Viriyah non-motor business spurs sales
- Tuesday, October 13, 2009, 19:12
- Business
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Viriyah non-motor business spurs sales
Viriyah Insurance Co, the country’s largest automobile insurer, has bucked the economic trend with sales growth of nearly 4%, thanks largely to its healthy non-motor business.
The company’s non-motor business surged 27.28% in the first eight months of this year, with written premiums topping 765.76 million baht, said senior vice-president Anon Opaspimoltum.
The fire business climbed by 25.09% to 161.88 million baht for the period, while marine and transportation rose by 5.97% to 56.06 million baht, and the miscellaneous segment – notably health and personal accident – increased by 30.64% to 547.83 million baht.
Growth from non-motor business surpassed that for the motor segment, for which sales based on direct premiums nudged up by 2.45% to 10.38 billion baht – 8.64 billion baht from the voluntary segment (up 1.83%) and 1.73 billion from the compulsory sector (up 5.53%). Overall, the company’s sales grew 3.84% in the period to 11.14 billion baht.
The company aims to increase its non-motor business by at least 20% a year for the next five years – a rate that would put the company in the top-ten insurers in the non-motor business, said Mr Anon.
Viriyah is currently No.14 in the segment but plans to expand its non-motor business as much as possible as part of its business diversification, said Mr Anon.
The motor business currently dominates the company’s business portfolio, making up 94% of the company’s direct premiums – but the non-motor segment’s contribution is expected to increase to 7% by the year-end.
Viriyah had direct premiums totalling 16.39 billion baht last year, up 9% from a year earlier. Of the total, motor insurance made up 15.48 billion baht and non-motor business totalled 904 million.
The company aims to expand its direct premiums to about 17 billion baht at the end of this year.
* Published: 13/10/2009 at 12:00 AM
* Newspaper section: Business
http://www.bangkokpost.com/business/economics/25525/viriyah-non-motor-business-spurs-sales
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