QLM Life & Medical Insurance Co, the largest health insurance provider in Qatar, is expected to increase its insurance revenue by 5%-10% per year in 2024 and 2025, in the view of S&P Global Ratings (S&P).
The earnings of Qatar General Insurance & Reinsurance Company (QGIRC) have been supported by a track record of adequate underwriting profitability, with the company generally reporting positive technical results, says AM Best.
Qatar Islamic Insurance Group (QIIG) is assessed to have a strong operating performance, says AM Best. The insurer has reported robust technical performance consistently, with a five-year (2019-2023) weighted average combined ratio of 72.0%.
The insurance industry in Qatar is urged to address the changes that have taken place in the sector since the 2022 World Cup.
Qatar's listed insurance companies posted a combined net profit of QAR387.57m ($106.5m) for the first quarter of this year, according to quarterly financial statements published by the companies.
Anoud Technologies (Anoud Tech), a global InsurTech group based in Qatar, launched its UAE branch last week as part of its strategy to become the IT platform provider of choice for the insurance industry in the MENA region and beyond.
Damaan Islamic Insurance Company 'BEEMA' (Beema)'s operating performance is viewed as strong, says AM Best. The insurer has consistently reported robust technical performance, with a five-year (2019-2023) weighted average combined ratio of 79.7%, as calculated by AM Best.
Qatar Insurance Company (QIC Group, QIC), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported a net profit of QAR194m ($53.3m) for the first quarter of 2024, 11% higher than the QAR175m posted for the corresponding quarter in 2023.
The Qatar Central Bank (QCB) yesterday issued instructions to digital insurance companies, aimed at drawing up the regulatory framework for digital insurance activities in the country.
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).