The insurer this year is targeting total premium income of Bt5.2 billion, a growth rate of 6.5 per cent from last year. Motor insurance still contributes major revenue to the company, which aims for premiums from the sector of Bt2.9 billion to Bt3 billion.

The company is optimistic about motor-insurance growth because many owners have had their autos for nearly five years, which is generally about the time they change to new a model. This will help boost auto sales and income from motor-insurance, he said.

Deves Insurance’s retail customers account for 70 per cent of its total customer base.

Meanwhile, government investment will also be a positive factor for the insurance industry relating to the construction sector but revenue growth is unlikely to be spectacular because of higher competition and underwriting risks.

“Premium rates fell by 20-30 per cent in the sector because of the competition, and lack of business expansion,” he said.

The company still focuses on retail customers especially those upcountry because claim rates are lower than in Bangkok.

Also, Deves plans to introduce new motor insurance and personal accident plus health insurance policies. It will improve its call centre and IT infrastructure to try to reduce the number of motor-insurance claims it has to pay out on as the number has increased by 20-30 per cent per year.