Thursday, May 23, 2024

Qatar Insurance Company’s Resilient Performance and Strategic Growth in Q1 2024

  • QIC reported a net profit of QAR 194 million in Q1 2024, showing growth from Q1 2023.
  • Gross written premiums reached QAR 2.75 billion, driven by expansion in domestic and regional markets.
  • Digital innovation remains a key focus, with enhancements to online and mobile platforms leading to record user numbers.
  • QIC received prestigious awards, including “Insurer of the Year in Qatar” and “Best Travel Insurance Company in the Middle East.”
  • The company actively participated in Web Summit Qatar 2024 and established an Edutainment center for promoting insurance awareness.

Qatar Insurance Company (QIC Group or QIC) reported a net profit of QAR 194 million for the first quarter of 2024 (Q1 2024), compared to QAR 175 million for the same period in 2023.

The company’s board of directors, led by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, examined and endorsed the results during their meeting o

Qatar Insurance Company Reports Strong Growth in Q1 2024

In the first quarter of 2024, Qatar Insurance Company (QIC) continued to strengthen its financial position and expand its operations in Qatar and the wider MENA region. 

Chairman Sheikh Hamad bin Faisal Al Thani highlighted the company’s robust financial status and its focus on profitable operations, digital enhancement, and optimization of international activities.

Sheikh Hamad emphasized that QIC began 2024 in an excellent financial position. Despite the uncertain global economic environment and geopolitical challenges, QIC experienced strong growth in its core business lines.

QIC Group CEO Salem Khalaf Al Mannai expressed satisfaction with the Q1 results, noting significant growth in the MENA direct insurance sector. Gross written premiums reached QAR 2.75 billion, a result of QIC’s strategy to expand within domestic and regional markets.

Al Mannai pointed out that QIC’s digital innovation is a key competitive advantage. During Q1 2024, the company introduced multiple new features to its online and mobile platforms. These enhancements have improved customer convenience, leading to a record number of users in Qatar and across the GCC utilizing digital channels.

Moreover, QIC’s focus on profitable domestic and regional businesses, along with its exceptional digital offerings, contributed to its growth. The company strategically improved its international operations while reducing exposure to underperforming markets.

With a renewed focus on profitable operations, digital enhancement, and international optimization, QIC is well-positioned for continued growth and success in the MENA insurance market.

Qatar Insurance Company Receives Awards and Expands Community Initiatives

Qatar Insurance Company (QIC) has once again been recognized for its excellence, receiving prestigious awards for its outstanding performance.

For the third consecutive year, QIC has been honored with the title of “Insurer of the Year in Qatar” at the MENA IR Awards 2024, showcasing its dedication to providing exceptional service. In addition to this achievement, QIC has also been named the “Best Travel Insurance Company in the Middle East” at the Global Banking & Finance Review Awards 2024, marking the second consecutive year it has received this recognition.

Al Mannai expressed pride in these accomplishments and emphasized QIC’s recent initiatives. QIC actively participated in the Web Summit Qatar 2024, the world’s largest tech conference, where it showcased its innovative approach. 

Furthermore, QIC has taken steps to promote insurance awareness in Qatar by establishing an Edutainment center for young people. These initiatives highlight QIC’s ongoing commitment to innovation, excellence, and community engagement.

Qatar Insurance Company’s Investment Success in Q1 2024

Qatar Insurance Company (QIC) had a strong start in Q1 2024, despite global economic uncertainty and natural disasters affecting the insurance sector. Its investment income increased to QAR 227 million, up from QAR 223 million in the same period last year.

The company’s strategy is to strengthen its profitable markets in Qatar and the MENA region while reducing its presence in less profitable international markets. In line with this strategy, gross written premiums for domestic and MENA operations reached QAR 1.4 billion in the first quarter, compared to QAR 0.9 billion in Q1 2023. Health and life insurance now represent a larger share of gross premiums.

QIC has also made significant progress in its digital initiatives. It introduced personalized onboarding streams and optimized their mobile and web platforms in Qatar, the UAE, and Oman. These efforts have not only improved turnaround times but have also led to record levels of digital sales, particularly in key personal lines.

Despite recent events such as flooding in the UAE and the collapse of the Francis Scott Key Bridge in the US, QIC remains optimistic about its future performance. It believes that their strong market presence and strategic focus will help them effectively navigate challenges.

Team QT
Team QThttp://www.qatarstalk.com
Staff writer at QatarsTalk.com

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