Viriyah Insurance Navigates Rising Climate Risks and EV Volatility; Sets 44.7bn Baht Target for 2026
Amidst intensifying natural disasters and a turbulent EV market, Thailand’s non-life insurance leader eyes 4% growth through AI integration and data-driven risk management
- Viriyah Insurance has set a premium target of 44.7 billion baht for 2026, aiming for 4% growth despite increasing climate-related risks.
- The company is navigating volatility in the Electric Vehicle (EV) market, where aggressive price-cutting by manufacturers poses a "moral hazard" for fraudulent insurance claims.
- To manage these challenges, the insurer is implementing a strategy focused on technology, using AI for vehicle inspections and claims, and expanding into personal property insurance to address disaster protection needs.
Amidst intensifying natural disasters and a turbulent EV market, Thailand’s non-life insurance leader eyes 4% growth through AI integration and data-driven risk management.
Viriyah Insurance Public Company Limited has revealed a resilient performance for 2025 despite a year marked by significant natural disasters and economic volatility.
As the company looks toward 2026, it is prioritising technological adaptation to counter increasing climate risks and shifting automotive trends.
The past year proved a rigorous test for the Thai insurer. Thailand faced a surge in natural disasters, including a major earthquake in Myanmar felt as far as Bangkok and severe flooding in the southern economic hub of Hat Yai.
These events have heightened public anxiety regarding property safety and business continuity.
Speaking at a press conference on Thursday, Amorn Thongthew, managing director of Viriyah Insurance, noted that climate change was increasing the frequency and severity of such catastrophes.
Furthermore, the company is closely monitoring the Electric Vehicle (EV) sector. Amorn cautioned that aggressive price-cutting by EV manufacturers poses a significant risk to the insurance industry.
If market prices drop below the original insured value, it creates a "moral hazard" where fraudulent claims may rise.
Currently, EV premiums remain approximately 20% higher than internal combustion engine vehicles due to the specialised costs of parts and repairs.
2025 Performance and Financial Strength
Despite these headwinds, Viriyah maintained its market leadership for the 34th consecutive year with a 14.64% market share. The company reported 2025 total direct written premiums of approximately 43,000 million baht, a 5% increase year-on-year.
The growth was driven by:
- Motor Insurance: 37,700 million baht (up 3.5%)
- Non-Motor Insurance: 5,300 million baht (up 17%)
The company’s financial foundation remains robust, reporting total assets of 68,166 million baht and a Capital Adequacy Ratio (CAR) of 357.21%, well above the legal requirement.
2026 Strategy: Innovation and Expansion
For 2026, Viriyah has set a total premium target of 44,700 million baht, representing a growth of 4%. The strategy focuses on three pillars: Innovation, Data, and People.
To handle large-scale claims more efficiently, the firm is expanding its use of AI for pre-insurance vehicle inspections (V-Inspection) and video-call claims (VClaim on VCall). A "Fast Track" system for health insurance claims is also in development to streamline hospital compensation.
While motor insurance remains the core business, the company is pivoting toward personal lines, including travel and property insurance, to meet the rising demand for disaster protection.
To help customers manage "medical inflation," Viriyah is introducing flexible health options, such as deductibles and co-payments, which can reduce premiums by up to 60%.
"Our mission remains to serve as the risk guarantee for Thai society," Amorn stated. "By integrating AI and data-driven insights across our 160 service centres, we ensure that we are ready to face even larger future crises with fairness and stability."
