BKI considers investment in EV repair garage facilities

Bangkok Insurance (BKI), a non-life insurer majority-owned by Bangkok Bank, is studying a plan to launch into electric vehicle (EV) repair garages to service Chinese investors to establish a repair garage for electric vehicles (EVs), in a bid to support the company’s long-term growth potential.

- NUNTAWUN POLKUAMDEE

The feasibility study is looking at establishing a global repair facility that has high standards as an EV service centre, said BKI chief executive Apisit Anantanatarat.

“An EV repair garage could help address high repair costs. Currently EV owners must rely on dealer service centres, which are expensive,” said Mr Apisit. “Building a centralised EV repair facility that meets the quality standards set by manufacturer service centres would alleviate local price control and lower repair costs.”

BKI is also in discussions with Chinese manufacturers to import EV spare parts, aiming to reduce repair expenses. The company plans to carefully assess the investment, considering the economic slowdown and high competition in the industry, he said.

BKI has insured 7,000 EVs, with total insurance premiums of 215 million baht, out of an estimated 160,000 in the Thai market. The business remains small and in its early stages, with a loss ratio of around 67%, meaning BKI has yet to turn a profit from EV insurance.

Despite this, the company has no plans to increase EV insurance premiums, as BKI’s current pricing is already higher than the industry average, said Mr Apisit.