Qatar General Insurance and Reinsurance

Being the second insurance company of the emirate, Qatar General, set up in 1979, stands firmly in the forefront of the local market and in the MENA region where it holds an important portfolio of stocks. In an economy dominated by oil and gas, the company has, from the outset, positioned itself on energy risks of which it has become one of the leaders.

To reduce the volatility of its results and its reliance on large risks, Qatar General initiated a diversification of all its activities. Three lines of business have been identified: insurance, financial investments, construction and real estate investments.

In terms of insurance, Qatar General is working hard to develop new personal line risks such as health, assistance and most importantly life insurance. This will to rebalance the portfolio materializes also with the launch of a takaful insurance business that drains to the company a significant volume of small risks.

The shareholding in insurance and banking in the MENA region countries stand as the second area of diversification of activities.

Real estate investment and construction stand as the third level of policy diversification. Qatar General has initiated a number of construction projects such as the World Trade Center in Doha.

At the end of 2010, investments income amounted to 35 212 000 USD while the amount of insurance premiums is of approximately 143 000 000 USD.

It is thanks to the excellent underwriting and financial results that Qatar General has managed to conduct such a policy. The 2010 net result amounted to nearly 33 000 000 USD compared to 37 426 000 USD in 2009 and 61 194 000 USD in 2008. It is the surplus generated by the activities of the company that finances its expansion to other countries and other operations.

Nasser Bin Ali
Bin Saud Al Thani
Jamal Abu Nahl
ChairmanCEO

Qatar General Insurance and Reinsurance in 2010

Capital
87 866 247 USD
Turnover
142 527 590 USD
Shareholders’ equity
683 330 146 USD
Total assets
1 065 285 068 USD
Net result after tax
32 829 183 USD
ROE
4,8%
Loss ratio
63,3%
Combined ratio
80%
Number of employees
184
Number of branches
6 among which one in the UAE

Management

Chairman
Nasser Bin Ali Bin Saud
Al Thani
CEO
Jamal Abu Nahl
Assistant CEO
Saltheesam Menon
Acting COO
Nadarajan Kumaraswamy
Assistant COO Production Life and Medical
Kamal Abu Nahl
Assistant COO Non Marine Non Motor
Mohammed Alailah
Regional manager (UAE-Dubai)
Wamidh Al Jarrah
Financial controller
Ahmad Ibrahim

Main shareholders

Al Sari Trading Est.
17%
Mohammed H. Abdullah
12.5%
Sh. Nasser A. Al Thani
7.3%

Main technical highlights: 2007-2010

in USD
 2007200820092010
Gross written premiums
225 429 027197 667 263138 625 113142 527 590
Premiums ceded to reinsurers
160 734 491131 215 24281 069 65887 147 239
Premiums net of reinsurance
64 694 53666 452 02157 555 45455 380 351
Net earned premiums
58 320 66765 897 05959 154 49953 712 836
Net incurred losses
41 268 31553 270 35646 481 10633 991 799
Net loss ratio
70.8%80.8%78.5%63.3%
Management expenses
23 446 60430 547 12823 675 75723 662 386
Expenses ratio
10.40%15.45 %17.07%16.60%
Combined ratio
81.20%96.25%95.57%79.9%
Net result
34 449 02862 194 01037 426 99532 829 183

Evolution of premiums, losses and management expenses

in thousands USD

Turnover’s evolution per class of business: 2007-2010

in USD
 20072008200920102010 shares2009/10 growth
Engineering & others
149 819 113121 142 90574 461 37181 670 57857.3%9.6%
Misc. accident
55 875 68459 361 20052 450 05046 993 85333%-10.4%
Marine
13 863 90210 120 4394 740 5377 010 0494.9%47.8%
Fire
5 870 3287 042 7196 973 1556 853 1104.8%-1.8%
Total
225 429 027 197 667 263 138 625 113 142 527 590 100% 2.8%

Breakdown per class of business in 2010

Exchange rate
QAR/USD as at 31/12
2007
2008
2009
2010
0.27546
0.27487
0.27475
0.27485

Contact


Head office
QGIRCO Building, Al Asmakh Street
P.O. Box 4500, Doha, Qatar
Phone
(+974) 4428 2222
Fax
(+974) 4443 7302
E-mail
info [at] qgirco [dot] com
Website
0
Your rating: None
Advertising Program          Terms of Service          Copyright          Useful links          Social networks          Credits