The domestic insurance market had a modest growth against the national economy recorded an impressive real GDP growth in 2008, said Abdullah bin Thani Al Thani, Chairman of the Board, Islamic Insurance.
“The national economy recorded an impressive real GDP growth rate of 16 percent in 2008, the domestic insurance market grew by a modest 5 percent only over 2007, with gross insurance premium slightly exceeding QR3,000m,” Al Thani said addressing the 14th annual general assembly of the Islamic Insurance held at the Millennium hotel in Doha.
The less than desired growth in domestic insurance business in 2008 was largely caused by the rapid slowdown in construction and engineering activity and overall negative atmosphere brought about by the global financial crisis which stifled business decision making in the last quarter of 2008, he added.
Islamic Insurance has charged policyholders and shareholders’ profits for 2008 with impairment losses on available for sale investment totaling just under QR21m in conformity with international accounting standards and prudence requirements, according to the company’s audited financial statement.
“At this point I assure all our esteemed shareholders that the financial position of your company and its future prospects are so sound that Moody’s have assigned QIIC a financial strength rating of BAA2 with stable out look,” said Al Thani