QIC raises capital after record premiums

February 23 2016 by InsuranceAsia News Staff

Qatar Insurance Company (QIC), has announced plans to further expand its global footprint after reporting a 49% rise in gross written premiums last year, according to a report.

QIC, which has established Singapore as its business hub in South-East Asia, revealed that its gross written premiums last year hit a record QAR8.35 billion (US$2.1 billion), a 49% rise from a year earlier.

During the QIC annual general assembly meeting, shareholders of the group approved the increase in the company’s capital from QAR1.84 billion to QAR2.43 billion to address demand on the requirement of capital to support strategic growth in the business.

Key drivers of QIC’s growth included reinsurance premiums, which grew at a rate of 116%, now accounting for 50% of the group’s total premium income.

President and chief executive Khalifa Abdulla Turki al-Subaey said choosing Singapore as its business hub in South-East Asia was a wise move for QIC, saying Singapore has always been a great market for expansion. Al-Subaey said Singapore’s comfortable laws and ease in doing business attracted QIC.

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