Qatar Insurance's (QIC) insurance service result for the first nine months of this year reflected the US-Iran conflict, the most significant event for the insurance market in 2026, said the company in its financial reports for the January-September period.
Commenting on the impact of the regional geopolitical conflict on the Group’s financial performance, QIC said, “The impact remained concentrated in its international operations, arising principally on specialty lines written in the international markets, including war, terrorism and political violence cover and related marine classes.”
QIC strengthened reserves for the event in the first nine months and continues to hold them on an actuarial best-estimate basis. Ultimate losses remain subject to uncertainty as claims develop while the conflict continues.
The company also said, “The ongoing regional geopolitical conflict has increased uncertainty across certain markets in which the Qatar Insurance Group operates. The Group is closely monitoring developments and assessing the potential implications for underwriting exposures, claims emergence, reinsurance protections, investment markets and operations.
“War-related perils are generally excluded from most insurance products unless specifically underwritten, although certain international specialty classes may be directly or indirectly affected. The ultimate impact on the Group’s business, results of operations and financial position remains uncertain and will depend on future developments.
“The Group’s investment portfolio remains exposed to market volatility arising from current regional developments. In particular, shifts in yield curves, widening credit spreads and broader market movements could affect investment valuations. The Group continues to apply its established underwriting, reserving and risk management processes and to review the position as additional information becomes available.
“The Group also continues to assess the availability and recoverability of reinsurance protections and any related liquidity implications. The Group’s capital, liquidity and funding positions remain solid, and no additional management actions have been deemed necessary at this stage.”
Excluding the US-Iran conflict, QIC’s underlying underwriting performance remained resilient, the company said.