Doha Insurance Group chairman Sheikh Nawaf Nasser bin Khaled al-Thani said DIG has “successfully maintained its share within the Qatari and regional markets with a balanced income from underwriting and investments.”
In addition, the group has upgraded its enterprise risk management framework and work structure, Sheikh Nawaf said in response to rating agency AM Best affirming Doha Insurance’s current rating at ‘A- ‘ with a stable outlook.
“We are pleased with the decision. This outcome is a true reflection of the solid financial position of the Qatari economy and the unwavering support of the State of Qatar.”
Earlier, AM Best said, “The ratings reflect the risk cover provider’s very strong risk-adjusted capitalisation, good business profile in Qatar’s insurance market and track record of solid operating performance.
“The insurance group’s risk-adjusted capitalisation remains very strong, benefiting from low underwriting leverage, and a well-rated reinsurance panel to mitigate counterparty credit risk. Capital consumption continues to be driven by investment risk, due to the company’s material exposure to domestic equities.”
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