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TQM exceeds full-year goal

A nurse straightens mattress sheets to accommodate Covid-19 sufferers at Rajavithi Hospital. The coronavirus pandemic has led to a run on insurance coverage to handle surprising threat. Pornprom Satrabhaya

TQM Company Plc, a SET-listed insurance coverage dealer, has offered greater than 1 million Covid-19 insurance coverage insurance policies over two months, making it more likely to obtain its premium development goal of 16% this 12 months.

The coronavirus pandemic has led to a run on insurance coverage to handle surprising threat, with the corporate exceeding its full-year goal of 1 million insurance policies in two months, mentioned chief govt Napassanun Punnipa.

“The corporate partnered with Bangkok Insurance coverage to launch the insurance policies, increasing the partnership to different insurance coverage corporations,” she mentioned.

Other than Bangkok Insurance coverage, TQM now sells Covid-19 insurance coverage for 3 different insurers: Asset Insurance coverage, Dhipaya Insurance coverage and Viriyah Insurance coverage.

TQM’s preliminary gross sales goal for Covid-19 insurance coverage was 300,000 insurance policies within the first quarter.

With the sturdy demand for Covid-19 insurance coverage, the corporate’s whole premiums for the primary quarter are more likely to exceed these of the identical interval final 12 months and the earlier quarter, she mentioned.

Final 12 months TQM reported whole income of 259 million baht, up 10.2%. Internet revenue surged 25.5% to 103 million baht.

Insurance coverage brokerage contributes 59% of income, of which 95% derives from non-life insurance coverage, with the rest from life insurance coverage merchandise. Service and different objects account for 38% and three% of income, respectively.

Mrs Napassanun mentioned the corporate’s income from insurance coverage dealer enterprise was not adversely affected by the nation’s stuttering financial system, as gross sales of Covid-19 and property insurance coverage would have the ability to offset an auto insurance coverage slowdown.

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She shrugged off issues about Covid-19 insurance coverage policyholders’ ethical hazard, saying the sum insured is so minimal that it will not encourage policyholders to show themselves to the virus to make claims.

The agency set a method to be a regional digital insurance coverage dealer by 2026 by increasing into the CLMV market this 12 months via native companions, aiming for whole premium of 50 billion baht.

President Unchalin Punnipa mentioned proceeds from the itemizing on the inventory market have been used for IT platform funding, which has borne fruit as workers must earn a living from home through the Covid-19 disaster.

TQM shares closed Friday at 65.50 baht, up 50 satang, in commerce price 81.9 million baht.

Oliver Smith

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