AM Best says Dhipaya can withstand claims pressure

Its parent retains access to capital markets for financial flexibility.

Dhipaya Insurance Public Company Limited is expected to maintain strong operating performance and keep its capital strength at the highest level over the medium term, according to a prospective assessment by credit rating agency AM Best.

The agency noted that the Thai insurer’s financial outlook remains stable. This positive trajectory is expected to be supported by disciplined underwriting and careful pricing strategies moving forward.

AM Best highlighted that Dhipaya’s capital, adjusted for risk, is projected to hold at the strongest tier over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). 

The insurer’s parent company, Dhipaya Group Holdings Public Company Limited, provides strong financial flexibility through its access to capital markets.

The forecast follows resilient earnings in 2025. Despite increased payout costs from earthquakes, severe flooding, and intense competition in its primary corporate client sector, the company maintained solid operating earnings, backed by steady interest and dividend income from its investments.

To support future performance and safeguard its balance sheet, Dhipaya continues to manage its exposure to major risks and large-scale natural disasters through a heavy reliance on high-quality reinsurance partners, alongside a moderate-risk investment approach in equities and mutual funds.