Photo Credit: Bangkok Post
Viriyah Insurance aims to increase its direct written premiums by 4% to 44.6 billion baht this year, maintaining a cautious growth outlook amid economic uncertainty and rising climate-related risks.
Managing director Amorn Thongthew said natural disasters caused significant damage last year. Earthquakes in Myanmar affected parts of Thailand, raising safety concerns for residents in high-rise buildings, while severe flooding hit southern provinces, particularly Hat Yai, a key economic and tourism centre.
Despite geopolitical tensions, including the Middle East conflict, the company has maintained its conservative growth target, which aligns with Thailand’s economic outlook.
Viriyah retained its leadership in Thailand’s non-life insurance market with a 14.6% share. Direct written premiums reached 42.9 billion baht last year, up 5% year-on-year. Motor premiums increased 3.5% to 37.7 billion baht, while non-motor premiums jumped 17.1% to 5.27 billion baht.
The insurer expects motor premiums to grow 3% to 38.9 billion baht this year and non-motor premiums to rise 9.7% to 5.78 billion baht as it expands in higher-growth segments.
Viriyah is also accelerating digital transformation through technologies such as AI-powered vehicle inspections, online video claims services and enhanced self-service platforms.
With total assets of 68.2 billion baht and a capital adequacy ratio of 357%, the company says its financial position remains strong.
Investment assets total about 60 billion baht, with roughly 40 billion baht allocated to bonds and deposits and 20 billion baht to equities. The insurer remains cautious about increasing equity exposure amid market volatility, focusing instead on large-cap companies with stable earnings and reliable dividend records.