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Baht/$ 34.50/55 (Bid/Ask)
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GOLD |
13,250
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Auto specialist aims for non-motor growth
POST REPORTERS
Viriyah Insurance Co, the country's largest automobile insurer, is committed to continuing the expansion of its non-motor market in a bid to increase the company's growth over the remaining months of this year.
According to Krittivit Sriphasutha, the company's deputy managing director, on top of the growing fire, personal accident and health insurance, the company has recently introduced house insurance with affordable premiums of as low as 600 baht for all structures except wooden row houses and a brick-and-wood row houses.
The sum insured is 600,000 baht for a normal building, 250,000 baht for a brick-and-wood house, and 150,000 baht for a wooden house.
The company expects to sign up at least one million house insurance policies by the end of 2010.
Viriyah Insurance has been striving over the past two years to expand away from the high-risk and highly competitive motor insurance and the attempt has paid off handsomely.
Last year, non-motor premiums rose by 34.2% to 964 million baht. Significant contributions also came from fire insurance, up 9.1% to 183.68 million baht, marine (up 26% to 67.04 million), and miscellaneous coverage (up 43.6% to 712.94 million baht).
In the miscellaneous segment, personal accident coverage contributed 399.16 million baht, double the previous year's total. Viriyah reported direct premiums of 14.98 billion baht in 2007, a rise of 9.3%, with motor insurance contributing 14 billion baht, up 7.9% from 2006.
The company aimed this year to expand total business to 16.5 billion baht this year, with non-motor coverage of 1.5 billion baht.
For the first six months of this year, the company has reported total written premiums of 8.08 billion baht, a rise of 10.68% over the same period last year, with motor insurance making up 7.68 billion baht, up 10.76%.
Non-motor insurance for the period contributed 400 million baht, an increase of 9.29%. For the first half, Viriyah managed to maintain its leadership for 17th consecutive year, with a market share of 15.24%.
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