INSURANCE

Khalifa A. Al-Subaey Group President and CEO of QIC

Qatar Insurance Company is a leading regional insurer

Since its establishment in 1964, Qatar Insurance Company (QIC) has dominated the insurance market. QIC is the oldest and largest insurance company in Qatar and commands a significant market share in one of the world’s fastest-growing countries. The group also has expanded internationally, and now comprises QIC Doha and QIC Internation-al. It has recently established a reinsurance arm, Q-Re LLC, in Doha which intends to expand its business throughout the MENASA region.

Khalifa Al-Subaey, group president and CEO, says that “besides the skilled human resources found at QIC, there is the company’s financial strength. The international reinsurance companies that back QIC are global leaders. Any corporation coming from outside will not look any further.”

Al-Subaey, who has been responsible for implementing the vision of the company over the last 20 years, says QIC has been focusing not only on building the product line in the home market, but significantly expanding abroad. More than 50% of the company’s revenues now come from its international operations. In the last decade, QIC has set up offices throughout the GCC and in Malta, which the company plans to use as a springboard for servicing the Mediterranean area.

One of the key initiatives in the home market has been the provision of health insurance. QIC aims to improve the quality of healthcare and provide access to local and global services and solutions, and provides insurance cover to over 85,000 people in Qatar. As part of its strong foothold in the GCC, QIC has also established a solid Islamic insurance (Takaful) company, as Shari’ah-compliant products are gaining considerable popularity.

In terms of financial strength, standards and services, QIC ranks among the best not only in the nation but also regionally. QIC is keenly aware that diversification is key in an ever-evolving market, and is establishing a medical insurance company known as Medical Life. “We feel that medical insurance is becoming part of everyday life for the people here,” he says.