Qatar Insurance Company (QIC) enters the Irish motor insurance market

The first Qatari insurer, Qatar Insurance Company (QIC) has entered the Irish car market. It is through the establishment of a joint venture with Chill Insurance that QIC has strengthened its presence in Europe.

The new company, pending approval by the Irish authorities,would begin operating by the end of September 2016. It will be chaired by Seamus Merity, a former executive of Axa Ireland.

Rated "A" by Standard and Poor's, the Qatari insurer achieved in 2015 a consolidated net profit of 292 million USD.
Its turnover for the same year increased by 49% at 2.2 billion USD. Nearly 67% of premiums were generated by the international subsidiaries of QIC.

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