Qatar Insurance Group (QIC)

What Qatar Insurance Group (QIC) does

Qatar Insurance Group (QIC) is a publicly listed composite insurer founded in 1964 as the first domestic insurance company in Qatar, headquartered in Doha and operating across the GCC, broader MENA, and select international markets including Bermuda (Qatar Re), Lloyd's (Antares Global and Antares Re), and Europe (QIC Europe Limited). QIC serves retail customers through personal lines (car, motorcycle, travel, home, boat, life & medical) distributed via the qic.online platform, branches, and self-service kiosks, and corporate clients through commercial lines (property & commercial, marine & aviation, energy, motor fleet), with international reinsurance accounting for approximately 75-77% of total gross written premiums. The group holds A- financial strength ratings from both S&P and A.M. Best, a market capitalization exceeding QAR 7 billion on the Qatar Stock Exchange, and reported FY2018 gross written premiums of QAR 12.6 billion (+8% YoY) with consolidated net profit of QAR 664 million.

QIC generates revenue primarily through insurance premiums across personal and commercial lines, supplemented by investment income from a portfolio managed by QIC Asset Management that has been independently recognized as a top investment manager in MENA for six consecutive years. The company's go-to-market combines direct-to-consumer channels (qic.online digital portal, mobile app, branches, kiosks) with B2B distribution, including embedded insurance partnerships with insurtech firms such as MIC Global for its MiIncome income protection product across the GCC and an MoU with Ooredoo Group for integrated insurance offerings via telecom channels. Digital infrastructure is centralized under a Digital Hub overseen by a Group Chief Digital & AI Officer, with recent AI capability development evidenced by an inaugural agentic AI internship programme and recognition across multiple regional digital insurance awards.

QIC's strategic posture is pivoting toward digital transformation, insurtech partnerships, and regional expansion, with strategic minority investments announced in February 2025 in three insurtech startups (Jaguar Transit, MIC Global, Digital Petroleum) targeting growth across GCC, Asia, and Africa. Governance is anchored by a board chaired by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani with significant Al Thani family representation, while the executive team is led by Group CEO Salem Khalaf Al Mannai (appointed 2020), a 25-year QIC veteran, alongside a refreshed C-suite including a Group Chief Digital & AI Officer and a CFO who has led IFRS 17 implementation and finance AI automation.

Name

Qatar Insurance Group (QIC)

Legal name

Qatar Insurance Company Q.S.P.C.

Website

https://qic-group.com

Company type

Public

Founded year

1964

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Qatar Insurance Group (QIC) is a publicly listed composite insurer founded in 1964 and headquartered in Doha, offering personal, commercial, and reinsurance products across Qatar, the GCC, and select international markets through subsidiaries including Qatar Re, Antares, and QIC Europe.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Insurance Carriers (5241)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Embedded Insurance & Affinity Distribution Platforms (FSAGAGAL)

akta.pro secondary industry

Embedded Insurance Distribution & Premium Financing (FSAGALAF)

Keywords

• Non-life insurance
• Reinsurance services
• Motor insurance
• Commercial insurance
• Asset management

Headquarters

HQ city

Doha

HQ country

Qatar

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Insurance Premiums: QIC generates revenue primarily through insurance premiums from both personal insurance (car, motorcycle, travel, home, boat, life & medical) and business insurance (property & commercial, marine & aviation, energy, motor fleet). The company operates as a composite insurer with global underwriting footprint.
2. Reinsurance Operations: Through subsidiaries Qatar Re, Antares, and QIC Europe Limited, QIC conducts reinsurance operations that account for approximately 75-77% of total gross written premiums, providing risk distribution and premium income.
3. Investment Income: QIC generates investment income from its diversified investment portfolio managed by QIC Asset Management. The company has received multiple awards for investment performance including 'Top Investment Manager' in MENA region.

Go-to-market motion2 records

Distribution channels5 records

Marketing channels4 records

Core offering

QIC is a composite insurer underwriting personal insurance (car, motorcycle, travel, home, boat, life and medical) and commercial insurance (property and commercial, marine and aviation, energy, motor fleet) for retail and corporate customers. It also operates a global reinsurance business through Qatar Re (Bermuda), Antares (Lloyd's Syndicate 1274), and QIC Europe Limited, and manages investment portfolios through QIC Asset Management. Distribution spans qic.online digital platform, mobile app, branch network, self-service kiosks, and embedded insurance partnerships.

Product overview

Qatar Insurance Group (QIC) operates as a multi-channel composite insurer offering personal and commercial insurance products. Personal insurance (under QIC Insured) includes car, motorcycle, travel, home, boat, and life & medical coverage distributed via qic.online, mobile app, branches, and self-service kiosks. Business insurance encompasses Property & Commercial, Marine & Aviation, Energy, and Motor Fleet. The group operates through subsidiaries including Antares Global and Antares Re (Lloyd's reinsurance), Qatar Re (Bermuda reinsurance), QIC Europe Limited, QLM (health/life), Equinox (investment management), and QIC Asset Management. Products are also available through regional entities in Oman (OQIC), Kuwait (KQIC), and UAE.

Differentiator

Problem solved

Functional benefit

Brands

• MiIncome: Embedded income protection insurance product launched by MIC Global in Qatar through collaboration with QIC
• MIC Global

Quantifiable outcome

• 6% growth in net profit to QAR 217 million in Q1 2026
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles4 records

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature3 records

Partnerships

Five partnerships are on record, tiered core and strategic.

• MIC GlobalcoreGTM or Marketing Partner · 23 February 2026MIC Global, a US-based insurtech company, launched its MiIncome product in Qatar in partnership with QIC following regulatory clearance. The collaboration addresses income protection needs through embedded insurance distributed via digital platforms.
• Jaguar TransitstrategicStrategic or Co-development Partner · 18 February 2025QIC announced strategic investment in Jaguar Transit as one of three insurtech startups to expand regionally and globally, supporting innovative insurance solutions.
• MIC GlobalstrategicStrategic or Co-development Partner · 18 February 2025QIC partnered with MIC Global (US-based insurtech) to launch MiIncome product in Qatar following regulatory clearance. The collaboration aims to address income protection needs through embedded insurance distributed via digital platforms across GCC.
• Digital PetroleumstrategicStrategic or Co-development Partner · 18 February 2025QIC announced strategic investment in Digital Petroleum as one of three insurtech startups to expand regionally and globally, supporting innovative insurance solutions in the energy sector.
• Ooredoo GroupstrategicStrategic or Co-development Partner · 25 November 2024QIC and Ooredoo Group signed an MoU to offer integrated insurance products delivering true value in a rapidly changing world. This strategic collaboration aims to provide comprehensive digital insurance solutions.

Scale indicators10 records

Recent moves7 records

Broad incumbents

• Swiss Re: Global reinsurance leader comparable to QIC's Qatar Re and Antares Lloyd's operations. Swiss Re is a natural peer given similar specialty reinsurance underwriting focus and global Lloyd's/Bermuda platform participation, and is a key competitor in MENA treaty reinsurance placements.
• Munich Re: World's largest reinsurer, directly comparable to QIC's Qatar Re and Antares operations. Munich Re competes head-to-head with QIC's reinsurance subsidiaries in specialty and treaty reinsurance markets globally and is a key benchmark for reinsurance cycle exposure.
• Allianz SE: Global composite insurer with significant MENA presence through regional partners. Comparable to QIC in offering diversified P&C and life products; competes with QIC in commercial and specialty lines in the region but does not have QIC's domestic market concentration.

Emerging players

• MIC Global: US-based insurtech that QIC has invested in and partnered with for the MiIncome embedded income protection product in Qatar. MIC Global is an emerging player in the embedded insurance space that QIC is both a partner and minority investor in, making it a relevant emerging player peer on the insurtech side.

Direct peers

• Beazley plc: Lloyd's-listed specialty insurer with comparable specialty lines (marine, energy, aviation, property). Beazley is a direct peer to QIC's Antares Global / Antares Re (Lloyd's Syndicate 1274) operations in the specialty insurance market, with similar risk appetite and distribution model.
• Gulf Insurance Group (GIG): Kuwait-headquartered composite insurer with multi-line P&C and life operations across the MENA region, including reinsurance. GIG is the closest direct peer to QIC given overlapping GCC footprint, similar product mix (motor, marine, energy, property), and comparable scale and listing on regional exchanges.
• Salama Cooperative Insurance: UAE-listed cooperative insurer offering family and general Takaful (Islamic insurance) products. Comparable to QIC in serving the MENA retail and commercial market, with overlap in motor and personal lines; both target the GCC insurance buyer with similar digital distribution strategies.
• Abu Dhabi National Insurance Company (ADNIC): UAE-listed composite insurer offering personal and commercial P&C lines. ADNIC is a direct regional competitor to QIC in the UAE market, with comparable product portfolio (motor, property, marine, energy) and similar institutional ownership structure.

Regional players

• Company for Cooperative Insurance (Tawuniya): Saudi Arabia's largest national insurer offering comprehensive P&C, health, and motor lines. Comparable to QIC as a dominant MENA composite insurer and a fellow NLI/regulator-favored national champion serving the GCC market.
• Bupa Arabia for Cooperative Insurance: Saudi Arabia's largest health insurer and a MENA-focused health insurance specialist. Comparable to QIC's QLM Life & Medical subsidiary in health insurance scale and regional focus, and a key regional peer in the GCC health insurance market where QIC competes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/qic_group
• Facebookfacebook.com/QatarInsuranceCompany
• LinkedInlinkedin.com/company/qatarinsurancegroup

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Qatar Insurance Group (QIC)