(MENAFN- The Peninsula)
Doha: In solidarity with national relief efforts, Oman Qatar Insurance Company (OQIC), a subsidiary of Qatar Insurance Group (QIC), the flagship insurer in Qatar and the Mena region with a global expansion and proven success of over 50 years donated OMR 100000 - valued at approximately QR1m – to those affected by Cyclone Shaheen.
“As a global company, QIC Group always ensures to give back to the communities it operates in. We would like to express our sincere condolences to the families of those affected by this storm and pray that the Almighty bless them with peace and strength to overcome their losses. We hope our contribution helps support and rebuild the areas battered by cyclone Shaheen.” said Salem Al Mannai, Group CEO of QIC Group.“It's a duty to help the affected rebuild their lives.” Al Mannai added.
The initiative by QIC Group is, without a doubt an important one, as Tropical Cyclone Shaheen made landfall in Oman early October, damaging infrastructure and causing flash flooding with 14 recorded deaths until now.
“In line with QIC Group's leading role in corporate social responsibility and as an integral part of the community OQIC stands in solidarity with the people of the Sultanate of Oman during this time. In view of the intensity and the damages caused, mobilization of all possible support and contribution becomes necessary. ” said Hasan Al Lawati, CEO of OQIC.
OQIC regularly participates in national and community-oriented initiatives and believes in strong governance, transparency, and community commitment. The QIC Group subsidiary has been operational in Oman for over 15 years engaging in business, life, medical and general insurance.
Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and Mena regions. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor's and A (Excellent) from A.M. Best.
In terms of profitability and market capitalization, QIC is also the largest insurance company in the Mena region. It is listed on the Qatar Stock Exchange and has a market capitalization of more than $4bn.
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