Qatar Insurance coverage Firm is a publicly listed composite insurer with 57 years behind it. 

Since 1964, Qatar Insurance coverage Firm has been addressing the wants of the MENA area — and prior to now decade, its community has expanded to cowl Qatar, UAE, Oman, Kuwait, United Kingdom, Switzerland, Malta, Italy, Singapore, Bermuda, and Gibraltar.

QIC has been a core contributor to the event and diversification of the Qatari economic system. It has grow to be the undisputed regional chief in business insurance coverage for power, marine and aviation, property and business, medical, and motor fleets. With cowl for auto, medical, life, journey, dwelling, and boat, QIC has constructed a status for unrivalled service supply over time.

QIC is rated “A” by S&P and “A (Wonderful)” by AM Finest, which underscores the group’s monetary power and stability.

Worldwide Enterprise

The group’s worldwide enterprise operates beneath the banner of QIC International, and generated over $2.8bn in gross premiums in 2020.

QIC International has 4 main subsidiaries.

Qatar Re
This international multiline reinsurer writes all main property, casualty and specialty traces of enterprise. Seasoned underwriting and finance professionals within the Qatar Re groups present shoppers with technical and enterprise experience gained throughout all market sectors.

With headquarters in Bermuda and workplaces in Zurich, London and Singapore, Qatar Re is at all times near the world’s main reinsurance markets — and the core operations of its shoppers. Since 2016, Qatar Re has been one of many world’s 50 largest reinsurance firms (Supply: AM Finest).

Antares
In 2014, Qatar Insurance coverage Firm acquired Antares Holdings Ltd, a specialty insurance coverage and reinsurance group working from the famed Lloyd’s market in London. QIC is the one Center Jap insurance coverage group to personal an built-in insurance coverage car in Lloyd’s.
Antares delivers a worldwide, diversified vary of underwriting companies in Property, Reinsurance, Casualty, Specialty, and Marine and Aviation. It ensures environment friendly and efficient service for its shoppers, specializing in high quality, safety, continuity, and consistency in risk-transfer.

QIC Europe Ltd
Established in 2014, QIC Europe Ltd (QEL) is the group’s Malta-based, pan European, non-life insurance coverage and reinsurance subsidiary with department workplaces in London and Italy.

Zenith Insurance coverage and Markerstudy Insurance coverage Firm
In 2018, Qatar Re acquired Zenith Insurance coverage plc (ZIP) and Markerstudy Insurance coverage Firm Ltd (MICL) from UK-based Markerstudy Holdings. The transaction made Qatar Re one of many main contributors in Britain’s motor insurance coverage trade, with a market share of over 5 p.c.

Qatar Insurance Company

Monetary Efficiency

QIC has a secure monitor document of profitability all through its 57 years of operation. With over $3.5bn in gross written premium in 2020, QIC continued its market-leading place within the MENA area.

In Q3 2021, QIC posted a web revenue of $140m, a 491 p.c rise in comparison with the identical interval in 2020. The group’s gross written premium elevated by 4 p.c to $2.74bn from $2.64bn for a similar interval in 2020.

Qatar Insurance coverage Firm Digital Transformation

QIC has been on the forefront of this transition for the Center Jap insurance coverage trade. It stays centered on enhancing its digital insurance coverage choices, and introducing modern, technology-enabled companies for ease-of-use.

Current Developments

In This fall 2020, QIC carried out a profitable preliminary public providing of its life and medical insurance coverage subsidiary, QLM Life & Medical Insurance coverage Firm (QLM). QLM’s share value surged 24 p.c on the primary day of itemizing, and the shares have continued to carry out effectively.

Anoud Applied sciences

Qatar Insurance coverage Firm administers its insurance coverage enterprise via an internally developed end-to-end IT platform known as Anoud. This has enabled QIC to guide the digital transformation of the trade within the Center East — and distinguishes the group from its regional rivals.

In 2020, QIC established a wholly-owned IT companies subsidiary known as Anoud Applied sciences (Anoud Tech). It markets an built-in insurance coverage IT platform known as Anoud+ to third-party insurers. Anoud+ supplies them with a complete administration resolution for all programmes.

Covid Cowl

QIC was the primary insurance coverage firm in Qatar to introduce Covid-19 cowl in its journey insurance coverage merchandise. This innovation gave a breath of life to the journey trade and pace-of-mind to travellers to-and-from Qatar and the MENA area. The quilt contains medical bills, hospitalisation, quarantine, and journey cancelation charges.

When Group Administration has to Drive Revenue — and Cope with a Pandemic on the Similar Time…

In 2021 — one other tough 12 months for a world within the grip of Covid — QIC Group administration orchestrated a return to excellent monetary efficiency.

The management group guided the group so effectively, and led the revision so efficiently, {that a} web revenue of $140m was achieved in Q3 — a 491 p.c rise in comparison with the identical interval in 2020.

Underneath the steerage of the Qatar Insurance coverage Group’s chief government, Salem Khalaf Al Mannai, a group-wide digital transformation programme took form.

“The first aims had been to enhance buyer expertise, modernise the group’s choices, and introduce an agile methodology of delivering new and modern insurance coverage services,” Al Mannai says.

With the pursuits of present and potential shoppers in Qatar and past at coronary heart, the administration group set to work.

Together with the fixed drive for enchancment, there have been different urgent issues to deal with; the group’s response to the Covid-19 pandemic, as an illustration. “Our goal in 2020 was to information the group,” the CEO says, “and supply the most secure, and most trusted insurance coverage companies to retail and company prospects.”

The preparation and consideration paid-off. QIC was capable of preserve enterprise continuity and supply unbroken service to its shoppers and prospects, regardless of the challenges of the pandemic.


Tags assigned to this text:

qatar


supply: