Qatar Insurance's (QIC) insurance service result for the first half of the year reflected the escalation of the conflict involving the US and Iran, one of the most significant events for the insurance market in the period.
The insurance service result moderated to QAR202m ($55.5m), carrying the effect of claims and reserving associated with the conflict, QIC said in a statement.
The company said that the impact was concentrated in QIC’s international operations, arising principally on specialty lines written in the international markets, including war, terrorism and political violence cover and related marine classes. QIC has strengthened reserves.
QIC also said, "Consistent with peers across the market, which have similarly reinforced reserves for the conflict, ultimate losses remain subject to uncertainty as claims develop, and QIC continues to monitor the situation closely. Excluding this event, QIC’s underlying underwriting performance remained resilient."