Thanachart Insurance reaffirms its leadership in the non-life insurance sector by building on its continuous growth in auto insurance.- Strongly advancing into the home insurance market as part of its business plan to increase the share of non-auto insurance, while raising awareness among Thai society about the necessity of risk insurance for households. The company has launched 3 new products targeting individual home protection, home contents, and condominiums at affordable prices, aiming for 200 million baht in first-year premiums from the home insurance segment.

           Mr. Pirapat Meksinghwi, Managing Director of Thanachart Insurance Public Company Limited, stated that due to the increasing frequency and severity of natural disasters each year, households have suffered significant damages. However, statistics show that over 80% of homeowners in the country still lack insurance policies to manage risks, provide initial relief, and reduce repair burdens. Thanachart Insurance recognizes the necessity of this issue for consumers and anticipates that the demand for these insurance products will rise, driven by increased public awareness and positive factors from potential real estate investors. Thus, the company is moving forward to expand its business into the home insurance market, focusing on alleviating burdens and reducing risks for consumers, marking the beginning of growth for Thanachart Insurance and reinforcing its position as a truly comprehensive insurance leader.

           “Thanachart Insurance will leverage its expertise from the continuously growing auto insurance sector to enhance its home insurance services as part of a business plan aimed at diversifying the company's portfolio by increasing the share of non-auto insurance from 15% to 20% within 3 years, targeting total premiums from home insurance in 2019, the first year of market entry, at approximately 200 million baht. To ensure operations align with the business plan, Thanachart Insurance has established 4 key strategies as essential tools: creating products that meet the specific and diverse needs of different customer groups, innovating service delivery, expanding distribution channels, and collaborating with business partners,” Mr. Pirapat added.

           Regarding this, Mr. Kongsak Han Saeng Sin, Chief Insurance Product Officer of Thanachart Insurance Public Company Limited, stated that Thanachart Insurance aims to develop home insurance products and services to fully reach all customer groups with diverse needs, leading to the launch of 3 new products this year, including:

           Thanachart Home Insurance, Home Happiness 555, is a micro insurance product suitable for general customers seeking easy access to insurance with straightforward policy terms and affordable pricing. Its highlights include comprehensive coverage for all types of residences, including concrete houses, half-concrete half-wood houses, wooden houses, or wooden row houses, covering both the structure, home contents, and furniture against damages from fire, flooding, storms, and electrical appliance damage due to short circuits. Additionally, it provides life coverage for homeowners and household members in case of fire and theft, at just 555 baht per year, with a maximum coverage amount of 400,000 baht, conveniently available at service counters in 7-Eleven stores nationwide.

           Thanachart Home Insurance, Complete Peace of Mind, is designed for new customers applying for home loans, available through Thanachart Bank. It provides coverage for home contents, including furniture and appliances, such as built-in furniture, electrical appliances, and glass, covering all risks including theft, fire, flooding, storms, and electrical appliance damage due to short circuits, with a maximum coverage amount of up to 1,000,000 baht. This insurance complements the fire insurance that only covers the structure.

           Thanachart Home Insurance, My Condo, specifically targets condominium residents, addressing the needs of urban dwellers seeking convenience and quality service. It covers common risks faced by condo residents, such as water leaks from their unit to others or vice versa, causing damage to ceilings, as well as other risks like fire, storms, and electrical appliance damage due to short circuits. Additionally, it offers special services from experts for comprehensive home care, providing convenience within residences with standard services and peace of mind regarding safety, such as 24-hour emergency services, cleaning and maintenance of household appliances like air conditioners and washing machines, or cleaning services. This product will be sold through brokers.

           Moreover, all 3 home insurance policies also provide temporary housing rental coverage in case of fire, lightning, or explosion. Each product has distinct features and covers all types of residences, making it easily accessible for consumers through traditional sales channels via banks and brokers, as well as new formats through retail agents and online channels, while simplifying the insurance process and providing reliable after-sales service, ensuring quicker and more convenient claims. Thanachart Insurance is confident that it will effectively meet customer needs.

 

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