- Qatar Insurance Company (QIC) achieved a net profit of QAR 525 million in the first nine months of 2024, marking a 16% increase from QAR 453 million in the same period of 2023.
- QIC’s Gross Written Premiums in the MENA region rose by 43%, primarily driven by growth in the GCC health and personal insurance sectors.
- Strategic restructuring of the Group’s international business, especially its UK motor operations, has strengthened QIC’s focus on profitability and stability in both MENA and global markets.
- Despite global challenges from natural disasters, QIC’s balanced portfolio has enabled it to manage risks effectively, with the UAE floods impacting regional markets but largely absorbed by reinsurance.
Qatar Insurance Company (QIC) has achieved substantial growth in the first nine months of 2024, with a net profit of QAR 525 million. This impressive figure represents a 16 percent increase from QAR 453 million recorded during the same period in 2023.
Following a Board of Directors meeting held on October 29, 2024, led by QIC Group Chairman Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, the Board approved these financial results, showcasing QIC’s resilience and strategic positioning within the regional and global insurance markets.
Emphasis on Domestic and MENA Markets Drives Revenue Growth
QIC’s commitment to strengthening its foothold in the domestic and MENA markets has significantly contributed to its strong performance in 2024. Gross Written Premiums (GWPs) for these markets surged by an impressive 43 percent compared to 2023, fueled largely by the company’s focus on direct business within the GCC, especially in health and personal insurance lines.
This robust growth is a testament to QIC’s dedication to catering to the evolving needs of its regional customers while delivering an unparalleled digital experience. Notably, QIC received regional recognition at esteemed industry awards for its innovative digital services, highlighting its customer-centered approach and its ability to provide seamless digital access across multiple business lines.
Navigating Global Economic Conditions with Strategic Adjustments
As the global inflation rate has decreased over the year, QIC’s outlook for the macroeconomic climate appears cautiously optimistic.
Sheikh Hamad bin Faisal Al Thani has emphasized that while QIC remains aware of ongoing global economic challenges, its long-term strategy to reduce exposure to underperforming international markets, most notably through the recent restructuring of its UK motor business that positions it well amid international economic volatility.
By redirecting its focus from low-margin and loss-making sectors to areas with higher profitability potential, QIC is able to create a more balanced and stable revenue structure.
Embracing Technology to Enhance Operational Efficiency
Under the leadership of CEO Salem Khalaf Al Mannai, QIC has continued to leverage advanced technologies to boost operational efficiency and business decision-making. Over the past nine months, the company’s focus on integrating artificial intelligence (AI) into various operational aspects has proven invaluable.
From improving process efficiency to streamlining automation, these technological advancements have strengthened QIC’s market position and contributed to its reputation as a leader in digital innovation.
Al Mannai has underscored the value of AI in enhancing the company’s operational framework, stating that QIC’s digital-first approach has cemented its competitive edge within the region.
Strategic Restructuring of International Business
A major milestone for QIC in 2024 was the successful restructuring of its international business operations. This restructuring aligns with the company’s broader strategy to streamline operations in loss-making segments, specifically targeting low-margin business areas.
A prime example is QIC’s decision to shift its UK motor business from direct insurance to reinsurance, a move aimed at reducing risk exposure while maintaining strategic involvement. This shift has enabled QIC to establish a well-diversified and balanced portfolio across its MENA and international business segments.
The outcome has been positive, with QIC reporting consistent and stable underwriting income and an improving combined ratio, underscoring the effectiveness of the restructuring initiative.
Recognition and Awards for Excellence in the Insurance Industry
In recognition of its outstanding contributions and consistent growth within the insurance sector, QIC has received multiple accolades throughout the year. The company was awarded ‘Insurer of the Year in Qatar’ at The MENA IR Awards and further honored as the ‘General Insurance Company of the Year’ at the Asset Triple A Private Capital Awards.
These awards reflect QIC’s dedication to excellence and its ongoing commitment to advancing the insurance industry. In addition to setting industry standards, QIC continues to foster collaboration among industry experts, driving discussions on crucial topics like the impact and potential of AI in insurance.
By focusing on accessibility and engagement initiatives, QIC ensures that its insurance solutions remain relevant and accessible to a broad customer base.
Navigating a Dynamic Global Insurance Market Amid Catastrophic Events
The global insurance market in 2024 has faced numerous challenges, largely due to an increase in catastrophic events, which have placed pressure on insurers worldwide. In the MENA region, for example, the UAE witnessed severe flooding, causing significant motor and property losses and underlining the escalating frequency and intensity of extreme weather events.
Despite these challenges, QIC’s well-diversified portfolio has enabled it to navigate these difficult market conditions. By maintaining a balanced mix of regional and international business, QIC has effectively mitigated risks associated with these unpredictable events.
Future Outlook and Commitment to Sustainable Growth
As the global economic landscape stabilizes and inflation rates continue to moderate, QIC’s strategic efforts in 2024 position the company for sustainable growth and resilience. The company remains committed to furthering its regional market presence while also exploring opportunities in profitable international segments.
With a strong foundation built on operational efficiency, technological integration, and strategic diversification, QIC is well-prepared to tackle future market uncertainties.
Moreover, QIC’s focus on Environmental, Social, and Governance (ESG) principles reinforces its dedication to sustainable practices and social responsibility, ensuring that its growth aligns with broader environmental and societal goals.
Looking Ahead
Qatar Insurance Company’s performance in 2024 highlights its adaptability and foresight in an ever-evolving global insurance landscape. By focusing on regional growth, restructuring international operations, and embracing digital innovation, QIC has successfully positioned itself as a leader in the insurance sector.
The company’s approach to risk management, operational efficiency, and sustainable growth has not only resulted in financial success but has also garnered industry-wide recognition.
Moving forward, QIC’s balanced portfolio, commitment to technological advancement, and dedication to its customer base will continue to drive its success, reinforcing its position as a key player in the MENA region and beyond.
