TQR, a listed reinsurance brokerage business, is confident that its performance in the second half of this year will continue to grow.
Mr Chanaphan Piriyaphan, CEO of TQR, said that the company assessed that the business outlook in the second half of 2024 would be positive because TQR has been developing new reinsurance products in collaboration with TQM Alpha, the parent company, according to local media reports.
The new products include health insurance for the elderly, surgical insurance, home insurance, health and personal accident insurance, cyber insurance, directors' and officers’ liability insurance, terrorism and political risk insurance, and electric vehicle (EV) insurance.
Adding to prospects are government policies that support crop insurance, an increasing number of tourists, the increasing popularity of EVs, and Thailand’s ageing society which has led to higher demand for health insurance.
Mrs Yupares Piriyaphan, deputy CEO of TQR, said that the company is collaborating in cyber insurance business with AlphaSec, a joint venture company in which TQR holds a 30% stake. They are moving forward to develop a platform for cyber security standards and expanding to new customer groups to increase revenue opportunities.
For the first six months of this year, TQR reported a net profit of THB54.45m ($1.6m), an increase of 4.9% compared to the corresponding half in 2023.