AM Best confirms credit ratings of Qatar Insurance Company QSPC and its main subsidiary
AM Best confirmed the financial strength rating of A (excellent) and long-term issuer credit ratings of “a” (excellent) of Qatar Insurance Company QSPC (QIC) (
The ratings reflect the strength of QIC’s balance sheet, which AM Best considers to be very strong, as well as its strong operational performance, neutral business profile and appropriate enterprise risk management (ERM).
The negative outlook reflects the pressure on the current assessment of AM Best’s operating performance as strong due to the poor underwriting performance in the group’s international operations (
The pressure on QIC’s technical results highlights weaknesses in governance and underwriting control in the group’s decision-making process. Although QIC’s ERM framework has improved in recent years, AM Best believes that further development is needed for QIC to manage risk holistically at the group level. Recent regulatory solvency breaches in global subsidiaries, which have since been resolved, have highlighted this requirement.
The strength of the group’s balance sheet is based on its risk-adjusted capitalization at the highest level, as measured by Best’s capital adequacy ratio (BCAR). Other positive factors include good financial flexibility, a diversified, low risk investment portfolio by asset class and moderate reliance on reinsurance. Compensating factors are the uncertainty surrounding the quality of provisioning and the concentration of assets towards
In 2020, QIC reported gross written premiums (PRP) of
This press release relates to credit ratings published on the AM Best website. For all rating information relating to the posting and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this post, please see AM Best’s Recent Rating Activity webpage. . For more information on the use and limitations of credit rating reviews, please see Best’s Guide to Credit Ratings. For more information on the proper use of Best Credit Ratings, Best Preliminary Credit Ratings, and AM Best press releases, please see the Guide to Appropriate Use of Best Ratings and Reviews.
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Source: AM Best