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$1.4 billion.

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.[2]

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.[3]

The company operates in the State of Qatar, the United Arab Emirates (via third-party online distributor),[4] 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.[5]

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%.[3]

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 the Group President.[6]

References
  1. "The boycott of Qatar is hurting its enforcers". The Economist. 19 October 2017.
  2. "History of QIC". Qatar Insurance Group. Archived from the original on 10 July 2015. Retrieved 9 July 2015.
  3. "Company Overview of Qatar Insurance Company S.A.Q." Bloomberg Business. Retrieved 9 July 2015.
  4. "Car Insurance Dubai, Compare Insurance | InsuranceMarket.ae". insurancemarket.ae. 2018-05-23. Retrieved 2020-02-12.
  5. "Top 100 Listed Companies in the Middle East 2019".
  6. "QIC Group - Board of Directors". Qatar Insurance Group. Retrieved 9 July 2015.
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