Qatar Insurance Company

Established in 1964, when the country’s currency was still the Indian rupee, Qatar Insurance Company (QIC) is the most senior of the seven insurance companies registered in the emirate.

Dotted with an initial capital of 1 500 000 rupees, regarded as a fortune at that time, QIC then underwrote only personal lines risks and those of a few small companies operating at the heart of the ancient city of Doha.

In 2011, the activities of local insurers’ doyen have gone far beyond Qatar’s borders to reach the Middle East where the company has become a major player.

At the close of 2010, QIC is ranking fifth among the Arab countries, in terms of premiums, posting the highest profits in the same area.

From the local small seized insurer to the large group extending its tentacles to the United Arab Emirates, Kuwait and Oman, QIC has perfectly managed to meet country’s great economic boom.

Thanks to its technical know-how, the company has built an important portfolio of oil, marine and aviation risks. Currently, it is the insurer of the largest companies established in a country with huge financial resources. It controls approximately 60% of the premiums written on the Qatari market in 2010.

A sound capitalization, solid technical performances and a stable management will provide QIC with a power base to go international where the sought diversification goes through the geographic expansion of its operations and the development of life, health and takaful business.

Ali Mohd. Ghanem Al-Mannai	P.E. Alexander
Chief Executive Officer	Chief Operating Officer

Main technical highlights: 2006-2010

in thousands USD

	2006	2007	2008	2009	2010
Gross written premiums	327 823	418 254	542 128	590 642	591 774
Written premiums net of reinsurance	125 607	193 780	267 843	312 072	320 486
Net earned premiums	101 951	169 911	238 432	290 047	307 247
Net incurred losses	53 715	101 332	138 007	157 292	160 748
Net loss ratio	52.7%	59.6%	57.9%	54.2%	52.3%
Net expenses ratio	4.2%	4.3%	25.1%	23.6%	27%
Net combined ratio	56.9%	63.9%	83%	77.8%	79.3%
Technical result	43 974	61 283	84 282	108 473	117 015
Financial income	82 648	111 541	111 534	94 592	112 118
Result	106 719	133 002	145 704	154 055	171 113

 

Evolution of premiums, losses and results

in thousands USD

Premiums' evolution per class of business: 2006-2010

in thousands USD

	2006	2007	2008	2009	2010	2010 %	2009/10 growth
Marine & aviation	54 951	63 339	67 775	84 471	89 104	15.1%	5.5%
Fire & accident	272 872	354 915	474 353	506 171	502 670	84.9%	-0.7%
Grand total	327 823	418 254	542 128	590 642	591 774	100%	7.8%

 

Net losses’ evolution per class of business: 2006-2010

in thousands USD

	2006	2007	2008	2009	2010	2010 %	2009/10 growth
Marine & aviation	11 884	23 533	14 632	16 458	18 426	11.5%	12%
Fire & accident	41 831	77 799	123 375	140 834	142 322	88.5%	1.1%
Grand total	53 715	101 332	138 007	157 292	160 748	100%	2.2%

Premiums’ breakdown per class of business in 2010

Losses’ breakdown per class of business in 2010

Ratios’evolution: 2006-2010

Exchange rate QAR/USD as at 31/12	2006	2007	2008	2009	2010
	0.27489	0.27546	0.27487	0.27475	0.27485