Thai insurers cautiously optimistic about EV adoption surge;
Optimistic Meaning In Telugu: THB 2.546 Billion.
However, the novelty of the technology may bring unanticipated challenges.
As EV demand rises, Thailand’s insurance market is expected to grow as well, according to Apisit Antananarivo, CEO and president of Bangkok Insurance.
But given their novelty, he also pointed out that EVs pose new difficulties for the insurance industry.
According to a report published in The Nation, Apisit noted that EVs have a higher loss ratio than internal combustion engine (ICE) vehicles.
This is mainly because EV repairs are more specialised and replacement parts, particularly batteries, are more expensive. These batteries can eat up to 60 percent of the cost of the EV and are irreparable.
Insurance costs are impacted by the fact that, in contrast to ICE vehicles, EV wrecks are worthless in terms of spare parts.
Optimistic Synonyms:
Apisit voiced concerns about the competition among Thai insurance providers to provide affordable EV insurance.
If EVs don’t modify their premiums within the next two years, this strategy may ignore their higher loss ratio, which could have an impact on these companies’ ability to maintain a stable financial position.
Bangkok Insurance is still committed to the EV market and sees it as a top priority for 2024 in spite of these reservations. This is consistent with a report that states Thailand’s EV sales have increased tenfold this year.
Thailand has the potential to develop into a regional hub for the production of EVs, claims K Research.
The world is moving towards electric vehicles (EVs), and this was also evident in Thailand at the 40th Thailand International Motor Expo, where EVs generated a lot of interest among the cars on display.booked.
Apisit voiced concerns about the competition among Thai insurance providers to provide affordable EV insurance.
If EVs don’t modify their premiums within the next two years, this strategy may ignore their higher loss ratio, which could have an impact on these companies’ ability to maintain a stable financial position.In spite of these worries, Bangkok Insurance is committed to
Bangkok Insurance intends to expand its product line beyond electric vehicles, emphasising personalisation in home, asset, and personal insurance.
The company wants to launch new insurance plans designed for certain groups of people, like travellers, senior citizens, and pet owners. It predicts that travel insurance will increase as post-pandemic tourism recovers.
Bangkok Insurance plans to use an embedding marketing strategy to boost sales of insurance premiums. This calls for collaboration with
Optimistic Antonyms:
.Insurance should be available as an add-on to regular service fees from telecom providers and retailers.
The financial performance of Bangkok Insurance aligns with this strategic approach. In the first nine months, the company’s total premium income increased by 12.5% to THB 21.982 billion.
After taxes, its total net profit from investments and insurance was THB 2.546 billion, with an estimated THB 30 billion in revenue by year’s end.
In other news from the nation, Burundi Jiamanukoonkit, CEO of Prudential Thailand, believes that a rise in public awareness of health insurance will lead to greater competition in the Thai insurance market in the upcoming year.
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