesting to note that in 2018 and 2019, the regulator licensed some five new local brokers.