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).
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.