Qatar Re grows premium volume

Qatar Re continued to deliver solid portfolio growth across its key geographical markets, lines of business and client segments in 2016.

On net earned premiums of USD351 million – up 43 percent from USD245 million in 2015 – net income grew by 52 percent from USD25 million in 2015 to USD38 million in 2016. Improved investment income more than offset a decline in underwriting income. Gross written premiums increased by 8.1 percent to USD1.25 billion in 2016, compared with USD1.16 billion the previous year.

Gunther Saacke, Qatar Re’s chief executive officer, commented: “In 2016, our focus was on consolidating Qatar Re’s book of business in what has been a continuously degrading market environment. In line with our expectations, the pace of our premium growth has slowed as we focus on maintaining price adequacy. Whilst it has been necessary to withdraw from certain underpriced business, we were successful in replacing it with more attractive risks, primarily emanating from highly specialist reinsurance transactions and bespoke support of insurance entrepreneurs. Qatar Re is not a market tracking reinsurer, meaning that we are well placed to weather the effects of irrational price competition, supported by our growing and globally diversified multi-line franchise.”