Car insurance business expands as result of first-car scheme

Published on January 5, 2013 by TFP   ·   No Comments

BANGKOK, 5 January 2013 – The first car buyers’ tax rebate scheme, which helped boosting the number of car sales last year, has also helped expand insurance businesses. An insurance expert believed the additional insurance premiums could top 10 billion baht.

Office of Insurance Commission Secretary Prawet Ongartsitthikul has revealed that the government's first car-tax rebate scheme will help spur the value of auto insurance premiums from 60% of the overall insurance value to 65%, to the tune of 10 billion baht this year.

According to Mr Prawet, the Thai car insurance market is among the largest in Southeast Asia, adding that the first-car policy will help strengthen the nation's insurance industry. He believed the insurance premium could reach the 200 billion baht benchmark in 2013.

(NNT: Nuttaporn Chanchokpong Nuttaporn Chanchokpong)

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Article source: http://www.thethailandlinks.com/2013/01/06/car-insurance-business-expands-as-result-of-first-car-scheme/