Despite near-term challenges from the Middle East war, TQM Insurance Broker remains on track to grow its premiums by 8-10% to 22 billion baht this year thanks to booming electric vehicle (EV) policies due to elevated oil prices.
According to chief executive Napassanun Punnipa, TQM initially recorded 8% growth in premiums to 5.3 billion baht in the first quarter of 2026 despite economic volatility, both in Thailand and abroad as conflicts in the Middle East pushed oil prices and the cost of living to rise substantially.
The insurer is on course to achieve premium growth of at least 8% for the year, in line with the industry, propelling total premiums to 22 billion baht, up from a 2% gain last year, she said.
TQM Research Institute forecast two possible scenarios for the oil shock caused by the Mideast war.
If the disruption lasts 1-2 months, Thai vehicle sales are projected to be flat or contract 1% from 2025, instead of the estimated 2% growth without war, while motor insurance expands 1-2%, compared with an earlier forecast of 3%.
In the case of a severe disruption, with the conflict dragging on for more than six months, new car sales are expected to contract by as much as 15-25%, while motor insurance declines 1-3%.
"Our insurance portfolio is structurally decoupled from macro volatility, maintaining positive premium growth even during a peak energy and inflation crisis," said Mrs Napassanun.
Consistent premium expansion across core products in the portfolio validates TQM's adaptability, she said.
Chairman Unchalin Punnipa said with the Thai economy under pressure from external factors, especially rising energy prices that hinder businesses and affect the cost of living, TQM developed strategies to ensure continuous business growth.
He said the company's "Driven by Care: Standing by You" concept allows the insurer to deploy three core principles -- reducing costs, increasing options, and improving accessibility -- developing insurance solutions that enhance consumer access to appropriate insurance coverage.
Mrs Napassanun said the company teamed up with insurance partners to develop flexible and accessible insurance plans for Thai consumers as behaviour changes.
"Our insurance plans offer flexible protection and payment, alleviating consumers' financial burden and enhancing their access to appropriate insurance protection," she said.
