In 1964, the State of Qatar had a nascent oil industry and Doha was a city dependent on Sea. The traditional Coffee Shops, which have endured in this region for centuries, would find the older generation exchanging news and scanning the horizon awaiting return of fishing and trading Dhows. It would have taken a visionary at that time to predict the burgeoning energy industry that we have now, in all its diversity, in this decade of second millennium.
It was realized that Qatar would grow both commercially and industrially and would require various institutions to support development. Insurance, as the guardian of country’s assets, was an area where it was felt that Qatar should take the initiative. Qatar Insurance Company (QIC) was therefore conceived and founded by the Emiri Decree, on the 11th of March 1964. The currency of Qatar at that time was Indian Rupee and QIC’s paid up capital was Indian Rupees 1,500,000/-, a princely sum in those days. In view of the importance placed by the Government on establishment of first domestic insurance company, the Government of Qatar participated to the extent of 12%, a share which is retained to this day.
The early years of our operation was transacted from what was then the heart of Souq. It was in the bustling alleyways, redolent with the pungent aromas of exotic spices, amidst the noisy but good-natured haggling of a lively and vibrant trade that QIC set down its roots. The next three years QIC had grown considerably and required larger premises. It was important that we remained right at the business heart of Doha in the Souq and in 1967 the company moved a short distance to larger premises close to the Arab Bank round-about. This round-about was an important pivotal thoroughfare, radiating traffic to all parts of Doha City.
In the early 1980’s QIC made a bold move and decided to relocate to West Bay area. At that time, little development had taken place in this area and it was clear that QIC will have to construct its own building. Designs were sought, contracts were signed and construction work was soon started. Before long, the building was completed and was occupied in early 1984 with an official inauguration taking place on the 25th of February.
For many years, QIC tower was a landmark to the Qatari and expatriates alike. It has remained a prominent image with its distinctive logo, only recently being crowded by the self assured towers established throughout the West Bay and Diplomatic area. However, old habits prevail and one can still hear directions being given to the newcomer using QIC as the direction landmark.
During 45+ years of our history, QIC has demonstrated its ability to navigate business and economic cycles with a consistency in operating performance. A stable management team is the cornerstone of QIC’s ability to effectively manage unforeseen changes in business outlook, sentiment and markets.
QIC AT PRESENT:
QIC is now the dominant insurer in Qatar with a market share exceeding 50%. In the 45+ years of our operating history, we have expanded our presence across GCC with an underwriting footprint across Middle East, Africa and Asia.
QIC holds the highest rating for an insurer in GCC with a rating of “A Stable” from Standard & Poor’s and has substantial underwriting capacity with an asset base of over QR 6 billion.
QIC represents true value and security through adherence to world standards in conduct of our operations with innovative and optimal risk management and flexible insurance products catering to all sectors of Qatar’s economy. We are ISO 9001:2008 certified, which is an internationally recognised quality management system standard.
Benefits of ISO 9001 to you:
QIC has also been awarded ISO 27001:2005 for our Information Security Management System. We are the first insurance company in the region to receive this highly acclaimed certificate, which covers the management of information security for IT infrastructure and services relating to all support services as well as protecting the confidentiality, integrity and availability of customer data.
QIC has the largest professionally qualified insurance team in GCC with a long track record in insurance industry backed by a stable and well-experienced management team. The current management team of QIC is in place since 1986.
We are a diversified multi-line insurer with no single product group generating more than 25% of the overall premium. QIC product line includes:
QIC as an organization has a deep rooted intent to continue to pursue excellence and improve constantly to service you as your most favoured insurer.