Qatar Insurance Company: results as at 30 September 2020

QICAs at 30 September 2020, Qatar Insurance Company (QIC) achieved a 4% turnover increase, set at 10.2 billion QAR (2.8 billion USD). Such growth is driven by an increase in insurance rates.

In contrast, the insurer posted a net loss of 130.653 million QAR (35.5 million USD) against a net profit of 500.260 million QAR (136.5 million USD) as at 30 September 2019. This result is impacted by a disadvantageous underwriting result of 83.385 million QAR (22.6 million USD).

In addition, the performance of the Qatari group during the first nine months of 2020 has strongly been affected by the coronavirus pandemic.

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