The current economy has made Thai consumers more cautious about every baht spent. Recently, Thanachart Insurance has entered the 2026 car insurance market by enhancing its offerings to provide "more diverse coverage" across four main products, including tiers 2+ and 3+, to reduce premium costs. The company targets total premiums of 13 billion baht for 2026, aiming for 11% growth.
Vichinee Orphan, Chief Executive Officer of Thanachart Insurance Public Company Limited, said that in 2026, the Thai General Insurance Association expects the industry to grow 2.5-3.5% year-on-year, but the company has set a challenging target of 13 billion baht in total premiums for the year, aiming for 11% year-on-year growth.
Although 2026 carries high uncertainty that could affect insurance business growth, there are still opportunities with specific customer segments. The company’s customer insight research shows changes in lifestyle, generation, and car usage behaviors—for example, people are keeping the same car longer, often 10 to 20 years or more. As a result, the insured vehicle age limit has been extended from about 20-25 years to 25-30 years.
Additionally, given the current financial pressures some customers face, coverage plans have been designed to be smaller to meet such needs, allowing customers to choose accordingly. The company also offers 0% installment payments over 10 months for premiums meeting certain conditions.
Based on this information, the company has improved its car insurance products to let customers select coverage suited to their individual needs. Sales will begin on 1 April 2026 with four options:
- Thanachart Car Insurance Type 1 One Save, with premiums starting at 7,999 baht.
- Thanachart Car Insurance Type 2+ Fit, with premiums starting at 5,500 baht (coverage example: repairs to the policyholder’s vehicle in case of collision with another car).
- Thanachart Car Insurance Type 3+ Fit, with premiums starting at 5,000 baht (coverage example: repairs to the policyholder’s vehicle in case of collision with another car, excluding theft or fire coverage).
- Thanachart Car Insurance Type 3, with premiums starting at 2,100 baht.
Currently, the company insures about 20,000 electric vehicles, generating total premiums of 670 million baht, and expects this to rise to 1 billion baht within 2026.
However, over 90% of the company’s portfolio remains in car insurance, with over 50% in Type 1 policies, followed by Type 2+. This year, the company will also expand into non-car insurance products, such as home insurance (fire insurance), believing the market still has significant growth potential. Data shows Thailand has 25 million registered homes (with addresses), but only 8% have home insurance, indicating a large opportunity.
“Thanachart Insurance’s strategy focuses on continuously retaining its existing customers alongside efficient cost management to prepare for future changes. It is also developing small budget products with lower premiums to make insurance more accessible, addressing consumer needs in an era requiring careful expense management,” the company said.
In 2025, the company recorded total premiums of 11.672 billion baht, growing 1.55%, with net profit of 1.077 billion baht. Its Capital Adequacy Ratio (CAR) stood at 537.7%, with total assets of 17.465 billion baht.
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