Bangkok--1 Oct--KASIKORNBANK
KASIKORNBANK has expanded its bancassurance offerings, with nine packages of non-life insurance covering personal accidents, insurance for children, the elderly, and executives, health insurance, vehicle insurance and compulsory motor insurance (CMI). Greater demand for protection against the financial toll of accidents and illness has boosted the non-life insurance market, with growth of 28 percent in the past year.
According to Mrs. Kitiya Rerkpooritat, First Senior Vice President of KASIKORNBANK, consumers’ awareness of planning to cope with accidents and illness has increased significantly. The Bank has thus introduced these nine packages of non-life insurance to serve the needs of all customer segments, focusing on convenience and simple application through bancassurance with more than 860 KBank branches nationwide. In detail:
Five packages of personal accident insurance are being offered. Accident Protect Plus is available for customers aged 16-65, with up to 3 million Baht of coverage and a minimum annual premium of 2,500 Baht. PA for Seniors is appropriate for customers aged 66-75, with medical expense coverage for accidents of up to 50,000 Baht per hospital visit, with a minimum annual premium of 3,700 Baht.
PA for Executives offers insurance coverage for accidental death of up to 10 million Baht and medical expense coverage of up to 500,000 Baht per hospital visit, with a minimum annual premium of 6,600 Baht. PA for Kids is for children aged 1-15, with medical expense coverage for accidents and six of the most-common illnesses among children: food poisoning, dengue fever, measles, pneumonia, influenza/2009 flu and blood infection, with an annual premium of 2,850 Baht. Health Care Protect is outstanding in its simple process of policy purchase, with no health check needed and a minimum annual premium of 3,400 Baht.
The four additional new packages are vehicle insurance policies. Car Protect 1 offers immediate coverage without prior vehicle inspection, with coverage for transport expense during vehicle repair of 5,000 Baht per repair. Car Protect 3 is for passenger cars of any brand, model and year, with a minimum annual premium of 2,148 Baht.
Car Protect 5 is available for passenger cars, pickup trucks and vans with maximum coverage of 120,000 Baht per accident and a minimum annual premium of 6,800 Baht, while Car Protect is offered as CMI.
Mrs. Kitiya noted that the Thai non-life insurance market has consistently expanded over the past three to five years, with average growth of 12-13 percent per annum. The market growth of the previous year reached 28 percent, thanks to the government’s first-car buyer program and premium adjustments by reinsurers after recent calamities. It has been found that consumers’ awareness of planning to cope with unexpected situations has increased. Non-life insurance will thus respond directly to this demand and reduce customers’ relevant expenses, which tend to increase each year. Customers will experience convenient and swift service in purchasing these insurance policies through more than 860 KBank branches nationwide.