MSIG Insurance is ramping up branch expansion in a bid to cope with provincial growth and to seize opportunities ignited by regional integration over the next three years.
The affiliate of the Japanese insurance giant Mitsui Sumitomo Insurance plans to set up five new branches this year, up from 12, in provinces such as Rayong, Ubon Ratchathani and Chiang Rai.
CEO Rattapol Gitisakchaiyakul said the new branches aim not only to serve the company's business expansion in the provincial market, but also to prepare for the advent of the Asean Economic Community in 2016.
The company seeks to raise direct written premiums to over 5 billion baht by the end of 2015, against 3.1 billion baht in 2012.
MSIG plans to raise the share of the motor insurance segment to 50% of sales from 46% a year earlier. The area of focus is vehicles exceeding 2,000cc.
The company also wants to pursue growth opportunities in the personal accident market.
Mr Rattapol said MSIG will remain cautious in property underwriting, as the company still has outstanding claims worth some 4 billion baht incurred from the massive floods in late 2011.
MSIG was one of several Japanese insurers, including Tokio Marine, Aioi Bangkok Insurance and Sompo Japan Insurance, that were socked with heavy losses from the floods.
Estimated gross losses for the firm amounted to 13 billion baht, most of which was recovered from reinsurers.
Mr Rattapol said the company's net loss from the floods was 200-300 million baht, with Thai operations recovering to post a slight profit last year.
In 2011, the company reported a net loss of 200 million baht.
Mr Rattapol said MSIG plans to pay out all outstanding claims by June.