Qatar Insurance

Qatar Insurance Company (QIC) is a Doha, Qatar-based insurance Company specializing in personal and business asset protection. It is the largest insurer in the Persian Gulf region.[1] The company is listed on the Qatar Exchange and has a market capitalization of over US$ 9.99 billion.[2]

History

Qatar Insurance Company was conceived and founded by Amiri decree, on March 11, 1964. The Government of Qatar was convinced that the country needed a robust insurance industry to protect the growth in personal and business assets. The currency of Qatar at that time was the Indian rupee(₹) and QIC’s paid up capital was ₹1,500,000.[3]

Products & services

Qatar Insurance Company S.A.Q., along with its subsidiaries, provides insurance, reinsurance, real estate, and financial advisory services. It operates through six separate entities: Marine & Aviation Insurance, Property & Casualty Insurance, Health & Life Insurance, Real Estate, Advisory, and Investments. The company offers a variety of personal insurance products, including home care, travel care, and automobile insurance.[4]

The company operates in the State of Qatar, the United Arab Emirates (via third-party online distributor)[5], the Sultanate of Oman, the State of Kuwait, the United Kingdom, Switzerland, Bermuda, and Malta. Nearly two-thirds of the company's revenues are generated outside the MENA region.[6]

Profitability

QIC enjoyed a significant increase in profits in 2014 and the company recommended to its shareholders in February 2015 to distribute cash dividends. The company recommended distribution of cash dividends of 25% and bonus shares of 15%.[4]

Leadership

Khalid Bin Mohammed Bin Ali Al-Thani is the director and chairman of Qatar Insurance Co. and Khalifa Abdulla Turki Al-Subaey serves as President and CEO.[7]

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References
  1. "The boycott of Qatar is hurting its enforcers". The Economist. 19 October 2017.
  2. "Qatar Insurance QSPC (QATI.QA) Valuation Measures & Financial Statistics". finance.yahoo.com. Retrieved 2020-02-12.
  3. "History of QIC". Qatar Insurance Group. Archived from the original on 10 July 2015. Retrieved 9 July 2015.
  4. "Company Overview of Qatar Insurance Company S.A.Q." Bloomberg Business. Retrieved 9 July 2015.
  5. "Car Insurance Dubai, Compare Insurance | InsuranceMarket.ae". insurancemarket.ae. 2018-05-23. Retrieved 2020-02-12.
  6. https://www.forbesmiddleeast.com/list/top-100-listed-companies-in-the-middle-east-2019
  7. "QIC Group - Board of Directors". Qatar Insurance Group. Retrieved 9 July 2015.
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