Viriyah Insurance accelerates its Non-Motor insurance portfolio, focusing on healthcare and SMEs to boost premium income to 6,000 billion baht.
Viriyah Insurance is moving forward with its Non-Motor business expansion after achieving 18% growth in the first half of the year, outpacing the market's growth of approximately 3%. Premiums in the first eight months reached 5.7 billion baht, and the company expects this to increase to 6 billion baht by the end of the year. The company is also aggressively pursuing health insurance and SME insurance products, developing more affordable options.
August 30, 2569 – Ms. Thawikarn Techataweesap, Assistant Managing Director of Viriyah Insurance Public Company Limited, revealed that in the first half of 2569, the non-motor insurance business grew by approximately 18%, higher than the overall industry growth of around 3%. This was supported by strong performance in several product groups, such as personal accident (PA) insurance, which grew by approximately 42%, driven primarily by the V Motor Add On, which saw growth of over 89%, as well as the UD product and other individual PA insurance products that received a positive response.
While property and liability (P&C) insurance grew by 11%, outpacing the market's growth of approximately 3.5%, carrier liability insurance remained the market leader with a 55% share. Engineering insurance grew by 20%, and residential insurance grew by over 29%.
Ms. Thawikarn stated that for the first eight months of 2026, Viriyah Insurance had total premium income from its Non-Motor business of 5.7 billion baht, exceeding its target of 5 billion baht. It is expected that total premium income will reach approximately 6 billion baht by the end of the year. For 2027, the company aims for double-digit growth in its Non-Motor business, focusing on quality and sustainable growth rather than competing by lowering premium prices.
Currently, the Non-Motor insurance business accounts for approximately 13% of Viriyah Insurance's total premiums, and the company holds a market share of about 4.7% in the Non-Motor sector. Therefore, there is significant potential for further business expansion, particularly in health insurance, insurance for SMEs, and coverage related to natural disasters, which consumers are increasingly prioritizing.
Ms. Thawikan stated that for the product strategy in 2569, the company is not focusing on launching a large number of new products, but rather on stimulating existing products in the market, coupled with educating agents so they can recommend coverage suitable to each customer's needs. In 2570, the company will place greater emphasis on building brand awareness among customers. The key challenge will be developing products that align with the economic conditions and purchasing power, as consumers still need protection but are also placing greater importance on cost and premium levels.
Therefore, the company has developed products with affordable premiums, such as SME insurance with premiums of 999 baht and 1,500 baht, as well as Motor Add-on at 500 baht, which can be sold in conjunction with car insurance to increase coverage without creating an excessive financial burden. Meanwhile, health insurance will be another market that Viriyah Insurance focuses on, amidst the aging society and the continuously rising trend of medical costs. The company sees that the market is not only for those who need high-coverage health insurance, but also for many consumers who already have social security or government welfare benefits and want to purchase additional insurance to bridge the cost gap.
One option is the V-Room Care insurance plan, with premiums of approximately 1,300 baht. It focuses on covering room costs during hospitalization and is suitable for supplementing existing benefits. Meanwhile, the Mini Health plan provides coverage of 200,000 baht with premiums of approximately 5,000–6,000 baht per year, potentially increasing to around 10,000 baht for older individuals. This is suitable for those who already have benefits but find the coverage insufficient, or those seeking affordable health insurance.
In addition, the company is developing a comprehensive health insurance plan with a coverage limit of 200,000 baht per year, providing coverage twice a year, to offer consumers more options in the healthcare market.
Ms. Thawikan stated that a major challenge for the health insurance business is medical inflation, which directly impacts claims costs and premium levels in the long term. Therefore, the company has introduced deductible and co-payment options in its coverage design. This approach allows customers to bear a portion of the costs themselves, helping to manage premiums at an appropriate level. Depending on the chosen plan and proportion, this can reduce premiums by approximately 20–64%.
The company emphasized that co-pay is not a mandatory condition for all customers, but rather an option for those who can bear some of the costs and wish to reduce their insurance premium burden. At the same time, the company prioritizes cost control in collaboration with hospitals and internal audit teams to assess the appropriateness of medical expenses, as well as educating policyholders to understand the mechanisms of medical costs and encourage their greater participation in auditing expenses.
Ms. Thawikan said that for the next phase of expanding the Non-Motor business, the company has set three key objectives:
- The company has developed products that meet customer needs while maintaining a balance between the level of coverage and premiums that consumers can afford.
- Healthcare manages the impact of medical inflation, which causes healthcare costs to rise continuously.
- Data is used to utilize high-quality databases to understand customer behavior and lifestyles, and to design products or protection that are more tailored to each group.
Furthermore, over the past 2-3 years, Viriyah Insurance has focused on developing systems to upgrade its services. The company believes that future competition in the insurance business should not depend solely on lower premium prices, but also on managing costs, risk, and service quality simultaneously. This includes increasing reinsurance to diversify risk appropriately and closely monitoring natural disasters to mitigate potential damages and reduce volatility in performance. This year, the company is focusing on educating agents about its products and developing direct sales channels to accommodate changing insurance purchasing behavior. Currently, Viriyah Insurance has over 1,000 active agents out of a total of nearly 2,000.
“This direction reflects Viriyah Insurance's strategy to increase its focus on the Non-Motor business, aiming for double-digit growth from a projected premium base of 6 billion baht in 2026 to achieve double-digit growth in 2027. This will be driven by accessible products, expansion into the healthcare and SME markets, the use of data, and improved service and risk management.”
Read news related to All insurance circles can be found here.
