AM Best: Negative outlook for Qatar General Insurance & Reinsurance Company

AM Best affirms Qatar General Insurance & Reinsurance Company's (QGIRC) financial strength rating of "B++" (good) and long-term credit rating of "bbb.

The rating reflects the company's balance sheet strength, adequate operating performance, and appropriate enterprise risk management. The balance sheet strength is underpinned by a high level of risk-adjusted capitalization.

QGIRC holds a leading position in the Qatari insurance market, where it is ranked, in terms of written premiums, among the three largest listed insurance companies.

In 2021, the insurer recorded a turnover of 750 million QAR (204.863 million USD) and a net result of 106.207 million QAR (29.01 million USD). The average combined ratio over the 2017-2021 period stood at 99%.

However, the rating agency maintains the company's negative outlook. This decision is justified by the concerns regarding QGIRC's risk management and internal controls.