Qatar Insurance Ranks First Among 116 Companies in GCC Market

Doha, December 25 (QNA) - Qatar Insurance Company (QIC) ranks first among 116 insurance firms listed in the GCC market, according to a study conducted by one of the world's leading management consultancies. The insurance market study conducted by Oliver Wayman ranks QIC 12th among 264 listed companies in Asian market and 140th among all globally listed companies in terms of market capitalisation. From the seven insurance companies operating in the Middle East and North Africa Region (MENA) that have Standard & Poor's 'A' rating, four companies in the list are from the Qatar Insurance Group (QIG). QIG's regional insurance companies are QIC, Q-Re, QIC International, Oman Qatar Insurance Company (OQIC), Kuwait Qatar Insurance Company (KQIC) and Qatar Life and Medical Insurance Company (QLM). Further reaffirmation of the Qatari company's rise to prominence comes from rating agency AM Best (Europe) which has recently assigned a financial strength rating of A (Excellent) and issuer credit rating of 'A' to QIC and it's subsidiaries QIC International LLC (QICI) and Q-Re LLC (Q-RE) with a stable outlook. This makes it the only insurance company in the region to hold a double A rating from leading international rating agencies. According to Qatar Exchange reports of September 30, 2012 and December 31, 2011, QIC leads the market share with a premium value of 50% and has highest earnings per share (EPS) among insurance companies in Qatar. QIC also ranks tops the list of all the insurance companies in the region and GCC, in terms of market capitalization and profitability and shareholders' equities. Buoyed by this rating, QIC will set up a holding company for the group under a five-year plan that begins in 2013. The five-year plan was prepared by Oliver Wayman consultancy and its report was reviewed and approved by QIC board of directors at its board meeting held on December 17 in Doha. The meeting was presided over by QIC Chairman and Managing Director Sheikh Khalid bin Mohamed bin Ali Al Thani. The QIC group holding company will comprise units for both insurance and non-insurance operations. The insurance operations with the existing insurance business and the associated insurance subsidiaries and branches would further expand and enable the establishment of other new insurance initiatives. Qualified young Qatari men and women have played their part in the growth of Qatar's insurance sector. QIGroup President and Chief Executive Officer Khalifa Abdalla Al Subaey said, "It gives me immense pleasure that the five-year plan will depend on young Qatari cadre who currently occupy managerial levels in different units within the group. Qatar insurance has made great strides in encouraging Qatari youth to join this sector as it has provided them with practical training along with local and international education in insurance." Established in 1964, Qatar Insurance Company will celebrate its golden jubilee in April 2014. (QNA)