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Breaking Travel News investigates: Doha Insurance Company

The World Travel Awards Grand Final is scheduled to take place this weekend at La Cigale Hotel in Doha.

As a key sponsor of the event Doha Insurance Company is playing a vital role in the development of tourism in the Middle East and around the world. Here Breaking Travel News takes a look at the company.

Doha Insurance Company is a Qatari shareholding company registered and incorporated in the State of Qatar under Emiri Decree No. 30 issued on October 2nd 1999, listed on Qatar Exchange, and is engaged in the business of insurance and re-insurance.

The company was formed in response to the need for growth in the insurance industry, warranted by unprecedented accelerated economic expansion in Qatar as well as the enactment of laws encouraging investments.

During 2006, the company established an Islamic Takaful branch under the brand name Doha Takaful to carry out insurance and reinsurance activities in accordance with Islamic Sharia principles on a non-usury basis in all areas of insurance.

Supported by a highly motivated and well qualified team, Doha Insurance is now poised to play a major role in the Regional and Arab insurance industry.

On June 23rd 2009, Standard & Poor’s Rating Services raised its long-term counterparty credit and insurer financial strength ratings on Doha Insurance to ‘BBB+’ from ‘BBB’.

The outlook is stable.

On September 28th 2012, Standard & Poor’s reaffirmed their interactive credit ratings of       ‘BBB+/ stable/, adding “on strong operating performance relative to peers, strong overall capitalisation and good competitive position in an increasing competitive market”.

Doha Insurance was founded by 553 members, who are either prominent Qatari businessmen or represent prestigious Qatari business entities.

Formed with a fully paid-up capital QR127 million (US $35 million), Doha Insurance was listed on Doha Securities Market in December 2001 and presently has more than 2000 shareholders.

The capital base of the Company has been increased to QR180 million through the right issue in April 2008, raised to QR 234 million through issue of bonus shares in March 2012 and again raised to QR 257Million through issue of bonus shares in March 2013.

Doha Insurance aims to raise the level of professionalism in the insurance services in the State of Qatar.

The Company employs well qualified and experienced insurance professionals who provide corporate and individual insurance at competitive rates for all classes of insurance.

Doha Insurance is dedicated to quality of tailored customer service and mutual trust.

Claims processing functions are streamlined to provide customers with fair and timely settlements.

Company wins of some major property and construction accounts evidences this.

More Information

There is more information on the official Doha Insurance Company website.