AM Best affirms the rating of Qatar Insurance Company

AM Best has affirmed the “A” (Excellent) financial strength and “a” long term credit rating of Qatar Insurance Company (QIC) and its Bermuda based subsidiary Qatar Reinsurance Company (Qatar Re). The outlook for both ratings is negative.

The rating agency bases its decision on the strength of the Qatari insurer's balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management.

The negative outlook reflects the pressure on the group's performance affected by losses related to natural disasters.

The group has recorded a five-year (2015-2019) average combined ratio of 102%. AM Best expects the group to produce a combined ratio ranging between 105% and 110% in 2020.