Qatari Insurers Announce Q1 2010 Results

Opening quarter figures reveal Qatari insurers have enjoyed mixed financial fortunes since the turn of year. Some have reported healthy profit increases spurred by rising demand for insurance. Others, however, will be hoping for better results in Q2 2010 after posting slight yearly declines in premiums compared to last year’s opening quarter.
From January to March this year, Doha Insurance Company generated QR18.4 million net profits compared to QR6.4 million from the corresponding period in 2009.

Aman Reports 69% Q1 Profit Surge

Dubai Islamic Insurance & Reinsurance (Aman) has seen its first quarter profit for 2010 rise 69 per cent compared to the same period last year. The company generated AED10.2 million, a significant increase from the AED6 million registered in 2009. Operating profit increased 54 per cent during the same period to AED4.6 million, while Aman’s premiums climbed 10 per cent to AED86.4 million.

UAE Records Biggest Three-Year Takaful Rise

The UAE and India were the biggest growth markets for Islamic insurance during a three-year period, an Ernst & Young report has revealed. A 135 per cent compound annual growth rate for takaful was registered across the emirates and India between 2005 and 2008 – 100 per cent more than the 35 per cent increase experienced in Indonesia. Meanwhile, the Gulf recorded 45 per cent growth during the same period. According to the report, takaful contributions will exceed $8.9bn this year compared to $5.3bn in 2008.

Daman Made Profit In 2009, CEO

The chief executive of National Health Insurance Company (Daman) has dismissed speculation that the company failed to hit profit in 2009. When addressing delegates at insurance industry conference Insurex in Dubai, Dr Michael Bitzer insisted Daman had ended last year on a sound financial footing. “We are profitable,” he said. “There are always rumours in the market that the heart is bleeding and we pay too much for claims. I cannot publish our results but we are profitable and stable.

Insurer Back In Profit After Tough 2008

After posting huge losses for 2008, Takaful Re has completed a swift turnaround in 12 months to regain a firm financial footing. The Dubai-based insurer reported a US$10 million profit for 2009 compared with the previous year’s $10.6 million deficit. Gross contributions increased 43% to $48.7 million from $34 million during the same period.

Arab Orient Announces Re-brand

Arab Orient Insurance Company (Orient) has re-branded to keep pace with modernisation trends and maintain its market leading position, the company’s senior managing director has announced. Omer Elamin said the UAE insurance company, which covers property, marine, motor, engineering, life and energy insurance, will now trade as Orient. He described the re-branding as a significant milestone in the company’s 28-year history.

Financial Crisis Hits Qatari Insurance Profits

Qatari insurance companies saw profits decline in 2009 as the economic downturn took its toll on the industry. Of the five insurers that recently released financial reports, only two registered growth while the remaining three suffered fiscal setbacks last year. Worst hit was Qatar General Insurance and Reinsurance which reported a huge QR140.2 million profit drop from QR226.2 to QR86 million between 2008 and 2009. The company’s gross and net premiums also suffered significant losses during the same period. Gross premium dropped to QR504.5 million from QR719.1 million, with net premium falling to QR209.4 million from QR241.7 million.