Qatar Insurance Group

QIC - Qatar Insurance Company concludes another successful summer internship program.

"We are very proud of our summer internship program, a yearly initiative that is part of our corporate social responsibility and our commitment to supporting the education and development of the youth in Qatar. We believe that the program offers a valuable opportunity for the students to discover the insurance industry and to enhance their skills and knowledge. We hope that the program will inspire them to join us in the future and to contribute to the growth and success of QIC and the country. “ said, Mr. Rashid Al-Buainain, QIC Group Chief Administrative Officer.

QIC - Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, has reported a net profit of QAR 360 million for the first half of 2024, rising 11% from QAR 325 million over the same period in 2023. Following a meeting of the Board of Directors dated 14 August 2024, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results.
Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: “QIC’s excellent H1 financial results reflect the strong momentum the company has built in the first six months of 2024. The Group is focused primarily on growing its presence in domestic and regional markets – an approach which has been bolstered by continued investment in its already best-in-class digital services.”
“In a very promising set of results for H1 2024, the backbone of QIC’s robust financial performance continues to be the company’s exceptional operational efficiency, supplemented by a deliberate shift towards increasing the proportion of premiums generated in the MENA region. This is reflected in the fact that the domestic and MENA GWP increased by 44% year-on-year to QAR 2.7 billion. As we move into the second half of the year, QIC is proactively pursuing further opportunities to create process efficiencies and foster automation, while continuing to prioritise growth in its profitable business lines in Qatar and the Middle East.” said, Salem Almannai, Chief Executive Officer of QIC Group.
Mr. Mannai added: “The strategic restructuring of our UK motor business is in line with QIC Group's strategy to streamline loss-making and low margin businesses and to bring the international operations of the Group back to profitability. This restructuring positions the Group for greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of direct insurer. As part of this decision, QIC Group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance Plc and Markerstudy Insurance Co. Ltd. By successfully completing this restructuring, the Group is confident that it will have a well balanced portfolio between its MENA and international business. We are pleased with the outcome, and we look forward to further implementing our strategy, which has, so far, brought us significant success and improved consistent profitability.”

Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the MENA region, announces a strategic restructuring of its UK motor business. This restructuring is in line with QIC Group's strategy to streamline loss-making and low margin businesses and to bring the international operations of the Group back to profitability. By successfully completing this restructuring, the Group is confident that its international business will continue reporting consistent profitability by focusing on less volatile lines of businesses.

This restructuring positions the Group for a greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of direct insurer. As part of this decision, QIC Group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance Plc and Markerstudy Insurance Co. Ltd. These companies will continue to service their existing customers in the normal course of business.
The Group will therefore no longer classify the companies as a disposal group held for sale and discontinued operation.

أعلنت مجموعة قطر للتأمين عن انتهاء إعادة هيكلة استراتيجية عمليات تأمين السيارات في المملكة المتحدة، وذلك بما يتماشى مع استراتيجيتها لتنظيم عمليات الاكتتاب وإعادة العمليات الدولية مع الحرص على مواصلة عملياتها الدولية في تحقيق ربحية مستدامة. وستُمكن الهيكلة الجديدة المجموعة من التحول من مقدم خدمات تأمين مباشر على السيارات في المملكة المتحدة إلى معيد تأمين، مما يضمن لها تحقيق استقرار وربحية أكبر مع تحكم في عمليات تأمينات السيارات في المملكة المتحدة كمعيد تأمين، حيث ستستمر المجموعة في امتلاك شركتي الخليج الغربي للتأمين وماركرستدي للتأمين المحدودة المملوكة بالكامل في جبل طارق كجزء من إعادة الهيكلة، على أن تواصل الشركتان خدمة عملائهما الحاليين بأعلى المعايير.

QIC Wins “Mobile App of The Year in Qatar” Accolade at The Insurance Asia Awards 2024.

QIC - Qatar Insurance Company, the leading insurer in Qatar and the MENA region, received the “Mobile App of The Year in Qatar” accolade at the Insurance Asia Awards 2024, in recognition of QIC’s qd Drive mobile app and its significant contribution to taking the digital experience of motorists in Qatar to the next level.

qd Drive is QIC’s newest mobile concept, designed to make drivers’ lives easier and their experiences on the roads safer. The application is innovatively built to be a one-stop shop for drivers’ comprehensive insurance needs, bringing a variety of digital features at their fingertips and allowing them to be in full control of their insurance journey. The app’s key features include buying and renewing policies in a few taps, payment of monthly insurance installments, accident claims management, insurance status tracking with live updates and other features that help every motorist drive worry-free.

“We are pleased to be recognized at this year’s Insurance Asia Awards for our significant contribution to taking Qatar’s mobile insurance landscape to the next level, and for reshaping the digital insurance experience of motorists in the country. The launch of qd Drive was a key step in our ambitious strategy to build our own insurance-powered mobile ecosystem, and we look forward to continue bringing our customers more innovative features on the app and to constantly upgrading our digital offerings in Qatar and the region.” Said, Mr. Salem Al Mannai, QIC Group CEO.

To download qd Drive mobile app visit www.qd.app

MENA Insurtech Summit 2024 Concludes with Success

The MENA Insurtech Summit 2024, the premier event for insurance and insurtech stakeholders in the Middle East and North Africa region, concluded on a high note, yesterday, on 13 May in Doha, Qatar. Powered by Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, and partners, the three-day summit, which was held under the theme ‘AI Impact on the Insurance Value Chain’, brought together 1,500 participants including 120 speakers, 40 insurance companies, 40 investors, 50 insurtechs, and an assembly of experts, entrepreneurs, regulators and technology partners from across the region and beyond to explore the latest trends and opportunities in the region's fast-growing insurtech ecosystem.

The summit featured a rich and diverse agenda that covered a wide range of topics related to the impact of artificial intelligence (AI) on the insurance industry, such as: the insurtech investment landscape in MENA and globally, and how to attract and secure funding from different sources; how generative AI can accelerate the digital transformation of the insurance industry by creating personalized and dynamic products, services, and experiences for customers and stakeholders. Moreover the sessions discussed insights and tips for establishing and scaling insurance companies in the region; the challenges and opportunities faced by entrepreneurs and incumbents alike; and AI's role in shaping the careers and skills of the future workforce in the insurance industry, and how to foster a culture of learning, innovation, and collaboration among employees and teams.

Additionally, the summit explored the journey of building a global insurtech company in MENA, and the lessons learned from successful exits, acquisitions, and IPOs; how deep tech is revolutionizing the insurance industry by enabling new business models, value propositions, and risk management strategies; the latest use cases and trends in embedded insurance, and how to leverage the power of platforms, ecosystems, and partnerships to create seamless and integrated customer journeys across different sectors and domains; as well as, leveraging AI in sales and distribution for the insurance industry, and how to optimize and automate processes, enhance customer engagement, and increase conversion and retention rates. Other sessions discussed insurtech life cycle from idea to exit, and the best practices and pitfalls to avoid along the way, from ideation, validation, and product development, to growth, scaling, and monetization.

QIC Group holds its third annual InsurTech Summit to explore the future of insurance in the age of AI

“We are delighted to host the MENA Insurtech Summit for the third year in a row, reflecting our commitment to innovation and excellence in the insurance sector. AI is not only a technological innovation, but also a strategic imperative for the insurance industry as it undergoes rapid and profound changes driven by technology. We believe that this summit will provide a valuable platform for dialogue, collaboration, and learning among the key stakeholders of the insurtech ecosystem, and we look forward to welcoming this global assembly of innovators, experts, entrepreneurs and industry leaders to Doha to discuss the latest priorities and developments. I hope that this conference will inspire us to embrace AI as a positive force for change, and to leverage its potential to create value for our customers, organizations, and the industry at large. More broadly, we aim to contribute to securing Qatar’s strategic future and a sustainable and viable economy that is globally competitive as envisioned in Qatar National Vision 2030.” said, Salem Al Mannai, Chief Executive Officer of QIC Group and Chairman of the MENA Insurtech Association.

Al Mannai elaborated: “AI is transforming the insurance industry on two levels: by increasing personal productivity at the workplace and by enabling insurers to create faster, more accurate, and hyper personalized services. At the level of insurance products and services, AI can help insurers improve their efficiency, reduce costs, and enhance customer satisfaction across the value chain, from interacting differently with clients, to product development and claims management.

Some of the applications of AI in the insurance value chain could enable insurers to offer usage-based or on-demand insurance, where customers pay premiums based on their actual behavior and risk exposure, rather than fixed rates. AI can also enable insurers to provide preventive and proactive services, such as alerting customers to potential hazards, offering advice on how to reduce risks, and providing incentives for healthy and safe habits.

For employees, AI can enhance personal productivity by automating mundane and repetitive activities, providing insights and recommendations, and augmenting human capabilities and creativity. For example, AI can help workers manage their schedules, analyze data, generate reports, create presentations, and collaborate with others. AI can also enable workers to learn new skills, access relevant information, and solve complex problems. By leveraging AI, workers can focus on higher-value and more meaningful work, improve their efficiency and quality, and achieve their goals faster and easier.”

For more information on the MENA Insurtech Summit 2024,
please visit www.insurtech-mena.com

QIC Group reports 11 % growth in Net Profits at QAR 194 million.

Qatar Insurance Group ("QIC - Qatar Insurance Company"), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported a net profit of QR 194 million for the first quarter of 2024, rising from QAR 175 million over the same period in 2023 with a 11% growth. Following a meeting of the Board of Directors dated 29th April 2024, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results.

“QIC has delivered a very encouraging set of results in Q1 2024, with the highlights including major growth in its MENA direct business. Gross Written Premiums for the period stood at QAR 2.75 billion – a result underpinned by the company’s strategy of increasing the proportion of its premiums generated in domestic and MENA markets.” Said, Mr. Salem Almannai, Chief Executive Officer of QIC Group.

Mr. Mannai further added: “QIC’s digital innovation in particular continues to be a key point of competitive differentiation for the company. Through multiple new features introduced to the online and mobile platforms in Q1 2024, our customers in Qatar and across the GCC can expect unparalleled convenience when onboarding and fulfilling their digital needs, which is reflected in the record numbers of users that are now utilising these channels. QIC is proud to once again have been named ‘Insurer of the Year in Qatar’ at the MENA IR Awards 2024, for the third consecutive year and “Best Travel Insurance Company in The Middle East” for the second consecutive year at the Global Banking & Finance Review Awards 2024. The company has also engaged in a number of exciting recent initiatives – from operating an innovation-focused booth at Web Summit Qatar 2024, the world’s largest tech conference, to promoting insurance literacy in Qatar through a new Edutainment establishment for young people.”

QIC Crowned Best Travel Insurance Company in The Middle East

“Winning this award for the second year in a row is a strong testament to our continuous success in taking travel insurance to higher levels regionwide, offering travelers the best cover and the most convenient digital services. QIC - Qatar Insurance Company has proudly been the preferred insurer in Qatar and beyond since 1964. Our presence in regional markets since then has allowed us to build a unique understanding of the ever-changing needs of travelers to and from the MENA region, and to keep exceeding the expectations of customers through innovative insurance products, customer-centric services, and the most convenient digital solutions.” said, Mr. Salem Almannai, Chief Executive Officer of QIC Group.

Honoring Dedication and Excellence

At our annual Ramadan Suhoor event hosted at the St. Regis Doha, we had the privilege to recognize the remarkable milestones achieved by our dedicated team members. From five to over 25 years of service, each milestone represents a journey of dedication, loyalty, and hard work.

Congratulations to all of our 125 employees!

QIC Participates in The Web Summit Qatar 2024

“We are pleased to participate as a national company in the Web Summit Qatar 2024, and to contribute to showcasing Qatar’s remarkable progress and achievements in tech and innovation industries in general, and in insurtech in particular. QIC - Qatar Insurance Company is proud to have its digital strategy inspired from the Qatar National Vision 2030. We are committed to being part of achieving the objectives of the national vision, especially when it comes to building a diversified, innovative knowledge-based economy with a thriving private sector, and we look forward to a successful participation at this global event. “said, Mr. Salem Almannai, Chief Executive Officer of QIC Group.

QIC’s participation in the world’s largest technology conference will include a special QIC digital hub booth, which will act as a unique platform to display the company’s latest digital offerings, and its future plans related to developing the digital landscape in Qatar and across the wider Middle East region.

Furthermore, QIC’s presence at the Web Summit will include the participation of its QIC Digital Venture Partners unit (QIC DVP) in hosting three masterclasses in cooperation with the QRDI Council on 27, 28, and 29 February 2024.

🗞️ Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported net profits (including minority) of QAR 615 million for the year 2023, compared to a net loss of QAR 1,183 million for the previous year.
👆Salem Al Mannai - QIC Group CEO
👉 The company has continued to strengthen its position in profitable domestic market business in Qatar and the MENA region, with Gross Written Premiums growing 25% year-on-year.

Read more here! 🔗
https://www.iloveqatar.net/news/business/qic-group-net-profits-qr-615-million-2023

Sponsored Qatar Insurance Group QIC - Qatar Insurance Company

QIC Named “Insurer of The Year in Qatar” at The MENA IR Awards 2024

This prestigious accolade comes in recognition of QIC’s exceptional performance at the levels of product digitization and customer service excellence over the last 12 months, offering customers the best coverage options and the unique ability to be in full control of all their insurance needs.

“Winning this prestigious accolade for the third year in a row is a strong testament to QIC’s success in maintaining its leadership position, while meeting all our customers’ needs by continuously offering exclusive insurance products, effective customer services, and the fastest and most effective digital services in Qatar. This award also reflects our customers’ trust in the solutions we provide them to make their lives safer and worry-free, and this is per se a major incentive for us to keep offering the best to all our customers in Qatar, the region and beyond. “said, Mr. Salem Al Mannai, Chief Executive Officer of QIC Group.

QIC Group sponsors Katara International Exhibition for Kahraman.

“As the leading insurer in Qatar, we have a long-standing commitment towards supporting activities that promote and preserve Qatari cultural heritage, which the Kahraman industry is part and parcel of. “said, Rashid Al-Buainain, QIC Group’s Chief Administrative Officer.
He further stated, “Our strategic partnership with Katara cultural village, underpins our keenness towards maintaining and reviving our legacy for our future generations.”

QIC - Qatar Insurance Company Opens a New Branch at Doha Festival City

“We are happy to announce the opening of our newest branch at Doha Festival City, and to expand our network of branches to better service all the communities across Qatar. In line with our new strategy to modernize and diversify our retail distribution channels, we have carefully chosen the location of this branch with an inclusive approach. As such, we are confident that our presence at the Doha Festival City mall will be a remarkable contribution to help the fast-growing community of Al Daayen and every mall visitor have easier access to quality insurance services, and to the excellent customer experience synonymous with the QIC brand.” Said, Mr. Ahmed Al Jarboey, QIC’s Chief Operating Officer - Qatar Operations.

Qatar Insurance Group holds blood donation drive

“Blood transfusion is a life-saving and critical medial intervention and blood drives play an important role in keeping hospitals equipped. As a leading Qatari company, we are committed to being responsible members of our society. We actively foster a corporate culture that encourages our staff to engage in philanthropic endeavors, making a meaningful contribution with tangible social impact. Blood donation is a simple yet enormously significant way we can care for one another, and I am incredibly proud of our staff and the great turnout this year”. Said, Mr. Rashid Al-Buainain, Group Chief Administrative Officer.

ANOUD TECH WINS INSURTECH OF THE YEAR 2023 AWARD

“We are thrilled that Anoud Technologies LLC has been named ‘InsurTech of the Year’, which recognizes the company’s transformative impact on the insurance industry through a technology that aims to strengthen operational resilience and revolutionize insurance administration across the world. Anoud Tech’s win is also a testament to the dedication and commitment of our team in providing clients with innovative products and services”. Said Mr. Salem Al-Mannai, Group Chief Executive Officer.

توقيع الشراكة والاعلان الرسمي لرعايتنا لبطولة العالم للخيل العربية 2023 والتي تعتبر من أبرز المحافل العالمية في عالم الفروسية.

تأتي هذه الرعاية نتيجة للشراكة الاستراتيجية بين مجموعة قطر للتأمين وكتارا وتؤكد على التزامنا الراسخ بدعم مساعي وتطلعات دولة قطر في تحقيق الريادة والتألق في كل المجالات والتي منها الثقافية والرياضية.


#كتارا

QIC Launches “3 Months Free Insurance” Promotion

“We are happy to reward our customers once again with this exclusive end of the year offer, and to allow new segments of motorists in Qatar to get the best insurance coverage at the best prices. QIC’s comprehensive car insurance is indeed the ideal protection for drivers, passengers, and vehicles against the various risks they may be exposed to on the roads, and I would like to invite all car drivers in Qatar to explore our new limited-time offer, and to get their insurance coverage tailored to match their driving needs with QIC.” Said, Mr. Ahmed Al Jarboey, QIC’s Chief Operating Officer - Qatar Operations.

To buy your car QIC insurance policy with 3 months for free visit https://qic.car

Qatar Insurance Group Sponsors Qatar Travel Mart

“We are delighted to once again be the official insurance sponsor of Qatar Travel Mart, and to be present at this unique event where we will showcase our latest travel insurance products and solutions to local and global audiences. Sponsoring QTM 2023 is indeed another testament to QIC’s commitment to supporting the development of the travel industry in Qatar, and to contributing to all valuable initiatives that shall help cement Qatar’s position as a major regional hub for inbound tourism.” Said, Salem Al Mannai, Group Chief Executive Officer.

QIC Group 9-month net profit jumps 445% to QAR 453M

"Q3 2023 has marked a continuation of the strategy put in place to ensure QIC would carry on expanding its primary insurance business, as well as improving its already exceptional operational efficiency. Regarding risk mitigation in what is a challenging global climate, the company has continued to withdraw from low margin and volatile markets to ensure the business remains stable. This strategy has resulted in considerable success, demonstrating its viability with 14% growth in Domestic and MENA Operations Gross Written Premiums to QAR 2.7Bn in the first 9 months of 2023, compared to QAR 2.4Bn for the same period last year. Considering this, we maintain a positive outlook for the remaining quarter of 2023. In the months coming and beyond, we remain committed to expanding our direct insurance offer in the region and making significant advancements in process efficiencies and automation.” Al Mannai also went on to say that “we also remain committed to Qatar’s aim to reduce its greenhouse emissions by 25 % by 2030, which is part of a sustainability philosophy that we view as vital to our company. QIC has set out a long-term Environment, Social and Governance (ESG) strategy to support Qatar’s commitments and has formed an ESG & Sustainability Committee to ensure efforts within this framework are group wide." said, Mr. Salem Khalaf Al Mannai, Group Chief Executive Officer.

QIC Bags 3 Prestigious Accolades at The Global Brands Awards 2023

Best Insurance Website in The Middle East, Best Insurance Website in Qatar, and Best Digital Insurance Company in Qatar.
The awards reaffirm QIC’s position as a leading digital insurer at local and regional levels, and the company’s success in implementing an ambitious digital transformation strategy over the past few years with the aim of improving customer’s experiences on digital portals while enabling innovative self service capabilities.
Headquartered in the UK, the Global Brands Magazine is a leading brands magazine providing opinions and news related to brands and companies worldwide. A fully autonomous publication, the magazine is an astute source of information and a reference for readers with up-to-date reports on key brands across the globe. The Global Brands Magazine Awards is an international awards program that honors and recognizes brands that have performed extraordinarily in the field of finance, technology, automobiles, education, hospitality, and lifestyle.

Qatar Insurance Group is official sponsor of S’hail 2023

“As the leading insurer in Qatar, we have a long standing commitment to acting as a trusted and ethical partner with the Qatari community and to playing a vital role in the sustainability of Qatar’s social fabric.” Said, Mr. Salem Al Mannai, Chief Executive Officer of QIC Group.
He further added, “We have ensured that the core values of our business and operating principles align with our objectives for CSR. Contribution to and participation in S’hail demonstrates our relentless efforts in highlighting the culture and traditions of the Nation. It also underpins our keenness towards maintaining and reviving the legacy of Falconry for our future generation. S’hail has established a special standing as a unique exhibition in the world of falconry and we are delighted to be able to continue to sponsor it.”

Confidence at Every Turn! QIC Rolls Out New Awareness Campaign

“People always aspire to live a worry-free life, and this is exactly what QIC - Qatar Insurance Company has been helping people with for six decades in Qatar and beyond. Our new campaign is carefully designed to help people boost their confidence in every step they take, and I would like to invite everyone to join our campaign and to be part of our exercise to inspire others and leave a positive impact that wouldn’t last for a few weeks only, but for the entire year ahead.” Said, Mr. Ahmed Al Jarboey, QIC’s Chief Operating Officer - Qatar Operations.

To unlock the campaign’s exclusive content please visit qic.digital. For more information about QIC please visit qic.online.

Qatar Insurance Company Concludes Summer Internship Program

“QIC is delighted to have delivered yet another high-quality internship program this summer. Interns were engaged with different departments within QIC working alongside full-time employees performing real tasks while receiving senior mentorship.” Said Mr. Rashid Al-Buainain, Chief Administrative Officer of QIC Group. “Our summer internship program is without a doubt an excellent opportunity to build leadership, communication skills and gain insight into working life at Qatar Insurance Company.” Al-Buainain added.

QIC Group six-month net profit jumps 181% to QAR 325mn

“QIC’s bottom-line results demonstrate the success with which the company has navigated a challenging macroeconomic environment in the first half of 2023. In addition to broad increases in net profitability, we’ve seen double digit growth in our core MENA business activities. Though market challenges persist due to inflation and geopolitical unrest, the company has taken decisive steps to minimise its exposure to high severity and volatile international risks. We’re proud of QIC's distinguishing brand attributes, including its exceptional digital capabilities and operational efficiency. As we look forward to the rest of the year, we are committed to providing market-leading levels of customer service and innovative, reliable insurance products across the Middle East, Europe, and international insurance markets.” stated: Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group.

“Throughout the first half of this year, QIC has maintained its strategic focus on expanding its primary insurance business, mainly the profitable direct-line insurance markets throughout the GCC”, said Mr. Salem Khalaf Al Mannai, Group Chief Executive Officer. “Meanwhile, the company has mitigated risks by exiting high severity, low margin, and loss-making international markets. This strategy’s success has been demonstrated by 14% growth in Domestic and MENA Operations Gross Written Premiums to QAR 1.9Bn in the first half of 2023, compared to QAR 1.7Bn for the same period in 2022. As we look ahead to the rest of the year and beyond, we remain committed to growing our direct insurance vertical in the region. QIC’s operating priorities have underpinned the strength of its performance. By focusing on process efficiencies and automation, the company has further improved its already outstanding operational efficiency in the first half of this year. Our emphasis on digital acceleration led to the recent roll out of the fastest online solution for mandatory visitors’ insurance in Qatar, as well as a multitude of new features on QIC’s award-winning car insurance website. We’ve also established our position as a leader in the region’s burgeoning insurtech industry, as illustrated by the success of the second edition of our annual insurtech summit, ‘MENA Insurtech Rising’ – which brought together 88 C-level executives to share insights and explore partnerships. QIC is committed to supporting Qatar’s endeavour to reduce the country’s greenhouse gas emissions by 25 percent by 2030. This year we became the first insurer in the Middle East to sign the UN’s Principles for Sustainable Insurance, which builds upon our Board-approved ESG framework. Al Mannai added.