Ms. Kitiya Rerkpooritat, KBank First Senior Vice President, stated that catastrophe insurance market is still offering promising opportunities, especially in home coverage. It is estimated that more than 80 percent of homes with a value of 1-10 million Baht are without any insurance coverage. Given the statistics, KBank has been collaborating with Muang Thai Insurance Pcl to develop products consistently. Both organizations have directed their in-depth study on customer needs in order to create products that are most suitable to customers, especially providing protection against risks to homes that can happen any moment, any day. The living residence is also one of the most essential properties of our lives.
As a result, KBank and Muang Thai Insurance recently launched a new insurance product entitled "Home Protect Plus", which was designed to offer protection for purchasers' homes with a range of coverage against fire, natural disasters, e.g., flood, windstorm, earthquake, Tsunami, hails, damage to glasses, etc., and to also provide protection to third parties. Moreover, customers are eligible to increase protection against theft, suitable to their needs at reasonable price.
Application for the "Home Protect Plus" policy can be made at KBank branches nationwide, which are reliable and easily accessible. Moreover, customers will be notified of the approval results quickly. KBank aims at achieving a total sale of 5,000 policies of this product by the end of this year.
In September 2015, KBank's catastrophe insurance through the branch channel stood at 1.5 billion Baht, growing 40 percent YoY. The most popular catastrophe insurance policy is "Accident Protect Plus", as the policy perfectly matches customer needs. In addition, the introduction of "Home Protect Plus" will equip KBank with a full range of catastrophe insurance policies through its branch channel.
In terms of Thailand's overall catastrophe insurance market in July 2015, catastrophe insurance premiums were recorded at 119.94 billion Baht, expanding 1.32 percent YoY. Additionally, catastrophe insurance market this year is expected to grow 2-3 percent YoY.