Viriyah Insurance to continue covering EVs despite 2024 losses. Premiums are set to rise in 2025 due to high repair costs and lower car sales. Despite challenges, the firm remains committed to the EV market and is expanding insurance coverage and services.
Thailand’s main motor insurer has confirmed that it will continue to issue premiums for EV cars. However, at the same time, it has also revealed that in 2024, it lost the most money on that part of its business. Consequently, EV car premiums must rise significantly in 2025. This is coming against a backdrop of sharply reduced car sales overall for the year. Nonetheless, despite all of this, Viriyah Insurance, an innovative firm, is expanding and developing the scope of EV car insurance coverage, albeit at a higher premium in the year ahead. Significantly, the firm, since last year, only works with 10 EV car brands with whom it has partnered.
Thailand’s number 3 insurance firm and number one for auto insurance is jacking up premiums on EV vehicles. Viriyah Insurance Public Company Limited has 22.6% of the automobile market and 14.6% of the general insurance market outside Life Insurance.
This week, its dynamic Managing Director Amorn Thongthiew, particularly addressed the EV market.
Last year it was reported that many Thai insurance firms were refusing to renew premiums for EV cars. However, the government intervened to help.
Viriyah expects significant losses on its EV portfolio, with claims exceeding premiums by 50% in 2024
In 2024, according to Mr. Amorn, his company took in ฿1.5 billion in EV premiums. In short, it underwrote 66,000 EV cars. However, the ratios to claims and operating expenses exceeded 100%.
Basically, claims on EV cars in 2024 exceeded those on combustion engine cars by 50%. At the same time, the firm’s premium rates only charged an additional 15% for EV cars.
Certainly, at this time, things have to change significantly.
Meanwhile, he also confirmed that Viriyah only works with 10 EV barn operators in providing EV car insurance. Furthermore, it is working with its EV partners to help reduce the costs of repairs and replacements for EV cars.
In short, Viriyah is trying to keep its premium rates competitive.
Certainly, it has been confirmed that, unlike other insurers, it will not stop covering EV cars. Indeed, it plans to improve its insurance offerings for EV vehicles in the second half of 2025. For example, it is helping to extend its coverage to EV charging stations and EV repairs.
Viriyah Insurance to offer income protection and theft policies while addressing low new car sales
At the same time, across all its car insurance policy options, it will offer income protection and special policies relating to theft. Presently, only the loss of the car is covered in the event of theft.
Nevertheless, the company is concerned about the low growth of the economy and the fall in new car sales in 2024. Indeed, this has continued in 2025 with sales so far this year still down by a further 20%.
The company acknowledges that the cost of EV insurance, including repair costs, labour costs, and spare parts costs, is approximately 50% higher than that of combustion engine cars, while the company’s EV insurance premium rate is only 15% higher.
This imbalance has contributed to portfolio losses, and as a result, Viriyah is considering increasing premiums for certain brands and models.
The exact rate is still under calculation, but an increase in the double-digit range is likely. The company is also in discussions with EV manufacturers and dealers to negotiate lower labour and spare parts costs to mitigate rising premiums.
Viriyah remains committed to EV market with EV 2+ repair insurance launch and further 2025 investments
Despite these challenges, Viriyah remains committed to the EV market. In the second quarter of 2025, the company is preparing to launch EV 2+ repair insurance. In brief, this is to better meet the needs of policyholders. At the same time, the number of EVs on the road continues to grow. The company has set a target of at least ฿1.5 billion in EV insurance premiums for this year.
Viriyah also has broader strategic plans for 2025. The company aims to maintain a net profit of ฿3 billion. Significantly, it aims to achieve total insurance premiums of ฿42.57 billion, representing a 3.7% year-on-year growth. Motor insurance is expected to contribute ฿37.59 billion, a 3.3% increase. After that, non-motor insurance is projected to reach ฿4.98 billion, growing by 11%.
In response to increasing risks from natural disasters, particularly floods, Viriyah will introduce 2+ and 3+ car insurance products. Basically, these will cover general flood and garage repairs.
Last year, flooding became a more immediate and widespread threat, making risk mitigation a key focus for the company.
Viriyah targets 20% growth in health policy premiums and expansion of motorcycle and car theft coverage
Additionally, Viriyah plans to expand its non-motor insurance business. Therefore, it is targeting a 20% growth in health insurance premiums. In the second quarter of 2025, the company will launch new health insurance products.
Notably, these will feature copayment and deductible options to help policyholders save up to 40-50% on premiums.
To further support customers, Viriyah is introducing new motorcycle and car theft insurance.
Previously, only the loss of a stolen vehicle was covered, but the new policy will include income compensation as well. Furthermore, the company is also looking at ESG-focused insurance products, such as coverage for solar rooftops and EV chargers.
Mr. Amorn summarised Viriyah’s 2025 strategy under the concept of “Use Every Second to Its Full Potential: With Comprehensive and Excellent Services.”
In short, it is focusing on three main goals: improving service quality, expanding business partnerships and enhancing personnel development.
Viriyah’s 2025 strategy includes service improvements, expanding partnerships and investing in employees
Key service improvements include expanding firstly non-life insurance agents and brokers to more than 200 agents in secondary cities.
Secondly, developing service points at all branches, and upgrading its online presence via Line OA to provide one-stop services. Thirdly, the company also aims to improve accident inspection efficiency. This will be done by establishing more waiting points for accident officers in high-risk areas.
To strengthen its business ecosystem, Viriyah is increasing its partnerships with EV dealers, specialised repair centres and hospital networks.
Afterwards, the company also plans to expand its Exclusive Partner Programme to include 80 brands. For instance, this will include offering customer privileges across shopping, dining, healthcare, and travel.
In the meantime, Viriyah is particularly investing in personnel development, with training initiatives focused on AI technology, EV-specific expertise, and online learning. The company presently has over 6,900 employees. At length, it is committed to enhancing its capabilities to improve customer service.
Viriyah reports ฿3 billion net profit in 2024, with strong performance despite economic challenges
For 2024, Viriyah reported a net profit of ฿3 billion, with total insurance premiums of ฿40.88 billion, reflecting 2% growth. Motor insurance premiums increased by 2.1% to ฿36.38 billion, while non-motor insurance rose by 1.2% to ฿4.5 billion.
Certainly, the company maintains a strong financial position with total assets of ฿70.9 billion. In addition, it has an investment portfolio of ฿62 billion, yielding a 4% return.
Top Thai insurer says no more new policies for EV cars. Later, it emphasised renewals case by case
Chinese EV players in Thailand may opt out of subsidies as a difficult year ends. But there is optimism for electric cars
New Electronic Travel Authorisation (ETA) system coming soon with a ฿300 tourist levy and insurance
“Last year, the insurance industry grew by only 0.5%, with total premiums of ฿286 billion. The business sector undoubtedly has to face challenges such as the economic slowdown and rising inflation rates that are contrary to consumer purchasing power. Furthermore, there are disaster risks, and rapidly changing consumer behaviour. However, Viriyah’s performance reflects that the company is still able to maintain its leadership in the non-life insurance market. At the same time, we command No. 1 market share for the 33rd consecutive year in motor insurance. Indeed, it is Viriyah’s main portfolio, we still maintain the No. 1 market share at 22.6%,” said Mr. Amorn.
Join the Thai News forum, follow Thai Examiner on Facebook here
Receive all our stories as they come out on Telegram here
Follow Thai Examiner here
Further reading:
Top Thai insurer says no more new policies for EV cars. Later, it emphasised renewals case by case
Lack of coherence in government policy is the root cause of Thailand’s massive economic problems
Disturbing questions that must be confronted over Thailand’s reeling economy are China and EV cars
First-quarter GDP growth surprises analysts based on higher tourism and consumer spending growth
Central bank holds interest rates. Economy will grow 2.6% in 2024 as Srettha pushes home ownership
Economy unlikely to grow in first quarter as Thai manufacturing crumbles. Hard choices ahead
