Qatar Insurance Company wins best travel insurance in MENA

Qatar Insurance Company (QIC), a prominent insurer in the MENA (Middle East and North Africa) region, has once again secured the title of "Best Travel Insurance Company in The Middle East" at the esteemed 2024 Global Banking & Finance Review Awards. This consecutive win underscores QIC's steadfast commitment to excellence in travel insurance.

This accolade is a testament to QIC's pioneering efforts in revolutionizing travel insurance through its innovative digital platforms and unwavering dedication to customer satisfaction. By leveraging cutting-edge digital tools and providing exceptional customer service, QIC has effectively catered to the needs of both outbound and inbound travelers.

In recent months, QIC has introduced several groundbreaking products, notably an online platform for acquiring mandatory health insurance for visitors to Qatar. This initiative has significantly streamlined the policy procurement process, with transactions completed in under two minutes through the user-friendly interface of Pic. Online.

QIC's proactive approach to enhancing the travel insurance experience underscores its position as a leader in the industry, setting new standards of efficiency and convenience for travelers in the MENA region and beyond.

Financial Overview

In early 2024, the global macroeconomic environment remains turbulent due to geopolitical shocks and persistent inflation. Although interest rates have stabilized after reaching record highs and are expected to have reached their peak, central banks may delay lowering rates until later this year or even into 2025. The challenging insurance market, characterized by higher premiums and stricter policy terms over the past five years, shows few signs of transitioning into a softer phase. However, historical trends suggest that a shift may be imminent.

Catastrophic events in the first quarter of 2024 will further impact global insurance markets in the coming months. In the MENA region, an unprecedented period of severe rainfall and flooding in the UAE since March is expected to result in a significant increase in motor and property damage claims in the country, with much of the costs being borne by the international reinsurance industry. Meanwhile, in the US, the Francis Scott Key Bridge collapse in Baltimore is anticipated to lead to insured losses in the billions, making it one of the most significant marine insurance losses ever recorded.

Why Travel Insurance Matters in the MENA Region

The MENA region witnesses a significant influx of travelers for business and leisure purposes. In such a dynamic environment, having reliable travel insurance is crucial to mitigate risks associated with unforeseen events such as medical emergencies, trip cancellations, or lost luggage.

How Qatar Insurance Company Stands Out in MENA

QIC's win as the best travel insurance provider in MENA is a testament to its unwavering dedication to customer satisfaction and innovation. Through continuous improvement and adherence to international standards, QIC sets itself apart as a trusted partner for travelers across the MENA region.

Strategic Emphasis on Domestic and Regional Insurance Markets to Drive Growth

In light of these circumstances, QIC's Q1 results underscore the efficacy of the company's long-term strategy, which prioritizes profitable markets within Qatar and the MENA region while divesting from unprofitable and low-margin international ventures. Domestic and MENA operations saw Gross Written Premiums (GWP) reach QAR 1.4 billion in Q1 2024, a significant increase from QAR 0.9 billion in the same period of 2023.

The impact of this strategy is apparent in the notable shift in QIC's premium composition in recent years. As of Q1 2024, the MENA region contributes 52% of the company's total Gross Written Premiums, compared to just 19% in 2020. The remaining 48% is generated internationally, down from 81% in 2020.

Regarding business lines, QIC is expanding its focus on personal lines and health insurance, which have nearly tripled as a percentage of Gross Written Premiums in recent years, rising from 5% in 2022 to 14% in 2023. Additionally, marine and aviation insurance have grown from 10% of GWP in 2022 to 14% in 2023.

While the company has reduced its exposure to the motor insurance market, particularly in the UK, due to Brexit-induced supply chain challenges, it maintains a strong focus on motor insurance in the MENA region, offering a leading online platform.

QIC's streamlined international operations performed strongly in Q1 2024, with improving combined ratios, affirming the success of the company's international restructuring efforts. The success of the Antares Global brand, primarily driven by Antares Lloyd's Syndicate, contributed to this performance, with a premium volume of QAR 1.3 billion in Q1 2024, compared to QAR 1.8 billion in the same period last year.

Qatar Insurance Company Honored for Excellence in Travel Insurance

According to Salem Al Mannai, CEO of QIC Group, the company's consecutive recognition underscores its steadfast dedication to elevating travel insurance standards across the region. He expressed pride in winning the award for the second straight year, highlighting QIC's ongoing success in enhancing travel insurance offerings and digital services for travelers. Al Mannai emphasized QIC's longstanding position as the preferred insurer in Qatar and beyond since 1964.

He further noted that QIC's extensive presence in regional markets has enabled the company to gain valuable insights into the evolving needs of travelers in the MENA region. This understanding has empowered QIC to continually surpass customer expectations by delivering innovative insurance products, customer-centric services, and convenient digital solutions.

In addition, QIC recently expanded its outreach by launching an edutainment branch at KidzMondo Doha, which aims to educate children about various aspects of the insurance industry.

New Edutainment Branch at KidzMondo Doha

In March 2024, in alignment with its vision to enhance insurance literacy and promote the insurance culture in Qatar, QIC inaugurated its first interactive edutainment establishment at the KidzMondo Doha theme park in the Mall of Qatar. Tailored to empower youngsters and help them unlock their potential, the new QIC mini branch provides an engaging introduction to the world of insurance and its associated industries, including customer service, finance, risk management, and more. Children visiting the branch can immerse themselves in hands-on activities and simulations, taking on roles such as underwriters, customer service representatives, surveyors, and insurance adjusters, fostering a deeper understanding of these professions in a fun and interactive manner.

Benefits of Choosing Qatar Insurance Company for Travel Insurance

By choosing QIC for travel insurance, travelers can access round-the-clock assistance, hassle-free claims processing, and seamless coverage worldwide. Additionally, QIC's extensive network ensures prompt support and efficient handling of emergencies, enhancing the overall travel experience.

Key Features of Qatar Insurance Company's Travel Insurance

QIC's travel insurance offers a comprehensive range of features tailored to meet travelers' diverse needs. From emergency medical coverage to trip interruption benefits, policyholders can travel with peace of mind, knowing they are protected against unexpected situations.

Frequently Asked Questions

What is the significance of Qatar Insurance Company winning MENA's best travel insurance award?

Qatar Insurance Company winning the best travel insurance award in MENA (Middle East and North Africa) signifies its excellence and reliability in providing comprehensive travel insurance services tailored to the needs of travelers in the region.

What criteria were considered in awarding Qatar Insurance Company the best travel insurance title?

The award was likely based on various criteria such as coverage breadth, customer service quality, claim processing efficiency, competitive pricing, and overall customer satisfaction.

How does Qatar Insurance Company stand out from other travel insurance providers in the MENA region?

Qatar Insurance Company may stand out due to its extensive coverage options, including medical expenses, trip cancellations, baggage loss, and other travel-related risks. Their prompt customer support and hassle-free claim processing could also contribute to their distinction.

Does Qatar Insurance Company offer travel insurance exclusively for residents of Qatar?

While Qatar Insurance Company may primarily cater to Qatari residents, it might also offer travel insurance to non-residents visiting or traveling through the MENA region. However, coverage availability may vary based on individual policies and eligibility criteria.

How can one purchase travel insurance from Qatar Insurance Company?

Travelers interested in purchasing travel insurance from Qatar Insurance Company can typically do so through their website, authorized agents, or directly at their offices. Online purchase options include filling out a form, selecting desired coverage options, and making payments electronically.

Does Qatar Insurance Company provide specialized travel insurance for specific trips or travelers?

Qatar Insurance Company might offer specialized travel insurance plans tailored to various types of trips, such as leisure, business, adventure, or group travel. They may also have options for frequent travelers, students studying abroad, and expatriates.

What steps should one take in an emergency while traveling with Qatar Insurance Company's coverage?

In an emergency, travelers with Qatar Insurance Company's coverage should contact their emergency assistance hotline immediately. This hotline is typically available 24/7 and can guide medical emergencies, evacuation procedures, and other necessary assistance.

Is Qatar Insurance Company recognized internationally for its travel insurance services?

Qatar Insurance Company's recognition as the best travel insurance provider in MENA suggests its prominence and competitiveness within the region and potentially internationally. However, specific international accolades or partnerships would further validate its global reputation.

Are there any limitations or exclusions to Qatar Insurance Company's travel insurance coverage?

Qatar Insurance Company's travel insurance may have limitations and exclusions like any insurance policy. Typical exclusions may include:

• Pre-existing medical conditions.
• High-risk activities.
• Specific destinations are under travel advisories.
• Non-covered expenses.

Travelers need to review the policy terms and conditions carefully before purchasing.

How can travelers provide feedback or file a complaint regarding their travel insurance experience with Qatar Insurance Company?

Travelers can usually provide feedback or file a complaint with Qatar Insurance Company through various channels such as their customer service hotline, email, online contact form, or visit their nearest branch office. Qatar Insurance Company typically values customer feedback and aims to address any concerns promptly and efficiently.

Conclusion

Qatar Insurance Company's accolade as MENA's best travel insurance provider underscores its commitment to excellence and customer-centric approach. With QIC's comprehensive coverage and exceptional service, travelers can confidently embark on their journeys, knowing they have reliable protection every step of the way.