Qatar General Insurance
 | The topic of this article may not meet Wikitia's general notability guideline. |
| QGIRCO | |
Native name | Qatar General Insurance and Reinsurance Company Q.P.S.C. |
| Public | |
| Industry | Insurance, Reinsurance |
| Founded | 1979 |
Area served | Qatar |
| Services | General insurance, Life insurance |
| Website | [// ] |
Qatar General Insurance and Reinsurance Company Q.P.S.C. (QGIRCO) is a publicly listed insurance and reinsurance company based in Doha, Qatar. Founded in 1979, it is one of the oldest insurers in the country and provides a wide array of general and life insurance services. The company is listed on the Qatar Stock Exchange under the ticker symbol QGRI.
Overview
QGIRCO offers comprehensive insurance solutions across multiple sectors, including motor, health, marine, property, engineering, and life insurance. The company operates under the supervision of the Qatar Central Bank and maintains strategic reinsurance partnerships with global providers such as Swiss Re and Munich Re.
In 2024, the company reported a turnaround in its financial position, returning to profitability after a significant loss in the previous year.[1] According to a 2025 report by AM Best, QGIRCO maintained a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of bbb, reflecting its stable outlook and risk-adjusted capitalization.[2]
History
QGIRCO was established in 1979 to serve the growing demand for insurance solutions in Qatar. Over the years, the company expanded its portfolio to include specialized lines such as engineering and marine insurance.
In 2016, QGIRCO was recognized as the Top Performing Insurance Company – Overall Middle East & Non-Life at the Middle East Insurance Forum, held in Bahrain.[3]
In 2017, the company began diversifying its asset portfolio, reducing reliance on real estate and focusing on insurance-led growth, as stated by its executive leadership.[4]
Operations and Services
QGIRCO provides a wide range of insurance products for both individuals and organizations:
- Motor Insurance: Comprehensive and third-party liability coverage
- Health Insurance: Individual and group medical insurance
- Marine Insurance: Hull and cargo protection
- Property Insurance: Fire, theft, and business interruption coverage
- Engineering Insurance: Contractors All Risk (CAR), Erection All Risk (EAR), and machinery breakdown
- Life Insurance: Group and personal policies
The company also offers reinsurance solutions and participates in the co-insurance market.
Financial Performance
In 2023, QGIRCO reported a significant loss of QAR 1.47 billion. However, by 2024, it had returned to profitability, recording a net profit of QAR 28.96 million and earnings per share (EPS) of QAR 0.033.[1]
The company’s financial strength was reaffirmed by AM Best in July 2025, citing adequate capitalization and improved underwriting performance.[2]
Public Policy and Workforce Development
In 2024, QGIRCO signed a memorandum of understanding (MoU) with Qatar’s Ministry of Labour to promote the employment of Qatari nationals in the insurance industry. The agreement aimed to build local capacity and create specialized training opportunities for Qatari citizens in financial services.[5]
Awards and Recognition
- 2016: Recognized as Top Performing Insurance Company – Overall Middle East & Non-Life at the Middle East Insurance Forum (MEIF).[3]
- Regularly featured in regional insurance reports and risk ratings.
References
- ↑ 1.0 1.1 "Qatar: QGIRCO turns to profit in 2024". Middle East Insurance Review. Retrieved 30 June 2025.
- ↑ 2.0 2.1 "AM Best Affirms Credit Ratings of Qatar General Insurance & Reinsurance". Yahoo Finance. Retrieved 30 June 2025.
- ↑ 3.0 3.1 "Award for Qatar General Insurance and Reinsurance Co". The Peninsula Qatar. 8 February 2016. Retrieved 30 June 2025.
- ↑ "QGIRCO to diversify asset portfolio to bolster financial position, says CEO". Qatar Tribune. 2017. Retrieved 30 June 2025.
- ↑ "MoL, QGIRCO ink agreement to create opportunities for Qataris in insurance". Qatar Tribune. 2024. Retrieved 30 June 2025.
External links
This article "Qatar General Insurance" is from Wikipedia. The list of its authors can be seen in its historical. Articles taken from Draft Namespace on Wikipedia could be accessed on Wikipedia's Draft Namespace.