Latest news with #QICGroup
Qatar Tribune
15-07-2025
- Automotive
- Qatar Tribune
QIC wins ‘Customer Experience Initiative of the Year' title at Insurance Asia Awards
Tribune News Network Doha Qatar Insurance Company (QIC), the leading insurer in Qatar and the MENA region, has been awarded the 'Customer Experience Initiative of the Year in Qatar' title at the 2025 Insurance Asia Awards. The accolade was announced during the programme's annual awards ceremony held last week in Singapore, attended by representatives from leading insurers across the continent. This prestigious recognition underscores QIC's success in delivering a seamless and innovative customer journey through its QIC App, the company's flagship platform. Designed to cover the daily digital needs of everyone in Qatar, the app has significantly simplified users' experiences, enabling them to instantly understand their coverage needs, purchase policies in just a few clicks, and conveniently access a suite of non-insurance services related to everyday life. Commenting on the award, QIC Group CEO Salem Al Mannai said, 'We are honored to be recognized once again by one of the most respected insurance award programmes in Asia, and to see our solutions acknowledged by a panel of renowned industry experts. This achievement affirms the strength of QIC's digital strategy, and our ongoing commitment to enhancing the customer journey with cutting-edge, user-centric solutions. 'Our investment in digital innovation over the past few years has allowed us to consistently deliver better access to the best coverage for everyone in Qatar, and we look forward to building on this momentum and setting new benchmarks for digital excellence at local and regional levels.' QIC App is the first and only platform of its kind in Qatar, offering integrated insurance and non-insurance features through a single interface. Whether it's purchasing or managing policies, paying installments, or submitting and tracking claims, the app offers a comprehensive digital ecosystem for all insurance needs. QIC App also includes value-added solutions such as a car marketplace, car rentals, repair and detailing services, and other features designed to enhance convenience and peace of mind for customers across the country. Insurance Asia Magazine is a biannual publication based in Singapore, providing in-depth insights into the Asian insurance sector through news, interviews, and expert analysis. The magazine's Insurance Asia Awards is one of the most prestigious award programmes continent-wide, recognizing insurers that have achieved outstanding milestones, introduced innovations, and set new industrybenchmarks.
ILoveQatar.net
01-07-2025
- Business
- ILoveQatar.net
Qatar Insurance Group achieves highest possible rating from MSCI ESG Research
Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, has achieved the prestigious (p) 'AAA' ESG rating from MSCI ESG Research—the highest possible rating under MSCI's globally recognized environmental, social, and governance (ESG) framework. This exceptional milestone places QIC among the world's top-performing insurers for ESG excellence and governance resilience. It also solidifies QIC's position as the first company in Qatar and the only insurer in the MENA region to receive a provisional ESG 'AAA' rating from MSCI*, joining an elite group of property and casualty insurers worldwide to earn this distinction. A Testament to ESG Leadership Effective as of 22 May 2025, the rating highlights QIC's outstanding performance across key ESG pillars: Privacy & Data Security: Robust data protection measures, world-class cybersecurity infrastructure, and regulatory compliance. Human Capital Development: Strong employee engagement, inclusive talent strategies, and proactive feedback channels. Corporate Behavior: A well-established culture of ethical integrity, anti-corruption frameworks, and a governance track record free of controversies. Salem Al Mannai, QIC Group CEO, commented: The State of Qatar is a proud signatory to the Paris Agreement, and at QIC Group, we have aligned our sustainability strategy with the United Nations Sustainable Development Goals, the Qatar Stock Exchange's ESG reporting guidelines, and the Qatar Central Bank's directives to strengthen sustainable practices in the financial sector. We take great pride in being a model of excellence in sustainability and governance, both in Qatar and across the region. This national achievement is a testament to Qatar's advanced investment environment and a reflection of the professionalism and efficiency of the country's regulatory authorities—foremost among them the Qatar Central Bank, which has played a pivotal role in shaping the legislative and regulatory frameworks that empower institutions under its supervision to grow and thrive sustainably. Achieving MSCI's 'AAA' rating reaffirms our unwavering commitment to sustainability and robust governance. This recognition is a direct result of our clear strategy, disciplined operations, and the tireless efforts of our people to deliver world-class performance across all aspects of our business. In today's environment—shaped by climate risk, rising societal expectations, and increased investor focus—ESG excellence is no longer optional. It is a strategic priority that defines long-term value, resilience, and reputation. At QIC, we see ESG as more than a responsibility—it is an opportunity to lead with purpose, build trust, and contribute to the sustainable transformation of financial services in Qatar and across the region. MSCI's recognition further strengthens our resolve to set new benchmarks, continuously elevate our performance, and champion sustainable finance throughout MENA. Outperforming Regional and Global Peers With a weighted, industry-adjusted ESG score of 9.7, QIC significantly outperformed both regional and global industry averages, placing it among a select group of global peers that have achieved the 'AAA' rating. MSCI ESG Research specifically commended QIC for: Rigorous data privacy protocols aligned with global standards, complemented by regular security audits and employee training. Leadership in responsible investment, with transparent ESG policies covering the entire investment portfolio. A strong ethical framework, including anti-bribery, anti-money laundering, and whistleblower protections. Robust governance, with a highly independent board and dedicated audit, nomination, and compensation committees. Sustained Excellence Across ESG Priorities QIC's ESG success is built on long-term, integrated efforts across all areas of its business: Human Capital and Workplace Leadership 80% employee engagement score and a 90%+ retention rate. A diverse workforce representing 67 nationalities across six continents. Comprehensive benefits, regular performance reviews, and structured grievance mechanisms. Investment in talent development platforms that foster career growth and leadership visibility. Responsible Investment Pioneer The first insurer in MENA to publicly measure and disclose ESG risks across its entire investment portfolio. ESG investment scores nearly double the global industry average. Proactive targets for ESG ratings and carbon intensity reduction across key holdings. Data Protection and Cybersecurity Leadership The first regional insurer to voluntarily align with the EU's General Data Protection Regulation (GDPR). Advanced data classification, loss prevention technologies, and a proactive cybersecurity framework backed by regular internal and external audits. Leading Sustainable Insurance Practices The first insurer in MENA to sign the UNEP FI Principles for Sustainable Insurance (PSI), embedding sustainability into underwriting and risk management strategies. Meaningful Community and Environmental Action The first insurer in the region to launch a large-scale reforestation initiative, committing to plant one million trees across Qatar to support national climate goals and combat desertification. Active partnership with Qatar's Ministry of Environment and Climate Change (MoECC) to support the Third National Development Strategy (2024–2030), focusing on biodiversity preservation, carbon sequestration, and climate resilience. This forward-thinking project is expected to significantly enhance air quality, conserve water resources, protect local ecosystems, and contribute to Qatar's long-term environmental sustainability. This milestone is the result of a long-standing journey of commitment and dedicated work towards achieving the highest standards of sustainability. Qatar Insurance Group was the first insurance company in the Middle East to sign the Principles for Sustainable Insurance (PSI) under the United Nations Environment Programme Finance Initiative (UNEP-FI) last year, underscoring its leadership and pioneering role in this field. The Group remains firmly committed to supporting Qatar's national efforts to reduce greenhouse gas emissions by 25% by 2030, in line with the country's national strategy. QIC Group has also established a comprehensive ESG governance framework and developed a long-term strategy to embed sustainability principles into both its underwriting philosophy and asset management practices. To ensure these efforts are fully integrated across the Group, a dedicated Sustainability Committee has been established to lead this strategic direction and drive the achievement of its ambitious objectives. About MSCI ESG Ratings: MSCI is one of the world's leading ESG Ratings agencies. Its ESG Ratings aim to measure a company's management of financially relevant ESG risks and opportunities. The company uses a rules-based methodology to identify industry leaders and laggards according to their exposure to ESG risks and how well they manage those risks relative to peers. ESG Ratings range from leader (AAA, AA), average (A, BBB, BB) to laggard (B, CCC).
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.
