Qatar Insurance seeks new markets to confront crisis

CAIRO – 20 September 2017: Qatar Insurance Company (QIC) is planning to focus on new markets to set off the effect of the Qatar-Gulf rift, a senior executive at the company said, according to Bloomberg.

“We’ve secured business in Oman that would be equivalent to that in Abu Dhabi,” said QIC’s CEO for the Middle East and North Africa region, Salem Khalaf Al-Mannai, in an interview on Monday, Bloomberg reported.

Al-Mannai said that the regional crisis has minimum effect on the operations performed by QIC in the United Arab Emirates. “Although the UAE is a very important market, it represents a small percentage of the total business of the company,” he added.

The Qatar Insurance Company was established in 1964 and is considered the first domestic insurance company in Qatar. QIC is dominant in the Gulf region and one of its highest rated insurance companies with a total market value of over $4 billion, according to QIC’s site.