"Thatcham, the British motor insurers’ Research Centre announces today the signing of a two year contract with the Thailand General Insurance Association for the delivery of vehicle premium risk rating and alternative parts accreditation to the Thai market. The Thailand General Insurance Association is the Thai equivalent of the Association of British Insurers (ABI) and this move will therefore create the opportunity for insurers in Thailand to take a more structured approach to insurance premium setting as well as providing better information for consumers. The parts sector will also benefit from an increase in quality and choice of aftermarket parts.
"As the automotive hub of the region, Thailand is in the heart of the emerging Asian economic zone, encompassed in the West by India, to the North by China, Korea and Japan, and to the South and East the economies of Australasia, Malaysia, Indonesia and the Philippines. Thatcham established their Thailand base in 2007 with the aim of developing closer contacts and improved links in these new and emerging markets. The announcement is confirmation of the ongoing success of this strategy and of Thatcham’s growing global reputation.
"Andrew Miller, Director of Research at Thatcham, said, 'This is a significant development for Thatcham as this contract will provide the opportunity to expand our Thailand base and thus our capabilities in the South East Asian region, and will allow us to further develop our research and knowledge base of the new Asian vehicle producers.'
"Dennis Means, Managing Director of Thatcham Thailand, said, 'We are looking forward to working closely with the GIA in Thailand to deliver a transparent risk rating system for the benefit of both the insurer and the consumer, and in further strengthening the Thatcham brand in the Asia Pacific region.'
The details are not yet released, but SBD will be confirming whether or not an NVSA type security performance assessment will be included with a rating benefit system and how it will work. The NVSA security assessment system is applied to new vehicles sold in the UK and also in Sweden.
The full story and all technical details will be included in our Thailand market report scheduled for publication in August.