Economy
Viriyah Insurance Targets Growth in Non-Motor Sector
Viriyah Insurance aims for an 18% growth in its non-motor insurance portfolio, targeting 6 billion baht by the end of the year.
According to a report by Prachachat Business, Viriyah Insurance is aggressively expanding its non-motor insurance segment. The company has set an ambitious growth target of 18% for this year, aiming to reach 6 billion baht in premiums. Key drivers for this expansion include the home insurance sector, which is projected to grow by 29%, and engineering insurance, which is expected to exceed 20% growth.
Thawikan Techataweesap, Assistant Managing Director of Viriyah Insurance, stated that the company is working toward increasing the non-motor portfolio's share to 20% of its total business. This long-term strategy aims to reach nearly 10 billion baht within the next five to six years.
For residents and expatriates in Thailand, this shift reflects a broader trend in the local insurance market, where providers are diversifying beyond traditional motor insurance. While this growth indicates a robust expansion of service offerings, it remains to be seen how these targets will impact premium pricing and policy coverage options for individual consumers in the coming years. As the company continues to scale its engineering and residential insurance products, stakeholders should monitor whether these internal growth targets translate into more competitive or specialized insurance solutions for the public.