Embassy of Qatar - insurance

The State of Qatar supports and develops the insurance sector through modernizing insurance policy in particular and the insurance legislative infrastructure for the financial sector in general. The State is encouraging the introduction of more insurance instruments such as health insurance and insurance for corporate and individual needs. The State is enhancing its supervisory role over the insurance industry so that it can meet its obligations under the global mechanisms of free market economy and free private investment.

There are 10 insurance companies operating in the country: 5 national, 3 Arab and 2 foreign companies.

National Companies
Qatar Insurance Company http://www.qatarinsurance.com/	A Qatari joint stock company, established in 1964 with a Capital of QR 120 million, 12% of which is held by the government.
Qatar General Insurance and Reinsurance Company http://www.qgirc.com/	A Qatari joint stock company, established in 1978 with a Capital of QR30 million.
AI Khaleej Insurance Company	A Qatari joint stock company, established in 1978 with a capital of QR24 million.
Qatar Islamic Insurance Company http://www.qiic.net/new/index.htm	A Qatari joint stock company, established in 1994 with a capital of QR20 million.
Doha Insurance Company	Established in 1999 with a capital of QR 140 million.
Arab Companies
Arabian Insurance Company Ltd.	A branch of Arab Insurance Company Limited (a Lebanese joint stock interest) with a capital of about LP5.1 billion. It started operating in Qatar since 1966.
Libano-Swiss Insurance Company http://www.libano-suisse.com/	An agent for Libano-Swiss Insurance Co (Lebanese joint stock interest) with a capital of LP2.025 billion. It started operating in Qatar since 1966.
National Insurance Company of Egypt http://www.ahlya.com/	A branch of National Insurance company of Egypt (Egyptian joint stock interest) with a capital of EP300 million. It operates in Doha since 1969.
Foreign Companies
Atlas Insurance Company	An agent for London based Atlas Insurance company with a capital of Ł10 million. It started operating in the country since 1966.
The American Life Insurance Company	Established in 1962 with a capital of $5 million.

The insurance sector is one of the important components of the financial and banking system. The need for the insurance service has been increasing over the years with the increasing complications of modern daily life, especially at the economic and corporate levels where risks and losses have reached unprecedented heights.
Insurance services have become diverse. They offer various classes of insurance coverage such as insurance against accidents and fire, marine and land insurance, health insurance and others.

Total profits of the insurance sector doubled from QR106.2m in the first half of last year to QR211.17m in the six months this year (2003).

In 2004, Law No. 31/2004 amended the Organization of Foreign Capital Investment Law (Law No. 13/2000) to allow foreign investment in the insurance sector pending approval by decree by the Cabinet of Ministers. Foreign insurance companies wishing to operate in Qatar are subject to the same laws that apply to foreign firms in all other sectors.