Qatar Insurance Group celebrates the graduation of the ninth cohort of Kawader Malia program
Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, celebrated the graduation of the ninth cohort of the national program “Kawader Malia”, which it has sponsored for three years as part of its corporate social responsibility and commitment to developing the human capital in Qatar. This year, 75 students graduated from the program, bringing the total number of alumni to 324 since its launch in 2013. The event was attended by several dignitaries and senior executives from the banking and financial sector, as well as representatives from Qatar Finance and Business Academy, the organizer of the program in collaboration with Qatar Central Bank (QCB) and other strategic partners.
Salem Al Mannai, Chief Executive Officer of QIC Group congratulated the graduates and praised their achievements, saying: “We are proud to be part of this prestigious program that contributes to the development of the Qatari talent and prepares them for the future challenges and opportunities in the financial sector. Qatar Insurance Group has always been keen to support the national initiatives that align with the Qatar National Vision 2030 and the strategic goals of the financial sector. We believe that investing in human capital is the key to achieving sustainable and diversified economic growth and enhancing Qatar’s position as a regional and global financial hub.”
He added: “We are delighted to have sponsored Kawader Malia for the past three years and to have hosted some of the participants in our company for practical training and exposure to the insurance industry. We are impressed by the caliber and potential of these young professionals, and we look forward to seeing them excel and innovate in their respective fields. We wish them all the best in their future endeavors, and we hope that they will continue to learn and grow as future leaders of Qatar.”
Kawader Malia is a unique and intensive nine-month program that aims to equip Qatari fresh graduates with the skills and knowledge required to pursue successful careers in the financial industry. The program covers various topics such as accounting, finance, banking, insurance, Islamic finance, risk management, compliance, and soft skills. The program also includes practical training and mentorship opportunities for the participants in leading financial institutions in Qatar and abroad.
Qatar Insurance Group Sponsors Qatar Travel Mart
Qatar Insurance Group (QIC Group, QIC), the leading insurer in Qatar and the MENA region, has announced its sponsorship of the Qatar Travel Mart (QTM) 2023, to be held tomorrow at the Doha Exhibition and Convention Center from 20 to 22 November 2023.
In addition to lending its insurance capabilities to this year’s edition, QIC is an expert panel participant on the role of the insurance industry in ‘preserving cultural heritage and promoting tourism. Additionally, QIC will showcase its latest inbound and outbound travel insurance solutions for retail and corporate customers, offering QTM visitors a unique opportunity to explore the variety of insurance options they can choose from when traveling to and from Qatar. Visitors to the QIC pavilion will receive personalized insurance advice, and instant assistance with determining their travel insurance needs, understanding the logic of travel coverage, and choosing the right policies that best respond to their travel needs around the world.
Salem Al Mannai, Group Chief Executive Officer, commented on the sponsorship, “We are delighted to once again be the official insurance sponsor of Qatar Travel Mart, and to be present at this unique event where we will showcase our latest travel insurance products and solutions to local and global audiences. Sponsoring QTM 2023 is indeed another testament to QIC’s commitment to supporting the development of the travel industry in Qatar, and to contributing to all valuable initiatives that shall help cement Qatar’s position as a major regional hub for inbound tourism.”
This year, QIC’s excellence in providing the best travel insurance products and services has earned the company a set of prestigious accolades, including Best Travel Insurance Company in The Middle East by The Global Banking & Finance Review Awards 2023, Best Travel Insurance Company in Qatar by The International Finance Awards 2023, and Best Online Travel Insurance Provider in Qatar by The World Economic Magazine Award 2023.
QTM 2023 continues to be an exclusive world-class platform for Qatar’s travel and tourism industries, with more than 9,000 visitors from 60 countries expected to attend. The exhibition will offer visitors a unique opportunity to explore some of the world’s top destinations and the latest trends in business and leisure travels, while being rich with collaboration opportunities between tourism boards, travel agencies, international carriers, and other public and private stakeholders.
Qatar Insurance Group honored at the Samla Race 2023 award Ceremony
Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA Region was honored for its role as an official sponsor of the fifth edition of the Samla race during the 2023 Samla awards ceremony that was held last Tuesday honoring the champions, sponsors and the entities that contributed to the success of annual national endurance competition. The sponsorship comes as part of the Group’s corporate social responsibility and its keenness to support the national sports agenda.
Accepting the award on behalf of QIC was Mr. Rashid Al-Buainain, Group Chief Administrative Officer of QIC, who said on the sponsorship in an interview with Al-Kas sports channel, “For all the success that Qatar Insurance Group has achieved over the years, we have not lost sight of our social responsibility. CSR is a core component of our corporate personality. This comes in recognition of the position that QIC occupies as a leading Qatari company which demands that we play an active role in supporting the country’s sports and cultural agendas. More broadly, this in inspired by and in support of the wise and holistic vision of our country’s leadership within the framework of achieving the human development pillar, one of the four main pillars of Qatar National Vision 2030″.
The event was attended by a number of dignitaries including Mr. Azzam Al-Mannai, CEO of the Organizing Committee of the Samla Race and Dr. Khalid bin Ibrahim Al Sulaiti, Director General of the Cultural Village Foundation, Katara, the strategic partner of the race, other partners and the participating champions.
Coming in first place is Abdulaziz Saud Abdul Aziz Al-Rasheed Al-Tamimi whose completion time is 17:35:58, while Ibrahim Abdullah Ali Mohammed Al-Harami came in second place with 17:46:29, and Tamim Jamal Jaham Abdulaziz Al-Kuwari in third place with completion time of 18:16:09.
Qatar Insurance Group congratulates the winners, participants and the organizers of the fifth edition of the Samla race and acknowledges that it has succussed in instilling in Qatari youth values of courage, perseverance and resilience in the face of challenges and difficulties.
QIC Sponsors Katara International Horse Festival 2023
Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region is once again the platinum sponsor of Katara’s International Arabian Horse Festival (KIAHF).
Held under the patronage of His Highness the Amir Sheikh Tamim bin Hamad Al Thani, the festival is organized by the Cultural Village Foundation (Katara) in co-operation with Qatar Equestrian Federation and Qatar Racing & Equestrian Club and runs from 01 February to 11 February.
The sponsorship is in line with the role QIC has been playing in supporting key events and initiatives that enhance the status of Qatar as a hub for local and international cultural and sporting events.
Commenting on the sponsorship, Mr. Salem Al Mannai, Group CEO said, “Given QIC’s position as a leading Qatari company, we recognize the crucial role we must play in elevating cultural platforms that highlight our beloved heritage. Year after year the International Arabian Horse Festival continues to spotlight the majesty of Arabian horses and Qatar’s rich equestrian heritage. That’s why we are delighted to continue our support for the Festival and in turn the country’s place in the international cultural and sporting landscapes”.
The third edition of the festival will take place on the Katara Cultural Village grounds and will include three segments: the Arabian Peninsula Horse Show, The Arabian Horse Auction and the Title Show. The festival will also include a number of competitions and events such as the horse parade, Equine stamps and photography exhibition and light show on the Katara esplanade and amphitheater.
Qatar insurance Group is a sponsor of the “Doha Marathon by Ooredoo 2023”
Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region joined along other partners in sponsorship of the “Doha Marathon by Ooredoo 2023” which took place on Friday, January 20th.
This year, runners were able to choose from multiple running categories including 1km, 5km, 10km, 21km, 42km making it an event that welcomed people of all ages and abilities. The course kicked off at Parade Pavilion, The Amir’s Grandstand – Al Corniche and then towards Katara, Lusail and back to Al Corniche, giving the 8,000 registered runners and spectators a view of Doha’s most iconic landmarks.
“Qatar Insurance Group believes in the positive power of sports to bring people together towards a shared purpose. That’s why we are proud to be able to lend our insurance capabilities in support of activities that align with our values, and to continue to highlight Qatar’s prominent role in the world of sports. This sponsorship comes in recognition of the important role that QIC Group occupies and plays in the Qatari society and is part of a continued effort to find and support unique initiatives and events that are in line with our corporate social responsibility (CSR) strategy,” said Mr. Rashid Al-Buainain, QIC Group Acting Chief Administrative Officer.
Qatar Insurance Company Q.S.P.C. (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is also one of the largest insurance companies in the MENA region in terms of gross written premium and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 6.5 billion. QIC was crowned as the best online insurance company in the Middle East at the Global Banking & Finance Review Awards 2022.
Qatar Insurance Group appoints new CEO of Kuwait Qatar Insurance Company
Qatar Insurance Group announced the appointment of Mr. Abdallah Abdulatif Al-Ahmad as the new Chief Executive Officer (CEO) of its subsidiary Kuwait Qatar Insurance Company (KQIC).
Mr. Abdallah brings 11 years of experience, having worked previously as Head of Facultative Acceptance for Property & Political Violence covering Middle East, Asia, Africa, The Commonwealth of Independent States (CIS) and Central and East Europe (CEE) region with Kuwait Re, as well as the Head of the Insurance Sector Development Committee at the Kuwait Insurance Federation for a period of three years.
Commenting on the latest appointment, QIC Group CEO, Mr. Salem Al Mannai said, “on behalf of the Board, I would like to welcome Mr. Abdallah to QIC Group. Abdallah’s previous experiences in the Kuwait insurance market, coupled with the right set of skills uniquely position him to lead KQIC through its next phase of strategic growth and to drive increased value for its shareholders”.
Established in 2004, Kuwait Qatar Insurance Company (KQIC) is a subsidiary of Qatar Insurance Group. KQIC offers both conventional insurance products and believes in delivering innovative retail solutions for Home, Travel and Car Insurances to every segment of its customer base. KQIC serves as a conduit in providing insurance services across the GCC and helps connect overseas insurance interests through its global network. KQIC is a subsidiary of Qatar Insurance Group, which has a global underwriting footprint spread across all continents.
Qatar Insurance Company Q.S.P.C. (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is also one of the largest insurance companies in the MENA region in terms of gross written premium and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 6.5 billion. QIC was crowned as the best online insurance company in the Middle East at the Global Banking & Finance Review Awards 2022.
Qatar Insurance Group Sponsors QFBA’s “Kawader Malia” for Three Years
Qatar Insurance Group (QIC), the leading insurer in Qatar and MENA region signed on Thursday, 17th November 2022, a Memorandum of Understanding (MoU) with Qatar Finance and Business Academy (QFBA).
The agreement outlines QIC’s contribution towards supporting QFBA’s ‘Kawader Malia’ Program for three years; an initiative designed to prepare future business leaders, and decision makers of Qatar’s financial and banking services sector by bridging the performance gap between “the academic and the professional” for fresh graduates of both genders within the spectrum of the financial industry.
The MoU, which was signed by QIC Group Acting Chief Administrative Officer, Mr. Rashid Al-Buainain and Director of Professional Training at QFBA, Mr. Majed Abdulaziz Al-Khulaifi, reinforces the mutual commitment of both entities to developing and fostering Qatar’s national human capital.
Speaking about the signing, Mr. Rashid Al-Buainain said: “We believe that a well-trained and qualified youth are the building blocks of a prosperous and developed society. Therefore, we are delighted to be able to support the “Kawader” program and in turn solidify national efforts to qualify young Qataris in the financial and banking sector and to reiterate our commitment to supporting “Qatar National Vision 2023” which entails preparing Qatari students to take on the world’s challenges and become tomorrow’s innovators, entrepreneurs, and professionals”.
Mr. Majed Abdulaziz Al-Khulaifi, Director of Professional Training at the Qatar Finance and Business Academy, said, “We are proud to sign this agreement with the Qatar Insurance Group QIC. This provides vast opportunitie¬s for training and development programs for Qatari talents through various specialized training courses which is specially designed to meet the needs of Qatari graduates in the Finance and Business sector through the National Development Program “Kawader Malia” and other professional development programs. There is no doubt that this agreement reflects the QIC’s priorities in the sustainable development of Qatari talents, thus, reflected in supporting the economic development of the country”.
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best. QIC is also the first & best digital insurance company in Qatar and the largest insurance company in the MENA region by gross written premium, profitability, and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7.8 billion. For more information about QIC, please visit www.qic-group.com
Qatar Finance and Business Academy (QFBA) was established in 2009 under the auspices of QFCA. QFBA is a leading national training provider that aims to cultivate the Human Development Pillar of the Qatar National Vision 2030. QFBA excels in providing professional training to individuals and customized learning and development programs for corporates. Geared towards the financial sector, we aim to be a reliable training partner by adapting our learning solutions to meet professional development needs. In 2018, QFBA partnered with Northumbria University in Newcastle to offer degree programs in Banking and Finance.
Qatar Insurance Group sponsors the 2023 Samla race
In a press held on Sunday, November 13th in Katara Cultural Village the details of the fifth edition of the major national sporting event and QIC Group’s – the leading insurer in Qatar dominant insurer, the GCC and MENA region – sponsorship of the Samla race was officially announced.
Hosted by members of Samla’s organizing committee and headed by H.E. Prof. Dr. Khalid bin Ibrahim Al-Sulaiti, the press conference was attended by Sheikh Saud Bin Khalid Bin Hamad Al Thani, Board Member of Qatar Insurance Group (QIC Group) (QIC).
Speaking at the press conference, on behalf of the Group, Sheikh Saud Bin Khalid Bin Hamad Al Thani thanked Katara Cultural Village and the organizing committee and underscored the tangible positive impact of the Samla race on Qatari society. “Qatar Insurance Group is delighted to be one of the official sponsors of the fifth edition of the Samla race. For it embodies the values ingrained in the mission and culture of QIC Group and for the opportunity it offers us to highlight the prominent role Qatar occupies in the world of sports. We are excited to see our athletes take on this challenge and we look forward to stellar performances inspired by a spirit of competition and sportsmanship” said Sheikh Saud Al Thani.
“Samla is more than just a sporting tournament; the race reflects the resilience and determination of our people and has become a source of inspiration for all Qataris. Consequently, this sponsorship is a great source of pride and satisfaction to all of us at QIC Group.” added, Sheikh Saud Al Thani.
At the press conference, His Excellency Dr. Khalid bin Ibrahim Al-Sulaiti, expressed his gratitude to all sponsors and acknowledged QIC Group for their support and commended its efforts in making this major sporting tournament a success.
Samla is a sporting event that requires endurance and perseverance as it is held on difficult and remote desert tracks that require high levels of athletic skills and abilities such as running, swimming, archery, rowing, and mountain biking.
The annual race which takes place in March, sees young Qataris with high athletic skills compete in covering a distance of about 200 kilometers.It was announced that the new edition will extend from Al Thakhira area to Al Shahaniya area, where the contestants will take on six new endurance challenges across Qatari desert tracks.
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best. QIC is also the first & best digital insurance company in Qatar and the largest insurance company in the MENA region by gross written premium, profitability, and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7.8 billion.
QIC ranked as Top Investment House from the MENA region for the fourth year in a row
Qatar Insurance Company, the leading insurer in the Middle East and North Africa region has been ranked as the “Top Investment House” by The Asset magazine for the fourth year in a row. The survey ranked top investment houses in Asian G3 bonds (issued by Asian issuers in USD, EUR and JPY) based on the number of votes won where QIC garnered the most votes by their Astute Investors.
More than 430 different institutions including asset managers, hedge funds, private banks, banks, insurance companies and sovereign wealth funds were evaluated and shortlisted during the survey. The ranking methodology used for the survey was based on the number of votes received from top-rated analysts, economists and strategists, sales teams and traders in these institutions. The ranking score was subject to a weighting methodology and was announced in The Asset magazine’s January 2022 issue and on TheAsset.com.
Commenting on the latest accomplishment, Mr. Salem Khalaf Al Mannai, QIC Group CEO stated, “We are honored to be ranked as the Top Investment House from the MENA region for the fourth consecutive year. The prestigious ranking serves as a testament to the resounding success of our business strategy built along a customer-centric and technologically progressive approach, ably backed by the investments team.”
“Investments are a cornerstone for the success of our business. Not only does this showcase the goodwill and reputation that QIC has built over the years of its operation, but also brings to the fore our passion and commitment in maintaining our status as a market leader in the insurance and investment management space”, Al Mannai added.
The Asian G3 Bond Benchmark Review has been conducted annually since 1999, providing a wealth of data on the product needs of institutional investors and the market penetration of institutions active in the Asian G3 bond market and Asian CDS space.
Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA region. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A(Excellent) from A.M. Best. In terms of profitability and market capitalization, QIC is also the largest insurance company in the MENA region. It is listed on the Qatar Exchange and has a market capitalization of over $ 4bn.
QIC Group’s nine-month net profit jumps 491% to QR511mn
Qatar Insurance Company (QIC) posted a net profit of QR511mn for the first nine months of this year, witnessing a 491% rise compared to the same period in 2020.
The nine-month results the leading insurer in the Middle East North African (MENA) region were announced following a meeting of the Board of Directors, which was presided over by Khalifa Abdulla Turki al-Subaey, chairman and managing director of QIC Group.
Al-Subaey stressed that increasing the return per share (EPS) and effectively contributing to the growth of national economy remains the Group’s first goal. The company’s continuous growth and impressive performance is through successful implementation of the strategy set by the distinguished board of directors in line with Qatar’s 2030 vision under the wise leadership of HH the Amir, Sheikh Tamim bin Hamad al-Thani.
“For the first nine months of 2021, QIC produced solid net results. Our Group quickly returned to an impressive performance, despite the challenges that the Covid-19 pandemic brought to our industry and economies. QIC’s results demonstrate the soundness of our strategy, our focus on low severity products, high management efficiency and operational excellence that rivals the best in our industry,” al-Subaey said. “We are pleased with these results, which were achieved through the successful implementation of the group’s strategic plan that aims to de-risk its international operations, expand its low-volatility activities, diversify its business portfolio and drive forward full fledge digitisation of QIC’s domestic and MENA operations. This achievement is a testament to the strength of our brand,” al-Subaey added.
Chief Executive Officer Salem Khalaf al-Mannai said the Group’s gross written premium for the nine-month period increased by 4% to QR10bn from QR9.6bn for the same period in 2020. International operations profited from hardening of rates and conditions in the international commercial insurance and reinsurance market. In the nine months of 2021, QIC’s international operations – Qatar Re, Antares, QIC Europe Limited (QEL) and our Gibraltar- based carriers – generated premium volume of QR7.9bn, accounting for approximately 79% of the Group’s total gross written premiums (GWP).
QIC once again witnessed a strong performance from its primary insurance business in its domestic and MENA operations, which continued to grow to GWP of QR2.1bn, an increase of 6% compared to the first nine months of 2020 on account of the increase across all major business lines arising from rate increases, new business opportunities and growth in existing accounts.
In 9M, 2021, QIC’s investment income amounted to QR775mn compared to QR369mn for the 9M 2020, demonstrating outstanding asset management capabilities. Antares Syndicate 1274 of Lloyd’s of London specialist re/insurer – Antares Managing Agency Ltd (Antares), wholly owned by QIC Group, was ranked first for 2020 investment performance according to Lloyd’s Peer Analysis by JP Morgan Asset Management, which compares the investment performance of Lloyd’s syndicates with average trust assets of more than £100mn.
Antares received a return on investment of 5.34% for 2020 year-end, compared to a market average of 2.91% and came in second for three-year average returns from 2018 to 2020.
In mid-September, Anoud Technologies (Anoud Tech), a leading provider of software solutions and a wholly-owned subsidiary of QIC Group, was selected by two leading insurers in Europe and the Caribbeans to modernise its IT systems. Anoud Tech developed its fully integrated insurance solution branded Anoud+ in collaboration with Swiss Re.
With Anoud+, insurers have access to a proven end-to-end solution that includes modules for customer relationship management, underwriting, technical accounting, finance, policy and claims management, workflow and document management, business intelligence and reporting, data analytics and reinsurance management. The company was also named by ACORD and Alchemy Crew in the 2020 Top Ten Leaders with the most significant ability to change the industry through technology.
QIC also continued to benefit from its steady efforts to further strengthen its operational efficiency through automation and digitisation with a healthy administrative expense ratio of 6.2%.
Overall, QIC the region’s biggest, most valuable and profitable insurance company in the Middle East according to Forbes Middle East’s annual ranking of top 100 listed companies in the region for 2021, achieved a strong consolidated net profit of QR511mn for 9M 2021 an increase of 491% compared to the same period in 2020.