Business
QIC plans catastrophe reserve, new QFC entity
QIC plans catastrophe reserve, new QFC entity
February 20, 2011 | 12:00 AM
By Santhosh V Perumal
Business Reporter
Qatar Insurance Company (QIC), the largest domestic insurer with a 60% market share, is creating an extraordinary special catastrophe reserve and will establish a specialised medical and group life insurance company at the Qatar Financial Centre (QFC) this year.
"The general assembly has approved the establishment of an extraordinary special reserve for catastrophic events,” QIC deputy chairman Abdullah bin Khalifa al-Attiya told shareholders, who approved the 65% cash dividend and 2010 net profit of QR589.95mn.
The company’s board had early last year allocated 5% of the profit for the 2009 towards the special reserve to protect it against catastrophic events as approved in the annual general assembly held in February 2010.
"While there are economic headwinds globally, we look forward to 2011 with quite optimism and hope to achieve progress in all our ventures,” al-Attiya said.
During this year, QIC is looking forward to the establishment of a specialised medical and group life insurance venture in the QFC environment. The proposed life and medical venture would operate from Qatar but is expected to be a regional player, it is learnt.
Life insurance, which once was considered taboo in the Arab world, has slowly started gaining momentum although its penetration is still woefully low vis-à-vis global standards. In the case of medical insurance, Qatar is steadfastly pushing ahead with plans for private companies to provide universal healthcare cover for employees.
QIC Group already has two subsidiaries - QIC International and Q-Re - registered with the QFC regulatory authority. Through Q-Re, QIC seeks to broaden its business base to wider Middle East, North Africa and South Asia region.
"QIC is gradually and surely becoming an undeniable part of the global insurance industry through new initiatives and ventures,” Sheikh Khalid bin Mohamed bin Ali al-Thani, its chairman and managing director, said.
The Doha-based insurance group, the Gulf’s largest by market capitalisation, has an independent offshore unit in Malta, besides operations in Oman (through a joint venture) and in Dubai, Abu Dhabi and Kuwait.
QIC had recently tied up with Commercialbank for a ban assurance venture aiming to bringing risk cover close to the diverse retail customer base of the bank as well as to make insurance an easy and reachable process.
Business Reporter
| The QIC board has approved the creation of an extraordinary special catastrophe reserve |
"The general assembly has approved the establishment of an extraordinary special reserve for catastrophic events,” QIC deputy chairman Abdullah bin Khalifa al-Attiya told shareholders, who approved the 65% cash dividend and 2010 net profit of QR589.95mn.
The company’s board had early last year allocated 5% of the profit for the 2009 towards the special reserve to protect it against catastrophic events as approved in the annual general assembly held in February 2010.
"While there are economic headwinds globally, we look forward to 2011 with quite optimism and hope to achieve progress in all our ventures,” al-Attiya said.
During this year, QIC is looking forward to the establishment of a specialised medical and group life insurance venture in the QFC environment. The proposed life and medical venture would operate from Qatar but is expected to be a regional player, it is learnt.
Life insurance, which once was considered taboo in the Arab world, has slowly started gaining momentum although its penetration is still woefully low vis-à-vis global standards. In the case of medical insurance, Qatar is steadfastly pushing ahead with plans for private companies to provide universal healthcare cover for employees.
QIC Group already has two subsidiaries - QIC International and Q-Re - registered with the QFC regulatory authority. Through Q-Re, QIC seeks to broaden its business base to wider Middle East, North Africa and South Asia region.
"QIC is gradually and surely becoming an undeniable part of the global insurance industry through new initiatives and ventures,” Sheikh Khalid bin Mohamed bin Ali al-Thani, its chairman and managing director, said.
The Doha-based insurance group, the Gulf’s largest by market capitalisation, has an independent offshore unit in Malta, besides operations in Oman (through a joint venture) and in Dubai, Abu Dhabi and Kuwait.
QIC had recently tied up with Commercialbank for a ban assurance venture aiming to bringing risk cover close to the diverse retail customer base of the bank as well as to make insurance an easy and reachable process.
February 20, 2011 | 12:00 AM