A new life and health
insurance company is set to open its doors for business shortly in
the Gulf state of Qatar.
This follows the Qatar
Financial Centre Regulatory Authority’s granting of a licence to
Qatar Insurance Company (CIC) to establish a new wholly-owned unit
to be named Q-Life & Medical which will have an initial capital
of QAR100m ($28m).
Go deeper with GlobalData
Established in 1964, CIC is
Qatar’s oldest insurer and has an especial strength in providing
insurance to the oil and gas exploration, processing and production
industries.
CIC, which also provides
general insurance to consumers, reported gross premium income of
QAR2.16bn in 2010, net premium income of QAR1.17bn and a net profit
of QAR62m.
Total assets at year-end were QAR7.24bn.
