Toss the beef chunks with flour, salt, and pepper until evenly coated.
Warm olive oil in a large pot over medium heat and sear the beef pieces in batches until browned on every side. Remove and set aside.
Using the same pot, cook the diced onion until it turns clear and soft, then add minced garlic and sauté for about a minute.
Mix in the tomato paste and let it cook for two minutes, stirring frequently. Pour in a small amount of beef broth to loosen and deglaze the pot.
Add the beef back into the pot along with chopped potatoes, carrots, the rest of the beef broth, Worcestershire sauce, bay leaves, and thyme.
Increase the heat to bring everything to a boil, then lower to a gentle simmer. Cover the pot and cook for two to two and a half hours until the beef is tender.
Remove bay leaves from the stew, taste it, and season with more salt or pepper if needed before serving.