Thanachart Insurance targets home coverage for growth

Perapart Meksingvee, managing director of Thanachart Insurance, said the company would highlight a policy that covers damage to property from incidents such as natural disasters.
Home insurance contributes 3 per cent of the company’s premium income, he said, adding that the company had attempted to attract Thanachart Bank customers and general clients.
Thanachart Bank, the parent company, also wants to see its insurance arm grow from the non-vehicle insurance sector, he said.
At present, non-vehicle insurance contributes 15 per cent of annual premium income, of which 13 per cent is from personal-accident |products.
Even although the company will pursue non-vehicle premiums, the ratio of motor and non-motor insurance of 85:15 will not change, he said.
The company has no plans to expand into commercial products because the competition in that sector is serious and local insurance firms have to seek reinsurance firms to diversify risk.
One way to increase retail customer confidence is a high capital adequacy ratio, and Thanachart Insurance is ranked one of top insurance firms with the highest CAR at 720 per cent.
The company believes its premium income this year will grow by 5 per cent after the amount of motor-insurance premiums last month showed improvement.