26 July 2017Insurance

QIC global and regional expansion drives GWP in Q2

Qatar Insurance Company's (QIC) gross written premiums grew by 14 percent in the first half of 2017, which the company said reflects its steady and systematic expansion across its global and regional target markets, lines of business and client segments.

QIC reported gross written premiums of $1.7 billion in the first half of 2017, an increase from $1.5 billion year-on-year.

The Bermuda-based reinsurance subsidiary Qatar Re, along with London-based specialty insurer Antares and Malta-based subsidiary QIC Europe were instrumental in growing the group's volume of business, according to QIC.

As at 30 June 2017, Qatar Re, Antares and QIC Europe accounted for 71 percent of QIC Group’s total premium volume, up from a 69 percent share a year ago.

The insurer's net income for the first half of 2017 was $139 million, down from $165 million year-on-year. It attributes this drop to a politically driven investment and ultra-soft underwriting environment.

Khalifa Abdulla Turki Al Subaey, group president and CEO of QIC Group commented: “The financial results for the first half-year of 2017 clearly demonstrate the effectiveness of QIC Group’s diversification strategy which is predicated on tapping into global growth opportunities whilst maintaining our leading position in our home markets. With minimal exposure in the countries involved in a diplomatic rift with Qatar, it is business as usual for us.”

Al Subaey continued: “In line with our business objectives, we will continue to adapt to the changing environment and renew our focus on a bottom line driven sustainable growth strategy for QIC Group.”

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More on this story

16 February 2017   Qatar Re, a subsidiary of Qatar Insurance Company, has promoted Luke Roden and Michael van der Straaten to the position of chief underwriting officer (CUO), following the departure of Alastair Speare-Cole.
30 January 2017   Qatar Insurance Company (QIC) enjoyed strong growth in 2016, boosted by its increased international footprint. However, its profits dipped slightly, saved mainly by better investment returns, these counteracting a combined ratio that is creeping towards 100 percent.
14 August 2017   Oman Qatar Insurance (OQIC), a subsidiary of the Qatar Insurance Company (QIC), has announced its plans to float 25 million shares through an initial public offering on the Muscat Securities Market shortly.