QIC to set up life and medical subsidiary

Qatar Insurance Company is setting up a new life and medical insurance subsidiary, according to press reports. The new venture is expected to open by the end of the year.

QGI&RC reports 22% increase in underwriting income

Qatar General Insurance & Reinsurance Company has reported 22.2 per cent growth in net underwriting income for the first half of 2010.

Standard furthers ties with Allianz

The deal comes after Allianze agreed to sell Standard’s SME business insurance products in Bahrain. The five-year deal will see Standard Chartered Bank promoting and selling Allianz Takaful life insurance products through their Bancassurance distributions channels.

DBAC’s Manoj Kumar leaves the insurer

oha Bank Assurance Company executive manager and head Manoj Kumar is leaving the insurer. Kumar who set up the firm three years ago, is moving to London.

Doha Bank Assurance Company applies for takaful licence

The Qatari insurer has filed its application with the Qatar Financial Centre to allow it to provide life insurance alongside existing product lines, such as health insurance.

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.

The State Of Qatar

Attracting global players and established national businesses ensure Qatar is better positioned than most to ride out the global economic crisis.