Thanachart Insurance says it is expanding into the home insurance market, reinforcing its leading position in the non-life insurance industry and raising awareness of the need for home insurance in Thai society.
The three latest products aim to provide coverage for microinsurance, domestic assets and condominiums at an affordable price. Confident of meeting the demands of various groups of consumers with the new products, Thanachart Insurance has set a target of gross written premiums for the home insurance segment to increase by Bt200 million by the end of 2019.
Perapart Meksingvee, managing director of Thanachart Insurance Public Company Limited, said: “Natural disasters are occurring more frequently and are increasingly aggressive resulting in damage to houses that cost a lot to repair. Yet according to statistics, more than 80 per cent of house owners in Thailand do not have insurance to help them manage risks, alleviate distress and reduce maintenance costs.
“Thanachart Insurance recognises the need in this area and fully expects that demands for home insurance will rise as consumers become more aware of the benefits and more investors invest in the real estate business.
“Thanachart Insurance has therefore decided to move into the home insurance market with the aim of relieving the burdens on consumers and reducing costs. We are looking at this as the beginning of our expansion and growth and it will serve to truly enhance our position as the leader in full-service insurance.
“Thanachart Insurance will leverage our expertise in the constantly growing motor insurance business to provide home insurance, which is a part of our business plan to diversify our portfolio by growing the segment of non-motor insurance from 15 per cent to 20 per cent within three years and with the aim of increasing gross written premiums from home insurance by Bt200 million in the first year,” Perapart added.
Kongsak Hansawangsin, insurance product chief, said: “Thanachart Insurance aims to develop home insurance products and services to reach all groups of customers with different demands and is launching three new products:
Thanachart Ban Sook Jai 555 is micro insurance for customers who are looking for access to insurance with non-complex conditions and at affordable prices.