ALBAWABA – Qatar Insurance Company (QIC) recovered from losses estimated at 83 million Qatari riyals ($22.8 million) in the fourth quarter of 2022 (Q4-2022).
QIC said it made QR175 million ($48 million) in net profit by the end of the first quarter of the current year (Q1-2023), according to a statement carried by Gulf Times.
QIC reported an insurance revenue of QR1.3 billion ($357 million) for Q1-2023, as premium volume benefitted from a 7 percent increase in the gross written premium (GWP) of QIC’s domestic and regional operations.
The company’s GWP grew to QR913 million ($250.8 million), accounting for 38 percent of QIC’s overall operations.
Aided by QIC’s highly efficient and automated digital sales channels, the business contributed strong underwriting profitability to QIC’s results, the statement underlined.
QIC’s strategic emphasis on expanding direct and personal lines business within domestic and MENA markets showcases its worth.
According to Company Chairman Sheikh Hamad al-Thani, QIC’s strategy "to minimize exposure to high severity and volatile international risks are yielding positive results this quarter."
QIC Groups’ subsidiary Oman Qatar Insurance Company (OQIC) and Vision Insurance Company completed a successful merger to capitalize on the region’s profitability potential, the sheikh explained.
“Despite ongoing market challenges stemming from inflation and geopolitical unrest, these strategic objectives have positioned QIC for robust growth and underwriting profitability in Q1-2023,” he added.
Qatar Insurance Company is a Doha-based insurance company specializing in personal and business asset protection and it is the largest insurer in the Arab Gulf region.
The company is listed on the Qatar Exchange and has a market capitalization of over QR36.37 billion ($10 billion).
