QLM GWP rises 19% year-on-year to QR891mn in January-September 2022

QLM Life and Medical Insurance Company has reported gross written premium of QR891mn in the first nine months of this year, an 18.8% increase on an annualised basis.The company's net profit was QR49.8mn or QR0.14 per share at the end of September 30, 2022 against QR74.3mn or QR0.21 per share, for the same period of 2021.Net investment and other income grew 23% to QR35.8mn.“The economic headwinds continue to hurl challenges which during the past nine months have been tumultuous marked with increase in elective treatments, rising healthcare inflation, over utilisation of service and intense pricing pressures. However, QLM’s all in-house and differentiated business model have helped expand the client base, enlarge its market footprint, and continue to be the most preferred health and life insurer.” said Sheikh Saoud bin Khalid bin Hamad al-Thani, QLM chairman.QLM has undertaken a host of initiatives to increase the revenue by introducing various retail products both in life and medical insurance lines. It has also launched its visitor insurance product to tap in the business potential on account of the upcoming FIFA World Cup.The company has tied up with Hamad International Airport to have dedicated kiosks which will be operating 24/7 at the airport and will offer emergency and other health and life related insurance cover to all visitors arriving in Qatar for the event at a very optimal cost.“As the global and regional economies continue to witness rising inflation and interest rates, and the return to normalcy after the Covid-19 pandemic restrictions, QLM is committed to strategically diversify its portfolio by tapping into the retail segment of the market and filling in the gaps with our unique product offerings,” said Fahad al-Suwaidi, QLM chief executive officer.He highlighted the company’s commitment and drive to leverage technology through meaningful investment in development and enhancement of IT systems, infrastructure and digital transformation.The company is already reaping fruits from these initiatives by its current deployment of claims adjudication system, in-part implementation of AI (Artificial Intelligence) and other system modules which add efficiency to the processes and effectively help manage and control all the operational areas.QLM’s vision is to continuously provide best in class services and help its members’ access timely healthcare at the best nearest facility. This accelerates its journey to become the most trusted healthcare partner in Qatar and beyond, following a path of continued success.