News
QGI&RC reports 22% increase in underwriting income
| July 21, 2010 by Tracey Scott
Qatar General Insurance & Reinsurance Company has reported 22.2 per cent growth in net underwriting income for the first half of 2010.
The insurer reported a US$15m, or QR54.7m, underwriting income during the first six months of the year, up 22.2 per cent on the same period last year. However, gross premiums declined 6.2 per cent during the first half of 2010 to US$81.6m, or QAR297.1m, from US$87m last year.
The reinsurance ratio has increased from 57.2 per cent in the first half of last year to 59.9 per cent for the same period this year.
According to Global Investment House, the insurer recently awarded US$142.7m to Arabtec Construction to build the World Trade Centre Project in Doho, therefore it said: “We believe as the economy rapidly grows, more real estate projects come on stream there will be increasing demand to underwrite policies. The company is focused more on real estate development and underwriting the insurance risk in that segment.”
