S&P lowers Qatar Insurance

S&P said it downgraded Qatar Insurance Co. QSPC’s issuer rating to A- from A and its subordinate debt, issued through QIC (Cayman) Ltd. to BBB from BBB+.

“The rating action reflects the group's recent poor underwriting results and underperformance against similarly rated peers, impairing our view on the company's competitive position. The group has recorded underwriting losses in each of the last five years, driven by Covid-19 business interruption claims, higher-than-normal catastrophe losses, and volatility in its U.K. motor insurance book. QIC also reported an overall loss of Qatari riyal (QAR) 118 million for the nine months ending Sept. 30, 2022,” the agency said in a press release.

However, S&P said it anticipates QIC will improve its operational performance and management actions, including lowering the amount of catastrophe risk the group underwrites.

The outlook is stable.

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