Thaivivat Insurance
Thaivivat Insurance (SET: TVI) is a listed mid-cap non-life insurer focused on retail motor, property, miscellaneous non-life classes. FY2024 gross written premium ~THB 8-10B. Digital-first positioning — mobile-app-led policy quoting, claims-handling, renewal — distinguishes TVI from legacy-agency-heavy peers (Dhipaya, Bangkok Insurance) and bulk-fleet-heavy Viriyah. Sirikijkoson family-linked control, Thai institutional holders dominate the shareholder register. OIC supervises under RBC2, IFRS 17. Voluntary, CMI motor insurance drives most top-line; property, PA, health non-life fill out the mix.
Snapshot
Headline numbers a buyer checks first.
FY2024 gross premium
~THB 8-10B
FY2024
Ticker
SET: TVI
Listed mid-cap
Distribution
Digital-first app, agents
FY2024
Regulator
OIC · RBC2, IFRS 17
2025
What this company actually does
Thaivivat Insurance writes retail motor, property, PA, miscellaneous non-life classes with digital-first distribution. Mobile-app-led quoting, policy-issuance, claims submission, renewal is the operational differentiator against legacy-agency-dominant peers. Motor voluntary, CMI segment dominates the gross-premium mix; property, fire, personal accident, health riders complete the retail book. Scale is smaller than top-four non-life (TIPH, Viriyah, BKI, Tokio Marine) but operating agility, digital UX provide a differentiated position in younger, urban-consumer segments.[]
Strategic posture is evolutionary not revolutionary: TVI leverages digital UX for customer acquisition cost advantage, partners with 3PL, EV, rideshare operators for embedded insurance. RBC2 capital-adequacy ratio has tracked above supervisory triggers. IFRS 17 in 2025 reshapes contract accounting but non-life (short-duration) impact is limited vs life peers. Competitive vector: digital-app-led-acquisition vs Viriyah's commercial-fleet scale vs TIPH's government, corporate vs BKI's commercial, corporate-diversified.[, ]
Business segments
Motor voluntary
Personal auto — digital acquisition
Voluntary motor is the primary revenue line (~60% of gross premium). Digital-app-led quoting (30-second quote, immediate policy issuance) differentiates TVI from legacy-agency peers. Digital distribution CAC is estimated 20–30% below broker-agency channel.
CMI
Compulsory motor insurance
Compulsory Motor Insurance (CMI) sold alongside voluntary motor. Thin margin but high-volume customer touchpoint for digital cross-sell. TVI processes CMI renewals via mobile app, reducing agency dependency.
Property and PA
Home, fire, personal accident
Property insurance (home, fire) and personal accident products complement the motor book. Property and PA together contribute approximately 25–30% of gross premium. Digital bundling with motor policies is a cross-sell driver.
Embedded insurance
Platform and fleet partnerships
TVI has signed embedded-insurance partnerships with e-commerce logistics, EV fleet operators, and rideshare platforms. Distribution-as-a-service revenue from these channels is growing but below 5% of total gross premium currently.
Thai non-life insurance — peer comparison (FY2024)
Thaivivat Insurance versus Thai non-life insurance peers by gross written premium and positioning.
Ticker
SET:TIPH
FY2024 GWP (THB B)
~25
Primary book
Government, corporate, motor
Distribution model
Agent, broker, bancassurance
Ticker
Private
FY2024 GWP (THB B)
~20
Primary book
Commercial fleet motor
Distribution model
Agent, direct fleet
Ticker
SET:BKI
FY2024 GWP (THB B)
~15
Primary book
Commercial, corporate, motor
Distribution model
Agent, broker
Ticker
TSE:8766 (parent)
FY2024 GWP (THB B)
~12
Primary book
Commercial, Japanese-corporate
Distribution model
Japanese-corporate direct, broker
Ticker
SET:TVI
FY2024 GWP (THB B)
~9
Primary book
Retail motor, PA, property
Distribution model
Digital app, agent
| Company | Ticker | FY2024 GWP (THB B) | Primary book | Distribution model |
|---|---|---|---|---|
| Dhipaya Group | SET:TIPH | ~25 | Government, corporate, motor | Agent, broker, bancassurance |
| Viriyah Insurance | Private | ~20 | Commercial fleet motor | Agent, direct fleet |
| Bangkok Insurance | SET:BKI | ~15 | Commercial, corporate, motor | Agent, broker |
| Tokio Marine Thailand | TSE:8766 (parent) | ~12 | Commercial, Japanese-corporate | Japanese-corporate direct, broker |
| Thaivivat Insurance | SET:TVI | ~9 | Retail motor, PA, property | Digital app, agent |
Watchpoints 2025–2026
Digital CAC
App-led acquisition cost advantage
TVI's digital-first model should deliver structural CAC advantages as mobile insurance penetration grows. The key metric to watch is policy-renewal retention rate via the app versus lapsed-policy churn.
EV insurance
Electric vehicle motor underwriting
EV penetration in Thailand is rising toward 15–20% of new car sales. EV motor insurance requires different actuarial models (battery-replacement costs, charging-station incidents). TVI's digital platform enables faster EV product iteration versus legacy insurers.
IFRS 17
FY2025 first-year disclosure baseline
FY2025 annual report (disclosed March–April 2026) will be the first full IFRS 17 year. Non-life insurers face limited contract-boundary changes but liability-discounting adjustments are relevant for long-tail property claims.
Related Market profiles
Peers, parents, partners, agencies, and other Insurance actors.
Competitor
Dhipaya Group Holdings
Larger listed non-life peer.
Open Market profile →
Competitor
Viriyah Insurance
Private motor-insurance leader.
Open Market profile →
Sector peer
AIA Thailand
Thailand's new-business life leader; agency, KBANK bancassurance; AIA Group HK-listed parent.
Open Market profile →
Sector peer
Allianz Ayudhya
Krungsri bancassurance insurer — Allianz SE × BAY JV; top-five life, top-five non-life; dominant BAY-channel product distribution.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Thaivivat Insurance (SET: TVI) FY2024 56-1
OIC — Risk-Based Capital 2 (RBC2) Framework
Publisher
OIC
Grade
Primary
As of
2019-07-01
IFRS 17 Adoption for Thai Insurers
Publisher
Thailand Federation of Accounting Professions, OIC
Grade
Primary
As of
2024-12-31
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Thaivivat Insurance (SET: TVI) FY2024 56-1 | Thaivivat Insurance PCL | Primary | 2025-03-31 |
| OIC — Risk-Based Capital 2 (RBC2) Framework | OIC | Primary | 2019-07-01 |
| IFRS 17 Adoption for Thai Insurers | Thailand Federation of Accounting Professions, OIC | Primary | 2024-12-31 |
Reports featuring this profile
Thailand Motor & Auto Insurance Market Intelligence
Listed digital-first mid-cap; motor-heavy book
Open report →
Sits alongside 5 other Atlas profilesThailand Insurance Market Intelligence
Listed digital-first mid-cap non-life insurer; FY2024 gross premium ~THB 8-10B.
Open report →
Sits alongside 12 other Atlas profilesRelated Market profiles
competitor
Dhipaya Group Holdings
Thailand's largest non-life insurer (Dhipaya / TIP); FY2024 gross premium ~THB 37-40B; listed 2022 as holding.
competitor
Viriyah Insurance
Thailand's private motor-insurance leader; dominant taxi, truck, commercial-fleet coverage; largest non-life insurer by motor premium share.