"The 20-per-cent target is based on our own potential. If the bank gives us the green light, our growth rate could probably go higher," managing director Panita Tuchinda said yesterday.

The insurance company has talked with the bank but has not yet signed any agreement.

The firm hopes to sell policies to 10-20 per cent of TMB Bank's more than a million savers.

Thai Insurance saw its premiums rise 31 per cent last year, mainly driven by miscellaneous, auto and home policies.

Confident that the public is interested in insurance more than ever, the firm plans to penetrate the middle class - those earning more than Bt20,000 a month.

Last year it collected Bt83 million in premiums from personal accident insurance.

Panita said premium income could reach many millions of

baht if the deal with TMB goes through.

The firm's policyholders are split 60:40 between retail and corporate, which it hopes to move to 70:30 next year.

Profit climbed 26.7 per cent to Bt157.5 million last year on premiums of Bt953.3 million, while net profit jumped 73.7 per cent to Bt25.4 million.

Premiums from miscellaneous insurance leaped 78 per cent to Bt218.8 million, while premiums from auto policies climbed by 22.8 per cent to Bt484.1 million and from home insurance by 23.3 per cent to Bt225 million.

The company views competition in the non-life insurance industry intensifying this year, as people feel insecure in their lives, especially with recent natural disasters. 

Piyarat Setthasiriphaiboon

The Nation