QIC turnover skyrocketed by 49% in 2015

The premiums written by Qatar Insurance Company (QIC) grew by 49% at 2.2 billion USD in 2015. QIC, owner of Qatar Re and of Lloyd’s syndicate, Antares, revealed that the non life insurance has greatly contributed to this growth with a 63% jump. Compared to 2014, underwriting in the marine and aviation classes of business progressed by only 2%.

On the other hand, the life and health business posted a 31% increase year-on-year. Reinsurance premiums have more than doubled, reporting a 116% evolution and accounting for half the group’s total turnover. Nearly 67% of the premiums have been generated by QIC’s international subsidiaries. The combined ratio of QIC’s non life insurance is set at 96%. Consolidated net profits of the year 2015 for the entire group reported a 3.5% increase at 292 million USD.