Latest news with #QICGroup
Khaleej Times
02-06-2025
- Business
- Khaleej Times
Qatar Insurance Company: A legacy of excellence and innovation
Qatar Insurance Company (QIC, QIC Group) is a publicly listed insurer with a consistent performance history spanning over 60 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC stands as the market leader in Qatar and a dominant insurer in the GCC and Mena regions. As one of the largest insurance companies in the Mena region in terms of written premium and total assets, QIC is listed on the Qatar Stock Exchange with a market capitalisation exceeding QR7 billion. In 1968, just four years after its inception, QIC expanded its operations to the UAE, establishing a branch fuelled by optimism and a long-term vision. Our modest operations, initially based in Deira (Dubai) and Abu Dhabi, have grown steadily over the past 57 years. Today, QIC is a prominent insurer in the UAE, offering comprehensive risk solutions across Property, Casualty, Engineering, Marine, Motor, and Health Insurance segments. Over the past six decades, we have built extensive knowledge and expertise to provide effective risk transfer solutions for our clients. We have faced and overcome numerous challenges, including the severe floods in the UAE in 2024, where we were at the forefront of delivering on our promises and proving our resilience. In this interconnected world, QIC is guided by the vision set by our board of directors and led by Salem Khalaf Al Mannai. Under his dynamic leadership, QIC Group has achieved numerous milestones and received prestigious awards and recognitions. QIC UAE operates under the vigilant oversight of the Central Bank of UAE, which celebrated its golden jubilee this year. The regulator is dedicated to ensuring the protection of the insuring public's interests, and QIC is fully aligned with this philosophy. We are proud to hold an A- (Excellent) credit rating from AM Best Europe and an A- rating from Standard & Poor's. Recognising that risk is an inherent aspect of any significant endeavour, QIC is well-positioned to serve the public with innovative and competitive solutions.
Qatar Tribune
12-05-2025
- Business
- Qatar Tribune
Qatar solidifies position as regional fintech and insurtech leader with successful summits
Tribune News Network Doha The fourth edition of the MENA Insurtech Summit and the inaugural MENA Fintech Summit 2025, hosted by Qatar Insurance Group (QIC Group), concluded today in Doha with resounding success, cementing their position as the region's premier platforms for innovation, collaboration, and thought leadership in insurance and financial technology. These landmark events reflected a bold and unifying mission: to bridge vision with execution, policy with innovation, and local entrepreneurship with global opportunity. Together, they showcased the Middle East and North Africa's growing capacity to lead global conversations and deliver real-world solutions in the evolving worlds of insurance and finance. Over two action-packed days, the summits welcomed a diverse international audience of innovators, investors, corporate leaders, regulators, and media representatives. This year's expanded agenda offered a comprehensive view of the future of finance and risk management, exploring cutting-edge technologies, shifting consumer behavior, regulatory transformation, and the role of innovation in sustainable development. Leadership Reflections: A Collective Vision for a Digitally Empowered Future As the curtains closed on the summits, the leadership of QIC Group reflected on the magnitude of progress and collaboration on display. Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, remarked: 'These two days have been a powerful affirmation of our region's immense potential to lead in digital innovation. The future of insurance and finance is being shaped right here in Doha by brilliant minds, bold ideas, and a shared commitment to progress. As we gather the brightest global talents and innovators, we also reaffirm Qatar's position as a regional engine for transformation and excellence.' Salem Khalaf Al Mannai, Group CEO of QIC Group, added: 'At QIC, we believe that innovation is not a luxury, but an imperative. These summits are part of our long-term strategy to realize that and to make Qatar a regional hub for insurtech and fintech excellence. The energy, creativity, and ambition we witnessed over the past two days have been nothing short of inspiring. We are proud to stand at the intersection of tradition and transformation, building bridges between startups and regulators, talent and opportunity, vision and execution.' Diverse Dialogues, Global Perspectives One of the summit's most talked-about sessions, 'From Merchants to Mobile Agents: The Rise of Alternative Insurance Distribution,' explored how consumer expectations and technological advancements are reshaping the distribution of insurance across digital platforms, retailers, telecoms, and gig economy workers. Global case studies from Africa and Asia provided compelling blueprints for how MENA markets can leapfrog traditional models and improve insurance accessibility for millions. A Showcase of Innovation and Local Talent Another standout session was Demo Day, where five trailblazing startups: MIC Global, StarUp, Jaguar Transit, Otonomi, and Digital Petroleum, pitched their transformative solutions to a panel of regional investors. These companies were selected as part of accelerator programs led by QIC Digital Venture Partners (QIC DVP) in collaboration with the Qatar Financial Centre (QFC) and the Ministry of Communications and Information Technology (MCIT), reaffirming Qatar's commitment to nurturing a thriving insurtech and fintech ecosystem. The summit also hosted a Startup Workshop that gave rising entrepreneurs direct exposure to the local innovation landscape, incubation programs, and new market-entry opportunities. Another high-profile session focused on the Qatar Financial Centre (QFC)'s Digital Asset Lab, which showcased Qatar's ambition to become a pioneer in digital asset regulation and innovation. Attendees learned how QFC is providing a sandbox environment that welcomes startups experimenting with blockchain, tokenization, and decentralized finance (DeFi), while ensuring robust compliance and investor protection. The session emphasized the balance between fostering innovation and safeguarding financial integrity, a critical differentiator in today's rapidly evolving global financial landscape. Complementing this was a dynamic session led by Qatar Development Bank (QDB), which highlighted the strategic role of its Fintech Hub in driving the next wave of entrepreneurial growth. QDB's representatives outlined how its comprehensive support model, including equity financing, grants, mentorship, and market access, has enabled startups to scale their solutions both locally and internationally. The session made a compelling case for the role of state-backed capital and structured ecosystems in catalyzing innovation and creating commercially viable, impact-driven fintech ventures. Innovation for Climate Resilience and Sustainable Development The summits featured a wide array of forward-thinking sessions that brought together private sector leaders, policymakers, and innovators to explore some of the most urgent and transformative trends in financial and insurance technology. One particularly impactful session, 'Protecting Farmers, Powering Growth: The Role of InsurTech in Agriculture Insurance,' addressed the persistent global challenge of protecting smallholder farmers against climate risks, natural disasters, and market volatility. Experts discussed how mobile-based microinsurance, satellite data, and blockchain-powered smart contracts are driving a paradigm shift in how coverage is delivered and claims are settled. The session also explored how public-private partnerships, including development banks, agribusinesses, and telecom providers, can scale these innovations to reach underserved rural communities across the MENA region. Real-world examples from Africa, India, and Latin America offered compelling lessons in designing accessible, affordable, and fast-acting agri-insurance programs. QIC Job Fair Champions Qatari Youth As part of its broader commitment to national development, QIC Group organized a dedicated Job Fair on the sidelines of the summit, an initiative that underscored its unwavering support for Qatar National Vision 2030. The fair provided internship and employment opportunities for young Qatari professionals and students, creating a direct link between the country's next generation of talent and the rapidly evolving financial and insurance technology sectors. With participation from QIC Group's business units and industry partners, the initiative aimed to equip local talent with the skills, exposure, and experience required to thrive in a future-ready economy. The fair also served as a platform to foster mentorship, knowledge transfer, and career guidance, reaffirming QIC's leadership in championing national human capital development through tangible, impact-driven initiatives. A Platform for Lasting Impact Held under the auspices of Qatar Central Bank, the summits were supported by the leadership of H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, and attended by H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani, Vice Governor. Their involvement further amplified the national significance of these events. Strategic partnerships also played a vital role in shaping the summits' impact. The Ministry of Communications and Information Technology (MCIT) joined as the lead strategic partner for both events, while Commercial Bank of Qatar and Ooredoo Fintech served as strategic partners of the MENA Fintech Summit. These collaborations elevated the stature of the summits and underscored a unified national commitment to digital transformation and innovation-driven growth. With enthusiastic participation from venture capital firms, accelerators, and regional innovation hubs, the MENA Insurtech & Fintech Summits 2025 concluded on an optimistic, forward-looking note. They set the stage for deeper partnerships, sustained investment, and game-changing initiatives in the months and years ahead.
Qatar Tribune
11-05-2025
- Business
- Qatar Tribune
MENA summits in Qatar explore AI's role in insurance and Fintech
Tribune News Network Doha Qatar Insurance Group inaugurated the fourth edition of the MENA Insurtech Summit alongside the inaugural MENA Fintech Summit at the Qatar National Convention Centre (QNCC). Held under the auspices of the Qatar Central Bank, led by Governor of the Qatar Central Bank His Excellency Sheikh Bandar bin Mohammed bin Saoud Al-Thani, , and represented by Sheikh Ahmed bin Khalid bin Ahmed bin Sultan Al-Thani, Deputy Governor of the Qatar Central Bank, the two-day event has convened over 1,500 participants, including more than 140 speakers, 100 startups, and 45 investors, to explore the transformative power of artificial intelligence (AI) in the insurance and financial sectors. The opening ceremony was attended by dignitaries, ministers, and prominent public and private stakeholders. A Unified Platform for Innovation The summits, held under one roof, represent a bold step forward in QIC Group's efforts to build a unified platform that champions digital innovation in both the insurance and financial sectors. By bridging the two rapidly converging industries, the dual summits enable cross-sector collaboration, policy development, and investment in next-generation technologies such as AI, open finance, and embedded insurance. Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, opened the summit by underscoring the strategic importance of this unified platform: 'These two summits, held under one roof, reflect our steadfast commitment to supporting Qatar's National Vision 2030 and reinforcing the country's position as a regional leader in innovation and digital transformation. More than annual gatherings, these forums serve as strategic platforms to empower entrepreneurs, encourage collaboration, and attract future-facing investments to our economy.' A Legacy of Leadership Following the opening address, a keynote panel took participants on a reflective journey through QIC's legacy as Qatar's first national insurer. The session featured an archival photograph of QIC's headquarters, one of the first four skyscrapers to rise in Doha over 60 years ago, serving as a powerful metaphor for QIC's enduring role in shaping the country's progress. 'QIC has always been at the forefront of Qatar's evolution,' said Salem Al Mannai, QIC Group CEO. 'From helping shape the skyline of Doha to driving innovation in the insurance industry, our mission has always aligned with national aspirations. It is only natural that we now lead in the digital transformation era, serving as a catalyst for economic growth, regional leadership, and global relevance.' This legacy reinforces QIC's deep-rooted commitment to innovation, not just in technology but as a driver of national prosperity and global positioning. As part of the opening day, a panel discussion featured CEOs of four leading insurance companies from across the MENA region, offering diverse industry perspectives on digital transformation, regulatory alignment, and the impact of AI on business models. Qatar's Vision for a Digital Future The summits are fully aligned with Qatar National Vision 2030 and the country's National Fintech Strategy. With the support of strategic partners including the Ministry of Communications and Information Technology (MCIT), Commercial Bank of Qatar, and Ooredoo Fintech, the event highlights a unified public-private commitment to building a resilient and inclusive digital economy. Chairman Sheikh Hamad bin Faisal Al Thani emphasized the importance of strategic partnerships: 'Supporting Qatar's innovation ecosystem requires more than infrastructure; it calls for long-term partnerships grounded in shared vision. The presence of our national partners reflects a collective commitment to building a resilient digital economy.' Real Results, Real Stories One of the defining features of this year's summit is the return of several startups that participated in previous editions of the MENA Insurtech Summit. Their presence and success stories offer tangible proof of the platform's value, validating QIC's investment in cultivating entrepreneurial ecosystems and accelerating innovation. 'The success of the previous editions is tangible in this year's summit,' said Salem Al Mannai. 'We are proud to see startups return, not as newcomers, but as players in the market, sharing their stories of growth and impact. This is what these summits are designed for: to empower, to scale, and to lead.' AI and the Industry: A Transformative Year The 2025 theme, 'The Impact of AI on the Insurance Value Chain,' mirrors last year's focus but delivers completely new content, underscoring how rapidly AI continues to reshape the landscape. From productivity gains to hyper-personalized insurance services, the discussions reflect both the speed and scale of change within just a single year. 'AI is transforming the insurance industry on two levels: by increasing personal productivity at the workplace and by enabling insurers to create faster, more accurate, and hyper-personalized services,' added Al Mannai. 'At QIC, we believe that those who lead this wave of innovation will shape the financial landscape of the future.' The MENA Insurtech and Fintech Summits reaffirm QIC Group's unwavering dedication to building the future of digital finance in alignment with national priorities and positioning Doha as a thriving, competitive hub for insurtech, fintech, and AI-driven innovation.
Qatar Tribune
07-05-2025
- Business
- Qatar Tribune
QIC Group launches twin MENA Insurtech and Fintech summits
Tribune News Network Doha Qatar Insurance Group announced the launch of the 4th MENA Insurtech Summit and the inaugural MENA Fintech Summit, both of which will be held concurrently under one unified platform on May 11–12, 2025 at the Qatar National Convention Centre (QNCC). Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, commented: 'At QIC Group, we recognize that innovation and digital transformation are vital to securing Qatar's economic future. These summits reflect our commitment to advancing national strategies by creating meaningful platforms that connect talent, technology, and investment. By hosting both insurtech and fintech ecosystems under one roof, we aim to reinforce Qatar's position as a leader in digital financial innovation for the region.' Following the Chairman's remarks, Salem Al Mannai, CEO of QIC Group, added: 'We are proud to lead this initiative as part of our commitment to national priorities and our ambition to position Qatar as a destination for innovation and capital. These summits are more than just events—they are strategic platforms designed to attract global players, empower startups, and connect decision-makers across the financial services value chain. By bringing the fintech and insurtech ecosystems together under one roof, we are unlocking powerful opportunities for dialogue, investment, and cross-sector collaboration that will serve Qatar and the region for years to come.' The co-located summits represent a significant step in QIC Group's vision to position Qatar as a regional hub for digital transformation. Aligned with Qatar National Vision 2030 and the Qatar Central Bank's National Fintech Strategy, the dual event aims to accelerate cross-sector innovation, foster a robust digital ecosystem, and drive long-term economic diversification. Over 1,500 participants are expected to attend, including global thought leaders, regulators, startup founders, venture capitalists, and C-level executives from the insurance and tech sectors. The summits will feature dedicated programming tracks for insurtech and fintech, with opportunities for convergence through joint sessions on emerging technologies and future trends. The MENA Insurtech Summit will explore the theme: 'The Impact of AI on the Insurance Value Chain,' offering deep insights into how artificial intelligence is reshaping underwriting, claims, distribution, and customer engagement. Meanwhile, the MENA Fintech Summit will convene financial innovators and disruptors to explore the future of digital finance, focusing on emerging products, AI-powered solutions, and digital transformation in banking and financial services. The event will feature keynote speeches from senior officials and global experts, along with interactive panels and hands-on workshops exploring topics such as artificial intelligence in finance and insurance, embedded insurance models, open banking frameworks and regulatory shifts, data governance and cybersecurity, and cross-border fintech innovation and startup funding. Attendees can also look forward to a curated Demo Day showcasing startups from the 2025 MENA Insurtech Accelerator, as well as immersive Innovation Zones that spotlight cutting-edge solutions from both local and international startups. Strategic partnerships further amplify the summit's national relevance. The Ministry of Communications and Information Technology (MCIT) joins as the lead strategic partner for both summits, while Commercial Bank of Qatar and Ooredoo Fintech serve as strategic partners of the MENA Fintech Summit—highlighting a unified public-private commitment to advancing Qatar's digital future. Continuing his remarks, Al Mannai added: 'Innovation has always been at the core of QIC's business. These summits are a natural extension of that vision—bringing together government, enterprise, and entrepreneurs to build the infrastructure, talent, and trust needed for a vibrant digital economy. We see these platforms as catalysts that will strengthen Qatar's position as a regional leader in fintech and insurtech innovation.' As the founding and organizing entity, QIC Group reaffirms its role as a national enabler of innovation, ecosystem connector, and strategic contributor to the future of financial services across MENA.
Zawya
30-04-2025
- Business
- Zawya
Qatar: QIC Group posts first-quarter net profit of $56.31mln
Qatar - Qatar Insurance Group has posted a net profit of QR205mn for the first quarter of 2025, up from QR194mn in Q1, 2024. The results were approved during the Board of Directors meeting presided over by QIC Group Chairman Sheikh Hamad bin Faisal bin Thani Jassim al-Thani here Tuesday. Sheikh Hamad stated, 'QIC's Q1, 2025 results continue to reflect our consistent and stable bottom line focused growth with net profits of QR205mn at a 6% overall growth. While our direct Mena gross written premiums continued to grow at 17% quarter-on-quarter, our disciplined risk selection and exit from low‑margin international portfolios have strengthened our capital base and underpinned selective growth. 'As market conditions normalise, we are fully committed to accelerating our digital transformation and expanding customer-centric innovations to sustain our leadership position across the region.' Sheikh Hamad added: 'Strategic investments in automation and data-driven decision-making have enhanced our operational efficiency and turnaround times. With the launch of our ESG framework and the establishment of our Sustainability Committee, we are embedding environmental and social responsibility into every aspect of our business. 'In 2025, we are focused on deepening market penetration, advancing digital leadership, and upholding the highest standards of governance. As part of our regional growth strategy, we are moving forward with plans to enter the Saudi market—subject to regulatory approvals—marking a significant step in expanding our footprint across the GCC.' Group Chief Executive Officer Salem Khalaf al-Mannai said, 'Q1, 2025 results are once again the testament of QIC Group's successful execution of its set strategy to build up a well-diversified and balanced risk portfolio focused in short tail risks, which will deliver consistent and stable bottom-line driven growth. Operational excellence remains at the core of our strategy. 'In Q1, 2025, we delivered insurance service results of QR76mn, net investment and other income of QR229mn and consolidated net profit of QR205mn. The consolidated net profit attributable to shareholders of the parent stood at QR201mn. These results demonstrate robust momentum across our core business lines.' While the global and regional markets were highly volatile and challenging, QIC Group has delivered a net profit of QR215mn with a 11% growth in bottom line for the period (before the impact of Pillar II, which is effective from 2025). 'As the global insurance rates continue to soften and decline, we continue to maintain our growth momentum and our Gross written premium growth as per plan, generated through our direct regional operations and international operations through Antares Lloyds Syndicate, London.' Al-Mannai stated: 'Our relentless focus on process optimisation and automation is yielding tangible gains in cost efficiency and service speed. Enhancements to the QIC App, including seamless car rentals, repair services, car wash bookings, and real-time vehicle valuations, further cement our reputation as Qatar's most innovative insurer. Supported by a strong capital position and a Board-approved ESG framework, we are driving consistent, profitable growth while delivering exceptional customer experiences.' The regional gross written premiums increased to QR1.7bn in Q1, 2025 up 17% quarter on quarter – and now account for more than half (59%), of the group's total premiums, compared to less than 20% in 2021. While there is currently a great deal of uncertainty and confusion surrounding tariffs and trade tensions amongst leading global economies that has impacted the global financial markets like a storm cloud, QIC continued to report stable investment and other income of QR229mn for Q1, 2025, compared to QR245mn for the same period in 2024. The return on investment came in at 5%, compared to 5.3% last year. QIC Group maintained a stable, well-diversified investment portfolio, aligned with its long-term strategic asset allocation. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Doha
