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FINANCIAL NEWS
Doha Insurance: Q1 profit triples to $5m
18 Apr 2010
(MENAFN) The Chairman of Doha Insurance announced that the company’s net profits have nearly tripled to $4.98 million in the first quarter of 2010, compared with $1.73 million a year earlier, thanks to a significant increase in gross premiums and higher underwriting income, The Peninsula reported.
He pointed out that Doha Insurance, currently Qatar’s third largest national insurance company, had written gross premium worth $29.9 million in the first quarter, up 36 percent from $21.9 million earned in the same period last year.
The company’s general manager said that the higher gross premium earned by the company in the first quarter was a result of its successful marketing initiatives.
He said Qatar’s insurance sector could gain from the significant life and medical coverage potential in the country, which had not been tapped heavily.
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