Thailand: Regulator overhauls motor insurance rules
Source: Asia Insurance Review | Jan 2025
The Office of Insurance Commission (OIC) has revamped motor insurance regulations for the first time in nearly 20 years, with a pilot run to be launched next year.
The changes include charging premiums based on driving behaviour and history. Drivers with a good record and no claims will receive a discount of up to 40% on motor insurance premiums. Drivers with high-claim history will have to pay a surcharge on motor premiums of up to 40%.
A pilot project will be launched on 1 January 2025 for new fossil-fuelled and hybrid cars. The new regulations are to apply to all cars in 2026. The aim is to promote safe driving and reduce motor accidents.
In addition, OIC stipulates that the driver’s name be specified in the insurance policy to arrive at the insurance premium appropriate to the risk of the driver. The customer can specify up to five drivers per policy.
Currently, motor insurance policies do not require a driver to be named. However, customers have an option to purchase a policy that specifies drivers to obtain a lower premium. Currently, most motor policies specify one to two drivers. A