Viriyah Insurance plans to expand coverage of its motor insurance for commercial trucks to Cambodia, Myanmar and Malaysia.
The move anticipates growing business activity arising from the 10-nation Asean Economic Community in late 2015.
The company's cross-border motor insurance for commercial trucks is now available only in Laos through a local partnership, said deputy managing director Arnon Opaspimoltum.
Viriyah, the country's biggest motor insurer with 11.9 million policies, is talking to partners in the three neighbouring countries about cross-border service collaboration, with negotiations expected to conclude by year-end.
The firm says it does not need to raise its registered capital for regional business expansion, owing to a solid capital base of 21.81 billion baht, which is higher than the Office Insurance Commission's minimum capital adequacy ratio (CAR) of 140%.
Viriyah hopes to expand its business in Asean through local partnerships.
Marketing manager Krit Hincheeranun said the general insurer forecasts premium growth for commercial truck insurance of 20% this year after the cross-border service's coverage extends to the four neighbours. Premium value for commercial truck insurance stood at 1.9 billion baht in 2013.
Cross-border insurance now covers only damage to vehicles, but in the next two years the coverage is to expand to include the loads of vehicles involved in accidents.
Viriyah reported total premium value of 33.98 billion baht in 2013, up 21.5% year-on-year.
Of the total, 30.94 billion baht or 91% was auto insurance, with non-auto making up the rest. Motor premiums last year shot up 21% as non-auto premiums surged 25%.
With the slack economic conditions, Viriyah envisions lower premium growth this year than in 2013, while still bettering the industry's projected growth of 5%.
The industry's premium growth last year jumped 13.2%, while total premium value for motor insurance reached 230 billion baht.