Qatar Insurance Company (QIC) has cornered 60% market share in Qatar’s insurance industry, but more needs to be done to tap the health and travel insurance segments, a top QIC official has said.
Al-Subaey, along with QIC staff, at the Sealine resort
“The company today holds the lion’s share of the insurance market in Qatar, a ratio that reaches up to 60% of the size of the market among many companies that offer insurance services in various categories,” QIC president and CEO Khalifa Abdullah al-Subaey told the staff at an entertainment function organised by it at the Sealine resort where about 200 employees and their families were present.
Stressing that the insurance market in Qatar has been very active, he, however, said sufficient awareness was missing on different insurance products and their importance, which include health insurance and travel insurance.
Terming that 2010 was a year for a breakthrough in the relative openness in the local, regional and global investment markets, he said the good investment strategy, in addition to improvement in the outcome of insurance activity, contributed together to achieve a 9% increase in net profit.
QIC, one of the largest national insurance companies in the region and the Arab world with a capital of QR743.2mn and market capitalisation in excess of QR6bn, reaches out to the Gulf through its subsidiaries and branches in Oman, Kuwait, Dubai and Abu Dhabi, apart from a window on the European market through its representative office in Malta.
