Notification regarding completion of the acquisition of Antares Holding limited by Qatar Insurance Company(More Information in Arabic)
Ratings On Qatar Insurance Co. And Guaranteed Subsidiaries Affirmed At 'A'; Outlook Stable (English)
Qatar Insurance Company announces completion of Antares acquisition(English)
AM Best Credit report released - Qatar Insurance Company S.A.Q receives Best's Rating of A (Excellent) Financial Size Category of XI ($750 Million to $1 Billion). Download Full Report.
QIC Announces the Opening of its New Branch in Al Khor city
|23 Jul||Press Conference On Launching of Automated Insurance Machines (AIM) at Traffic Departments on 23/7/2013|
QIC Mobile Insurance App
QIC is pleased to announce the release of IOS and Android mobile apps for Qatar Retail Insurance. QIC is the first insurer in the region to launch mobile insurance application to customers.
Major features in Mobile Application
QIC Board of Director's will meet on the 23rd of July 2013, to discuss half year financial results.
QIC Group President and CEO Khalifa Abdulla Turki Al-Subaey joins The Geneva Association as first member from Arab World
Qatar Insurance Company (QIC) Group and The Geneva Association announce that Group President and CEO Khalifa Abdulla Turki Al-Subaey has become a member of The Geneva Association.
The Geneva Association is the leading international insurance think tank for strategically important insurance and risk management issues. Its membership comprises a statutory maximum of 90 chief executive officers (CEOs) from the world's top insurance and reinsurance companies. The Association is chaired by Michael McGavick, CEO of XL Group.
Khalifa Al-Subaey, QIC Group President and CEO, said: "I am delighted and honoured to join The Geneva Association as the first representative of the Arab World. Our region offers significant opportunities to insurers and reinsurers: It exhibits strong GDP growth, is home to more than 300 million mostly young and well-educated people and offers a vast pipeline of infrastructure and construction projects. Yet, insurance premiums still account for as little as 1% of regional GDP, compared with 7% globally. QIC Group is committed to making a contribution towards narrowing this gap. I believe that becoming part of The Geneva Association will support this aspiration. Our involvement also reflects the gradual internationalisation of QIC Group's insurance and reinsurance portfolio, with the objective of positioning the firm among the world's Top 50 insurers by 2030."
John H. Fitzpatrick, Secretary General and Managing Director of The Geneva Association, commented: "It is a great pleasure to be welcoming Mr Al-Subaey to The Geneva Association. His membership is a reflection of the pace and scope of economic development in the Arab World and the rapidly increasing development of insurance in the region and internationally. We look forward to Mr Al-Subaey joining our discussions and the insights and perspectives he will bring to Members' discussions. With the addition of QIC our members' companies have total assets of approximately US$ 12 trillion and more than 2 million employees who serve customers in more than 140 countries."
Qatar Insurance Company Rights issue subscription has been successfully concluded with an oversubscription
The management of QIC stated that its rights issue has been concluded and the capital of the company is QR 1,284,323,040. This Rights issue has been approved during the conducted Extra Ordinary General Assembly meeting of the company which was held on 17th February 2013. The rights issue was open for subscription from March 4th to March 25th 2013 through Qatar national Bank and the number of shares offered for public subscription in the rights issue was 21,405,384 ordinary shares, the total subscription reached QR 1,574,668,800 with a number of shares ordered 34,992,640.
QIC Group and Oliver Wyman sign Consultancy Contract
Qatar Insurance Group and leading consultants Oliver Wyman have signed a contract for Consultancy Services to encompass the Design of a new Group “Target Operating Model”. For almost fifty years, since its establishment in 1964, Qatar Insurance Company has grown in both size and complexity. The QIC Group now comprises of a number of operating companies and business units covering insurance, reinsurance, bancassurance, real estate and asset management.
Concurrent with this expansion and diversification has been an extension of its global reach and it now undertakes reinsurance on a global basis through its subsidiary Q-Re LLC. QIC Group now has representation in Qatar, UAE, Kuwait, Oman, Malta, Zurich, London and Bermuda.
Mr. Khalifa Al-Subaey Group president and CEO advised that “Our Group has undergone periodical restructuring to cater for the considerable expansion it has engineered and implemented over the last fifteen or so years but now requires a more appropriate, holistic Target Operating Model.” “Through this partnership with Oliver Wyman we will Design and Implement a robust model, which will ensure that our Group of companies is appropriately structured to meet both the challenges and opportunities we will encounter as we continue grow and expand in the decades ahead.”
Qatar Insurance Company announces its intent to disclose first quarter financial results for the year 2013 on Tuesday, April 16, 2013...
شركة قطر للتأمين تعلن أنه سيتم اعتماد البيانات المالية المرحلية ونتائج عن الربع الأول من عام 2013م
Gunther Saacke appointed CEO of Q-Re
Doha, Qatar, 25 February 2013 – Q-Re’s Board of Directors today announced the appointment of Gunther Saacke as Chief Executive Officer of Q-Re, effective February 24th 2013. Gunther Saacke will lead a team of senior and well-known reinsurance professionals in order to transform Q-Re into a global multi-line reinsurer with a focus on specialty lines. The new CEO and his team are committed to establishing Q-Re as a leading global reinsurance franchise based in Doha, Qatar, with offices in Zurich, London and Bermuda.
Q-Re is a subsidiary of Qatar Insurance Company (QIC), headquartered in Doha, Qatar and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA). Gunther Saacke succeeds Ewen McRobbie who led Q-Re since April 2012 and now assumes new responsibilities within QIC Group.
Gunther Saacke, CEO of Q-Re commented: “I am excited about the opportunity to help build the first truly global reinsurer which originates from the emerging markets. Q-Re will have a global presence, underwrite risks across all major lines and territories and issue lead quotations based on our proprietary pricing and analytical capabilities. To our clients we will be a dependable partner who offers superior underwriting skills and line of business expertise. Our portfolio will reflect rigorous risk selection criteria and an embedded risk management culture. In combination with our strong and distinct capital base, we aim for nothing less than a position among the top 10 players of the global reinsurance industry by 2025.”
Khalifa Abdulla Turki Al Subaey, Group President and CEO of QIC and Q-Re’s Managing Director, said: “It is our aspiration to grow Q-Re into a leading global reinsurance company acknowledged for quality capital, technical expertise, customer focus and thought leadership. We are delighted that Gunther has come on board to lead this effort. He will be able to rely on a strong, globally renowned team of reinsurance professionals. Beyond our commercial objectives we also believe that Q-Re’s growth will contribute to establishing Qatar as a reinsurance hub to be reckoned with.”
Gunther Saacke has more than two decades of international reinsurance experience, with a track record of successfully building and integrating high-profile teams of industry experts. Most recently, he served as Head of Reinsurance at Endurance in London, before going on to lead Novae Re, a multi-line reinsurance operation in the Lloyd’s market.
While other senior team members have already been announced in November 2012, their specific new roles at Q-Re will be communicated in due course of time.
All the appointments are subject to regulatory approvals.
Q-Re is rated “A/Stable” by Standard & Poor’s and “A/Excellent” by A.M. Best.
QIC provides support to Q-Re as a shareholder and through an unconditional parental guarantee and a direct quota share agreement, thus allowing Q-Re effectively to utilize its parent’s capital which should soon be increased to US$ 1.2 billion (post current rights).
The State of Qatar and its related entities are the largest shareholders in QIC holding 12% of its equity. As part of a strategic initiative the company has accepted an offer from the State of Qatar to increase its equity stake in QIC to 20%. The transaction is in process of getting regulatory approvals. The shareholders of QIC have recently approved a rights issue of QR 963 million (US$ 265 million).
As a key differentiator Q-Re will pursue an integrated portfolio management approach to underwriting, as embedded in a state-of-the-art Enterprise Risk Management framework that is focused on coherently measuring and balancing insurance, credit, market, governance and compliance risks. Based on its proprietary pricing and analytical capabilities, Q-Re will offer lead quotations and product development services with a focus on specialty lines. At the same time property and casualty lines will compliment Q-Re’s product offering, thereby building and broadening long-term, sustainable client relationships.
Q-Re is a subsidiary of Qatar Insurance Company (QIC), headquartered in Doha, Qatar, and regulated by the Qatar Financial Centre Regulatory Authority (QFCRA). Q-Re is backed by an unconditional parental guarantee from QIC, which is capitalised at US$ 1.2 billion, as well as a direct quota share agreement. Q-Re is rated ”A/Stable” by Standard & Poor’s and “A/Excellent” by A.M. Best. The company recently opened a branch office in Zurich and a representative office in London and is also awaiting regulatory approval for a new branch in Bermuda. For further information on Q-Re please visit www.q-re.com.qa.
QIC General Assembly Meeting
Please be advised that the QIC General Assembly meeting took place on the 17th of February 2013, approved the following:
2) The company’s balance sheet and profit & loss account, and distribution of profits being cash dividends of %25 (twenty five percent) from the original share value, i.e. QR.2.5 (two and half) for each share. Settlement will start from tomorrow the 18th of February throw all the branch's of commercial bank of Qatar, in addition to a bonus share issue of (20%) of the capital, i.e. one share for each five shares.
3) Discharge the members of the Board of Directors from their responsibilities and approving their remuneration.
4) Corporate Governance Report for the year 2012.
5) Appointment Delioitt & touche as company auditors for the financial year 2012.
Also the Extraordinary General Assembly took place on the same date Approved the following:
1) Increase in the company capital from (QR. 891.891.000) to stand at (QR 1.070.269.200), through the capitalization of part of the profits, by distributing Bonus Share, i.e. (one share for each five shares), to be issued after approving this increase, and authorizing the board of directors to act properly with the shares fractures.
2) increase of the new capital after the increase of the bonus shares by a further (20%) to become QR. (1.284.323.040) through the issuance of (21,405,384), new shares for the current shareholders registered at Qatar Exchange on 14/2/2013 at the price QR. 45 (forty five), represent the par value plus premium of QR. 35 (thirty five), and authorizing the board of directors to complete the procedures according to the commercial companies law and the company's article of association and the obtaining the approvals from the concerned authorities.
3) amendments to article (7) of the company's article of association, to be read as follows: “All shares of the Company are nominal. No individual or entity except the government of Qatar and its related institutions, organizations, entities possess at any time more than 5% (five percent) of the shares of the Company.”
5) Amend article (6) of the Company's Article of Association to reflect the increase.
6) Extend the company's period of activity for a further 50 years to start from the end of the existing period, also to amend article (4) with the same.
With this approval, the above mentioned bonus shares are now due for distribution immediately.
Qatar Insurance Company Reports QR 610 million net profit for 2012
QIC Board of Directors’ in their meeting held on, the 22nd of Jan. 2013, reviewed the company’s performance, the financial information for the year 2012, the auditor's report and the profits realized (QR 610 million).
The board also recommended the following :
distributing Cash Dividends of %25 (twenty five percent) from the share par value, i.e. QR.2,5 (two and half) for each share, in addition to bonus shares issue of (20%) of the capital, i.e. one share for each five shares to bring the capital to (QR. 1,070,269,200).
Increasing the new capital after the increase of the bonus shares, by (20%) to reach QR. (1.284.323.040) through issuing of (21,405,384), new shares for the current shareholders with the par value QR. 10 (ten) + premium of QR. (35), And authorizing the board of directors to complete the procedures according to the commercial companies low and the company's article of association .
Amend article (7) of the company's article of association to allow the government of Qatar, it's organizations , institutions and associates, to own more than 5% (five percent) of the company shares.
The board of directors agreed (in principal ) to increase the authorized capital of the company through special issue of shares to be allotted only to Qatar holding which is a subsidiary of Qatar investment authority as a strategic partner to QIC, and authorizing the board of directors to complete the procedures after the approval of concerned authorities.
These recommendations will be raised to the General Assembly meeting which will take place at La Cigale Hotel on Sunday the 17th of Feb. 2013 at 3.30pm by God wish.
QIC issues Financial Results for 2012
QIC Board of Directors' meeting will be held on the 22ndof Jan. 2013
The meeting will contain and cover the company’s performance, the financial results of 2012, the auditor's report and the recommendation of the dividend distribution.
Future expansion plans for Qatar Insurance Group
Five-year plan has been submitted by international consultant “Oliver Wyman” which prepared the future strategic plans and prospective roadmap for Qatar Insurance and its Group companies.[more info]
Qatar Insurance rated A (Excellent) by A.M. Best Europe
Best Europe – Rating Services Limited has assigned a financial strength rating of A (Excellent) and issuer credit ratings of “a” to Qatar Insurance Co SAQ (QIC) and its main subsidiaries: QIC International LLC (QICI) and Q-Re LLC (Q-Re). The outlook for all ratings is stable. All companies are domiciled in Qatar.
QIC COMPLETE PLAN
Buy QIC Complete plan with your Credit Card at any of the QIC branches and pay the premium in 6 easy monthly installments with 0% interest*.
Get upto 20% savings** on QIC Complete plan.
QIC Complete plan includes Comprehensive Motor, Annual Travel and Home Insurance.
*Offer available with below banks **Terms and Conditions Apply
This offer is available in the following locations:
We're closer to you
QIC has been operating in Qatar since 1964, and prides itself in offering a variety of easy channels. We are committed to ensuring that you have peace of mind and with decades of expertise, we ensure that you receive a comprehensive choice of products which is matched by a superior level of service.
Insurance that takes care of you
It’s good to know that you can rely on insurance that takes care of what matters most. Whether its vehicle, home or travel insurance, QIC offers the cover which will best meet your needs. Fast and flexible, we offer simple options with comprehensive cover and services which continue to improve to meet your needs. With more centres, new e-machines and convenient online insurance, we’ve never been closer to you.
Products you can really trust
Home Insurance: Your most valuable asset is your home and you can rely on QIC to protect it. HomeCare is an insurance policy especially designed by QIC to provide homeowners like yourself, with an assurance of security knowing that your home (building) and its personal contents are safely insured. HomeCare provides a range of benefits which include: loss of or damage to the building (for owners); loss of or damage to the personal contents; loss of or damage to servants property (optional); additional expenses of alternative accommodation and loss of rent; liability to the public; and compensation for death of the insured spouse/servant.
Travelcare Plus: It’s great to get away on that well deserved holiday but being so far from home can also bring unexpected risks. Delayed departures, losing your passport or bags, an unexpected accident, worse still needing medical emergency assistance can turn what should have been a pleasure into a nightmare. Thankfully, QIC Travelcare Plus brings a wide range of reassuring benefits that make being thousands of miles from home worry-free, just the way it should be.
Motor third party insurance and Motor comprehensive insurance: With QIC motor insurance, it’s reassuring to know that the road ahead is made even safer by reliable insurance. Whatever your needs, QIC is your ultimate destination with two types of automobile insurance coverage:
Basic Third Party Liability Insurance Cover: Basic third party cover to comply with the Motor Traffic regulations.
Third Party Liability plus Own Damage Insurance Cover: thiscomprehensive insurance includes third party risks as well as own vehicle damage cover. It can be extended to include various extra optional covers such as agency repairs, off road cover and alternative vehicle hire.
QIC online, bringing insurance home to you
Insurance has never been easier. QIC is proud to be the first insurance company in Qatar to offer insurance online. You can buy your Home Insurance, Travel Insurance, Motor Third Party Insurance (private vehicles and pick-ups) and renew your Motor Comprehensive Insurance (private vehicles) 24/7 online. And all from the comfort of your home or office. What is more, with QIC’s new e-machines which are soon to be positioned in convenient places around town, access to peace of mind is even better. Enjoy a 10% discount on our easy, fast and reliable service. Open to all your needs our local centres and head branch are conveniently located with opening hours that fit in with your lifestyle. Visit our Abu Hamour branch from 7 am to 7 pm; and our kiosks at Lulu Hypermarket in Gharrafa 10 am to 6 pm, and Villagio Mall from 10 am to 10 pm. Our head office is based in the heart of West Bay and operates Sunday to Thursday from 7am to 3 pm and Saturdays from 8 am to 1 pm with claims working hours from 7 am to 7 pm.
QIC, your first choice insurer
At QIC, we understand the important things in life and realise the need to protect them. We adhere to the best international practices in the insurance industry allowing us to offer you the
INSURANCE HAS NEVER BEEN EASIER
QIC is moving even closer to you with our new e-machines at convenient locations around Doha. Buy your Home Insurance, Travel Insurance or Motor Third-Party Insurance (for private vehicles and pick-ups), and renew your Motor Comprehensive Insurance (for private vehicles). Our 10% discount for all online QIC insurance purchases apply. Find out more on www.qic-online.com
QIC ISSUES FINANCIAL RESULTS FOR 2011
Updated: 24 Jan 2012, Doha, Qatar
QIC is pleased to release audited financials for QIC Group for the year ended 31st Dec 2011.
QLM LAUNCHED: HUGE GROWTH POTENTIAL IN MEDICAL INSURANCE SEEN
Published: 03 OCT 2011
Q-Life & Medical, a new Qatar-based insurance firm, sees 'tremendous growth potential' in the country where life and medical insurance remains largely untapped.
Initially, the wholly owned unit of Qatar Insurance Company would provide life and group medical coverage to corporate customers.
The company, with an initial capital of QR100mn, plans to get into the retail segment at a later stage, said Ewen J. McRobbie, Adviser to QIC Group President & CEO.
Q-Life & Medical was granted its license by the Qatar Financial Centre Regulatory Authority in June this year.
McRobbie said Q-Life & Medical would take over from QIC the provision of group medical coverage to corporate customers. Currently, Q-Life & Medical has some 32 staff members, all previously employed by Qatar Insurance Company, and who have considerable ‘medical expenses and life insurance expertise’.
Heading the team will be Mr. Gajula Narayana Rao (Acting COO), who has considerable experience in underwriting medical insurance.
“We realise that many people require private medical cover today with the government planning a national health insurance scheme in Qatar, Q-Life & Medical will be fully quipped to meet the needs of citizens’ as well as residents”. McRobbie told Gulf Times yesterday.
The rationale behind establishing the company is that Qatar requires a specialised medical insurance company for launching new products since the country is on the fast track of development, Mc Robbie said.
Dr Rashwan said he saw a ‘great potential’ to develop the company business as life and medical insurance market remained largely untapped in Qatar.
“Only about 10% of the population has adequate medical coverage in the country, This will obviously grow as more awareness is create about the benefits of medical coverage,” Dr Rashwan said.
Q-Life & Medical was soft launched at a ceremony held at the QIC Corporate Office in West Bay yesterday. Ali al-Mannai-QIC Doha Chief Executive Officer and other senior executives were present.
Q-Life & Medical would operate from the 5th floor of QIC’s Corporate Office.
Established in 1964, QIC is Qatar’s oldest and largest insurer.
NEW WORKING HOURS OF QIC MOTOR CLAIMS
Updated: 27 Nov 2011, Doha, Qatar
For the convenience of our customers we have extended our Motor Claims (Abu Hamour) working hours for the public as under
Sunday to Thursday: 7 AM to 7PM
Saturday: 8AM to 1PM
Click here to view Google Map location and directions of QIC Motor Claims, Abu Hamour from Ramada Hotel, Doha.
QIC ISSUES QUARTER3 FINANCIAL RESULTS FOR 2010 YEAR
Published: 24 Nov 2011, Doha, Qatar
Qatar Insurance Company has issued Quarter Financial figures for year 2011
INSURE ONLINE AND GAIN 10%
Updated: 16 Oct 2011, Doha, Qatar
Buying your insurance protection has been made easier. You can buy your Home Insurance, Travel Insurance, Motor Third Party Insurance (private vehicles) and renew your Motor Comprehensive Insurance online and enjoy a 10% discount. Conditions apply.
ANNUAL GENERAL MEETING 2011
Updated: 09 Feb 2011, Doha, Qatar
QIC Board of Directors are pleased to invite the shareholders to attend the annual general meeting, which will be held at the La Cigale Hotel on Sunday, 20th February 2011, at 3.30 PM.
QIC ISSUES FINANCIAL FIGURES FOR 2010 YEAR
Published: 02 Feb 2011, Doha, Qatar
Qatar Insurance Company has issued financial figures for year 2010.
QR.612,000 CASH PRIZE WINNER
Published: 9th December 2010, Doha, Qatar
QIC announce for the Forth winner of its exclusive ‘Insure and Gain’ offer. Sheikh Sultan Khalid A. S. Al-Thani has won the sum insured value of his car of QR.612,000 cash prize, holder of policy number P11/10/10-0110-080204. The draw was held at QIC Building where the winner was announced in the presence of company officials and a representative from the Ministry of Business & Trade.
Our QIC Team with a representative from the Ministry during lucky draw event.
QIC congratulates the Forth winner of this draw. Since there will be just one last draw, the excitement is reaching its peak.
Don’t miss this exciting promotion to win your car’s full value back.
ANNOUNCING OCTOBER MONTH WINNER OF INSURE & GAIN DRAW
Published: 9th November 2010, Doha Qatar
QIC announce for the third winner of its exclusive ‘Insure and Gain’ offer. Mr. Rami Bou Aoun has won the sum insured value of his car of Q.R.62,590 cash prize, holder of policy number P20/10/10-0120-008302 .QIC congratulates the third winner of this draw. Since there will be just two more draws, the excitement is reaching its peak. Don’t miss this exciting promotion to win your car’s full value back.
Mr. Rami Bou Aoun receives Cash Prize of QR 62,590 from Mr.Ali Al Mannai (Right) and Mr. P.E.Alexander
WINNER OF INSURE & GAIN DRAW FOR SEPTEMBER MONTH
Published: 17th October 2010, Doha Qatar
Mr. Raynaldo Laurente is the second winner of QIC’s exclusive summer offer - ‘Insure and Gain’ based on QIC’s comprehensive car insurance policy. The draw was held at QIC building where the winner was announced in the presence of Mr. Khalid Al Mansouri from the Ministry of Business & Trade, members of the press, Mr. PE Alexander - Chief Operating Officer, Mr. Khalifa Al Sewaidi - Senior Vice President of Human Resources and Mrs. Gretel Busutil - Vice President Retail.
Mr. Raynaldo Laurente receives Cash Prize of QR 66,000 from Mr.Ali Al Mannai in presence of Mr. Khalifa Al Sewaidi and Mr. Nasser Rashid Al Misnad
The Cheque for QR 66,000/- being the insured value of the vehicle was presented to the winner by Mr. Al Al Mannai CEO on the 13 October 2010 in the presence of Mr. Khalifa Al Sewaidi Senior - Vice President Human Resources & Mr. Nasser Rashid Al Misnad - Assistant Vice President Business Development.
In this unique offer, any vehicle owner in Qatar who opts for QIC’s comprehensive insurance between 1st August and 31st December 2010, will get the opportunity to win the entire insured value of his/her vehicle. The offer is valid on both new and old vehicles. There will be a total of 5 draws with one draw happening every month, which started in August. There will be an additional 3 lucky winners from this promotion. This was the Second draw of this scheme and Mr. Reynaldo is now the proud winner of QR 66,000/- in cash.
1st winner of Insure & Gain draw for August Month
Published: 9th September 2010, Doha Qatar
Ms Ines Akari is the first winner of QIC’s exclusive summer offer - ‘Insure and Gain’ based on QIC’s comprehensive car insurance policy. The draw was held at the Ramadan Tent in La Cigale Hotel where the winner was announced in the presence of Mr. Abdullah Al Kuwari from the Ministry of Trade, members of the press and other guests.
Ms. Ines Akari receives Cash Prize of QR 75,000 from Mr.Ali Al Mannai
In this unique offer, any vehicle owner in Qatar who opts for QIC’s comprehensive insurance between 1st August and 31st December 2010, will get the opportunity to win the entire insured value of his/her vehicle. The offer is valid on both new and old vehicles. There will be a total of 5 draws with one draw happening every month, starting from August. There will be 5 lucky winners from this contest. This was the first draw of this scheme and Ms Akari is now the proud winner of QR 75,000/- in cash.
Congratulations to Ms Akari and good luck to the future winners for the forthcoming months!
Standard & Poor's, Aug. 9, 2010:
Published: 29th August 2010: Doha, Qatar
QIC's competitive position is strong. The company is strong in its domestic market, with a market share of around 50%. Since inception, QIC has posted profitable results. During the past three years, the net combined ratio has averaged around 84%. QIC's international operations continue to increase the amount they contribute to the overall business; in 2009 international net premiums written (NPW) were around QAR619 million (2008: QAR491 million), with a net underwriting result of QAR165 million (2008: QAR133 million). This compares to QAR516 million (2008, QAR483 million) NPW from domestic operations, with a net underwriting result of QAR230 million (2008, QAR173 million). Retention now stands at 53% compared to 31% in 2005 and has generally increased across all lines, although the highest retentions continue to be for retail and lower-severity products.
Prospective:- Over the next two years, Standard & Poor's expects a relatively low level of gross premium growth in line with 2009's results, although premiums from QIC's international operations is expected to exceed 50% in 2010. Net retention of premium is also expected to continue its gradual rise and the combined ratio is expected remain stable at around 85%.
To read the full analytical report for Qatar Insurance Company by Standard & Poor's, please click on the link below to download the report in PDF format.
Insure Your car and Win Full insured value of the car
Published: 1st August 2010: Doha, Qatar
Qatar Insurance Company (QIC), Qatar’s leading insurance announces the launch of its exclusive summer offer - ‘Insure and Gain’.In this unique offer, any private car owner in Qatar who opts for QIC’s comprehensive insurance between 1st August and 31st December 2010 gets an opportunity to win the insured value of the car in cash. The offer is valid on both new and old private cars. There will be a total of 5 draws with a draw happening every month.
* 5 lucky draws in 5 consecutive months
* Draw dates – Sep 5, Oct 5, Nov 7, Dec 5, 2010 and Jan 5, 2011
* Offer valid from August 1 to December 31, 2010
QIC issues Half year results
Published: 18th July 2010: Doha, Qatar
Qatar Insurance Company has issued financial figures for first half of the year 2010. Net profit for first six months of the year 2010 is QAR 353 million as against QAR 351 million in for first six months in 2009.
Insurance services go ONLINE - http://www.qic-online.com/
In a new initiative, Qatar’s largest underwriter QIC plans to offer online renewal of travel, health, house and third party vehicle insurance to policyholders before the year-end.Recently, Qatar Insurance Company became the first in the country to offer online renewal of comprehensive vehicle insurance to policyholders. In an interview with Gulf Times, QIC Group president and CEO Khalifa Abdullah al-Subaey said the “A” stable rated (by S&P) company has spent “considerable resources” on IT to develop the online system, which provides 24x7 insurance renewal facility to policyholders. “Currently only our comprehensive insurance policyholders can avail of the online facility. But before the year-end, we will have a suite of most sought after insurance products up there,” al-Subaey said.
As an introductory offer, QIC now provides a 10% discount on comprehensive vehicle policies that are renewed online. “We have contacted our policyholders by way of text messages and offered them the discount. But it will be only for a limited period,” the QIC Group CEO said. He urged policyholders to make the best use of the online policy renewal facility. “We realise the fact that our customers face difficulty finding car parking when they come to our counters for policy renewal. They may also have to queue up. By going online, they can avoid these,” al-Subaey said. To avail of the fast-track process, one has to log onto http://www.qic-online.com/ with one’s unexpired (due in 30 days orless) QIC comprehensive vehicle policy and valid Qatari ID. Upon entering the policy number in the required field and pressing the “enter” key, the policy details get automatically appeared on the screen.
One has to then key in some details to complete the process in a few minutes. The policy details will be automatically mailed to the person concerned, who could take a printout and keep the records. Al-Subaey said that QIC had recently shifted its motor claims department to a bigger facility at Abu Hamour from the Industrial Area.
QIC gets ISO certificate for information security
Qatar Insurance Company (QIC) has been awarded ISO 27001:2005 for its Information Security Management System.
Kabatilo hands over the ISO 27001:2005 certificate to al-Mannai (centre) as Sunil Talwar looks on
QIC is the first insurance company in the region to receive the highly acclaimed certificate, which covers the management of information security for the IT infrastructure and services relating to all support services as well as protecting the confidentiality, integrity and availability of customer data.
Doha-headquartered QIC is Gulf’s largest insurer by market capitalization. The standard, which is developed by the International Standardization Organization (ISO) is aimed at creating an effective system for managing information security by implementing a group of standards and conditions which guarantee maintaining internationally accepted standards. Samer Kabatilo, country manager of TUV, an independent global certification body, handed over the certificate to Ali al-Mannai, QIC- Qatar Operations chief executive officer, in the presence of Group CFO and Deputy CEO, Sunil Talwar among others. Al-Mannai said, “We are extremely pleased to receive the international standards certification for our IT systems.
QIC has always been in the forefront of implementing the latest technology in its processes and services. With this we will meet the demanding requirement of a highly secure and efficient IT system for our clients and business partners.” He said, “Implementing the system reinforces the existence of an information security culture in QIC and ensures an environment which preserves the security and confidentiality of information.”
The centrally managed IT system from Doha is used by all business entities of QIC across the region.
QIC feels that the assurance which the certificate will provide to all its intermediaries, business partners and other stakeholders will help further strengthen its business relationship and attract new partnerships.
QIC posts QR533mn profit in 2009
Qatar Insurance Company (QIC) has posted a net profit of QR532.8mn in 2009 compared with QR510.8mn in 2008.For the first time, the gross premium earned by Gulf’s largest insurer by market capitalisation, surpassed QR2bn and reached QR2.15bn in 2009.Announcing QIC’s full year results here yesterday, group president & CEO Khalifa Abdullah al- Subaey said the company has seen consistent growth in its insurance business, with premium growing by more than 80% in the last three years.He said QIC’s net insurance income (after reinsurance and claims) for 2009 grew by 29% to QR394.8mn. Of this, QR164.5mn was contributed by QIC International operations.The company earned QR345.9mn from investments last year.
But investment income came under some “pressure” due to the continuing global economic turmoil, the effects of which were felt in the GCC region in 2009.Earning per share (EPS) was QR7.17 in 2009 compared with QR6.87 in 2008.“Due to effective and prudent risk management the company was able to weather the storm and produce a healthy realisation on the investment portfolio,” he said.
QIC’s board of directors, which met here yesterday, decided to recommend a cash dividend of QR5 a share for 2009.The board meeting presided over by QIC chairman and managing director Sheikh Khalid bin Mohamed bin Ali al-Thani also decided to set up a “special insurance reserve” of QR100mn, which would be kept growing every year.
The reserve has been created to safeguard the company from the adverse impacts of global economic turmoil.“Even with the current global economic crisis and its contagion impact on the region, 2009 was a stable year for QIC. As a premium insurer not only in Qatar but also in the Gulf region, QIC has capitalised on the economic growth of Qatar and other GCC countries,” he said.QIC management said it is ‘positive’ about the ‘future outlook’ of its insurance operations. With the formation of Q-Re at the Qatar Financial Centre, QIC will be able to broaden its business base to wider Middle East, North Africa and South Asia (Menasa) region.
The company management expects that over the next few years Q-Re would contribute significantly to the growth of the company as also increase its ability to diversify both in terms of products and geographical coverage. QIC is also ‘positive’ on the recently formed joint venture, Daman, which began operations. QIC has established its offices and also staffed it with extremely talented professionals to drive the company forward.During the year, QIC, based on its strong balance sheet and management team, was able to retain its Standard & Poor’s rating of ‘A’ stable, which is the ‘highest’ for any insurer in the region.QIC said it is also strengthening its internal audit and compliance functions across the group.
As part of adopting global best practices in corporate governance and compliance, QIC has established ‘extensive internal regulations’ that are being implemented across the group.“Advanced software solutions and extensive IT developments besides the addition of experienced professionals in internal audit and compliance functions of the group will ensure that the growth is properly controlled and managed,” QIC said.
As part of its corporate social responsibility QIC has contributed 2.5% of profits generated within Qatar to a social fund that will support various community activities in culture, sports and education.
QIC discloses financial statements for 2nd Quarter 2009
Qatar Insurance Company (QIC) discloses the semi annual financial statements for the period ending June 30, 2009. The reviewed financial statements for the period ending June 30, 2009 revealed a net profit of QR 334.3 million in comparison to QR 408.3 million for the<