Insurance companies have begun considering the use of a central database for automobile accidents and claims to better set premiums and vet clients.
Governor of the Thai General Insurance Association (TGIA) Anont Wangwasu has predicted the accident insurance sector will grow by 3-3.5 percent this year, up from an initial projection of 2.2 at the year’s start as awareness towards accident insurance has grown among the public. He attributed the increased awareness in part to the government’s rice insurance program, which insured over 1.5 million farmers this year. The scheme was a boon to the insurance industry, adding growth of 367 percent during the first half of the year.
The governor pointed out that in tandem with the higher rate of insurance purchases, automobile accidents were also up 64 percent from the same period last year. TGIA is now considering the establishment of a central database to aid insurance providers vet their clients. The database would allow for irregular claims or high rates of accidents to be flagged, allowing companies to better evaluate potential clients. The association believes that by aiding companies to either raise insurance premiums or turn away high-risk clients, drivers will become more disciplined and avoid accidents.
