List of the Best Insurance Companies in Qatar. Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. List of the Best Insurance Companies in Qatar
An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as an insured or as a policyholder. The insurance transaction involves the insured assuming a guaranteed and known – relatively small – loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry. List of the Best Insurance Companies in Qatar
Risk which can be insured by private companies typically share seven common characteristics:
- Large number of similar exposure units: Since insurance operates through pooling resources, the majority of insurance policies cover individual members of large classes, allowing insurers to benefit from the law of large numbers in which predicted losses are similar to the actual losses. Exceptions include Lloyd’s of London, which is famous for ensuring the life or health of actors, sports figures, and other famous individuals. However, all exposures will have particular differences, which may lead to different premium rates.
- Definite loss: This type of loss takes place at a known time and place, and from a known cause. The classic example involves the death of an insured person on a life-insurance policy. Fire, automobile accidents, and worker injuries may all easily meet this criterion. Other types of losses may only be definite in theory. Occupational disease, for instance, may involve prolonged exposure to injurious conditions where no specific time, place, or cause is identifiable. Ideally, the time, place, and cause of a loss should be clear enough that a reasonable person, with sufficient information, could objectively verify all three elements.
- Accidental loss: The event that constitutes the trigger of a claim should be fortuitous, or at least outside the control of the beneficiary of the insurance. The loss should be pure, in the sense that it results from an event for which there is only the opportunity for cost. Events that contain speculative elements such as ordinary business risks or even purchasing a lottery ticket are generally not considered insurable.
- Large loss: The size of the loss must be meaningful from the perspective of the insured. Insurance premiums need to cover both the expected cost of losses, plus the cost of issuing and administering the policy, adjusting losses, and supplying the capital needed to reasonably assure that the insurer will be able to pay claims. For small losses, these latter costs may be several times the size of the expected cost of losses. There is hardly any point in paying such costs unless the protection offered has real value to a buyer.
- Affordable premium: If the likelihood of an insured event is so high, or the cost of the event so large, that the resulting premium is large relative to the amount of protection offered, then it is not likely that insurance will be purchased, even if on offer. Furthermore, as the accounting profession formally recognizes in financial accounting standards, the premium cannot be so large that there is not a reasonable chance of a significant loss to the insurer. If there is no such chance of loss, then the transaction may have the form of insurance, but not the substance (see the U.S. Financial Accounting Standards Board pronouncement number 113: “Accounting and Reporting for Reinsurance of Short-Duration and Long-Duration Contracts”).
- Calculable loss: There are two elements that must be at least estimable, if not formally calculable: the probability of loss, and the attendant cost. Probability of loss is generally an empirical exercise, while cost has more to do with the ability of a reasonable person in possession of a copy of the insurance policy and a proof of loss associated with a claim presented under that policy to make a reasonably definite and objective evaluation of the amount of the loss recoverable as a result of the claim.
- Limited risk of catastrophically large losses: Insurable losses are ideally independent and non-catastrophic, meaning that the losses do not happen all at once and individual losses are not severe enough to bankrupt the insurer; insurers may prefer to limit their exposure to a loss from a single event to some small portion of their capital base. Capital constrains insurers’ ability to sell earthquake insurance as well as wind insurance in hurricane zones. In the United States, the federal government insures flood risk. In commercial fire insurance, it is possible to find single properties whose total exposed value is well in excess of any individual insurer’s capital constraint. Such properties are generally shared among several insurers or are insured by a single insurer which syndicates the risk into the reinsurance market.
When a company insures an individual entity, there are basic legal requirements and regulations. Several commonly cited legal principles of insurance include:
- Indemnity – the insurance company indemnifies or compensates, the insured in the case of certain losses only up to the insured’s interest.
- Benefit insurance – as it is stated in the study books of The Chartered Insurance Institute, the insurance company does not have the right of recovery from the party who caused the injury and is to compensate the Insured regardless of the fact that Insured had already sued the negligent party for the damages (for example, personal accident insurance)
- Insurable interest – the insured typically must directly suffer from the loss. Insurable interest must exist whether property insurance or insurance on a person is involved. The concept requires that the insured have a “stake” in the loss or damage to the life or property insured. What that “stake” is will be determined by the kind of insurance involved and the nature of the property ownership or relationship between the persons. The requirement of an insurable interest is what distinguishes insurance from gambling.
- Utmost good faith – (Uberrima fides) the insured and the insurer are bound by a good faith bond of honesty and fairness. Material facts must be disclosed.
- Contribution – insurers which have similar obligations to the insured contribute in the indemnification, according to some method.
- Subrogation – the insurance company acquires legal rights to pursue recoveries on behalf of the insured; for example, the insurer may sue those liable for the insured’s loss. The Insurers can waive their subrogation rights by using the special clauses.
- Causa proxima, or proximate cause – the cause of loss (the peril) must be covered under the insuring agreement of the policy, and the dominant cause must not be excluded
- Mitigation – In case of any loss or casualty, the asset owner must attempt to keep loss to a minimum, as if the asset was not insured.
To “indemnify” means to make whole again, or to be reinstated to the position that one was in, to the extent possible, prior to the happening of a specified event or peril. Accordingly, life insurance is generally not considered to be indemnity insurance, but rather “contingent” insurance (i.e., a claim arises on the occurrence of a specified event). There are generally three types of insurance contracts that seek to indemnify an insured:
- A “reimbursement” policy
- A “pay on behalf” or “on behalf of policy”
- An “indemnification” policy
From an insured’s standpoint, the result is usually the same: the insurer pays the loss and claims expenses.
If the Insured has a “reimbursement” policy, the insured can be required to pay for a loss and then be “reimbursed” by the insurance carrier for the loss and out of pocket costs including, with the permission of the insurer, claim expenses.
Under a “pay on behalf” policy, the insurance carrier would defend and pay a claim on behalf of the insured who would not be out of pocket for anything. Most modern liability insurance is written on the basis of “pay on behalf” language which enables the insurance carrier to manage and control the claim.
Under an “indemnification” policy, the insurance carrier can generally either “reimburse” or “pay on behalf of”, whichever is more beneficial to it and the insured in the claim handling process.
An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the “insured” party once risk is assumed by an “insurer”, the insuring party, by means of a contract, called an insurance policy. Generally, an insurance contract includes, at a minimum, the following elements: identification of participating parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be “indemnified” against the loss covered in the policy.
When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a claim against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the premium. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims – in theory for a relatively few claimants – and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (called reserves), the remaining margin is an insurer’s profit.
List of the Top Insurance Companies in Qatar
Here’s a list of insurance companies in Qatar that you can pick and choose from, depending on what kind of insurance you are looking for.
Since 1944, Arabia Insurance Company (AIC) has been providing services. Over nine Arab countries have recognized it. AIC provides a wide selection of insurance products, including home shield, financial lines, and marine and travel insurance.
AIC’s automobile insurance policies cover both third-party liability and all-encompassing financial security.
- Essential elements of AIC’s auto insurance coverage include:
- The car has dings and scratches.
- Highway rescue
- Switching out the vehicle
- Vehicle repair at multiple dealer workshops
- Personal accident costs associated with driver and passenger injuries
- Material harm to a third party
- Further, AIC offers extra protection for:
- Windscreen damage
- Flat tires
- The driver’s and the insured representatives’ medical costs
The broad coverage provided by Arabia Insurance Company includes any damage to the car caused by theft, short circuits, ignition, or malicious intent. You can easily register with AIC in any of its offices, despite the limited online internet offerings.
Personal insurance: none
Corporate / business insurance: health / medical insurance, accident insurance,business travel insurance, crisis management insurance, financial lines insurance, property insurance, casualty insurance, energy insurance, marine cargo insurance, SME insurance
Tel: +974 4496 7428
Fax: +974 4496 7411
Personal insurance: health / medical insurance; motor insurance; home insurance; travel insurance; personal insurance; yacht insurance
Corporate / business insurance: medical insurance; life insurance; motor insurance; casualty insurance; property insurance; engineering isurance; marine insurance; miscellaneous insurance
Tel: +974 4402 6888
Fax: +974 4402 6800
The Libano-Suisse Insurance Company is renowned for offering high-quality services and superior client support. It has more than 250 employees and can accommodate over 200,000 customers.
This business sells products to both private customers and corporate clients. The Libano-Suisse Insurance office has the advantage of providing a wide selection of motor products to meet the needs of everyone.
The Third-party Liability insurance policy pays for all exterior and interior damage to the other party’s car as a result of the covered car’s collision. Additionally, this proposal provides Collision and Total Loss coverage as extra services.
The Mandatory Insurance Policy provides coverage for all material and physical damages incurred by the insurance contract, driver, and third party. Any damage to the insured or third-party cars is covered by the “Merkaba,” or private All Risk Motor Insurance, which is available. Also, this plan provides coverage for any physical injuries.
The Merkaba plan covers any damage to the insured vehicle resulting from theft, hold-up, the fire of any sort, or fire of any kind. The All Risk Motor Insurance plan also includes coverage for automobile repair costs, registration costs, and total vehicle loss.
Moreover, the Merkaba plan provides coverage for personal injury benefits and repair services. The “Markaba Plus” can provide extra benefits by making up for losses caused by civil unrest, including strikes and rioting, partial theft, and natural calamities.
Personal insurance: health / medical insurance, householders comprehensive insurance, travel insurance, life insurance, personal accident insurance
Corporate / business insurance: health / medical insurance, property insurance, engineering insurance, liability insurance, general accident insurance, energy insurance, aviation insurance, marine transit insurance, marine hull insurance
Hotline: 8005 007
Tel: +974 4404 1111
Fax: +974 4404 1122
Individual insurance: motor third party liability insurance; motor comprehensive insurance; medical Insurance
Corporate / business insurance: motor comprehensive insurance; motor third party liability insurance; engineering insurance; liability insurance; life and medical insurance; marine and aviation insurance; fire and general accident insurance
Mob: + 974 55196752 / 6614 7458
Tel: + 974 4432 3006 / 4432 2432
Fax: +974 4432 2142
Personal insurance: health / medical insurance
Corporate / business insurance: health / medical insurance
Toll-free hotline: 8000 155
Tel: +974 4031 8400
Service: +353 1517 6988
Personal Insurance: None
Corporate / business insurance: health / medical insurance; life insurance
Toll-free hotline: 8000 880
Tel: +974 4453 3666
Personal Insurance: car insurance; travel insurance; home insurance; health / medical insurance
Corporate / business Insurance: group healthcare insurance; liability insurance; marine cargo insurance; motor fleet insurance.
The insurance business AXA has been operating in the Gulf region for more than 68 years. It offers a variety of services to its clients, including health, property, and causality insurance. When purchased online, AXA’s automobile insurance services in Qatar are discounted by 10%.
The third-party insurance policies provide coverage for both human injury and property damage suffered by third parties whose vehicles are insured. Even if the automobile is 15 years old, you can still get a complete auto insurance policy. The following services are by paying a premium:
- Vehicle theft, explosion, and accident-related damage
- Compensation for lost personal property caused by a car
- Bodily harm to individuals and property damage
- Liability for third parties
Benefits from AXA motor insurance additionally offer the following extra services:
- Coverage of off-road issues
- Roadside assistance for problems
- Recovering after a car accident
- Repair at AXA’s facilities
- In the event of a total loss of the vehicle, compensation for the full amount of the vehicle’s cost is granted for 12 months.
- Option for car replacement coverage in the event of a claim
Toll-free hotline: 8002 921
Tel: +974 4496 7383
Fax: +974 4496 7377
Personal insurance: anaya healthcare insurance, car insurance, home insurance, travel insurance, personal accident benefits, boat insurance, motorcycle insurance, sme insurance, insurance on call
Corporate / business insurance: property and commercial insurance, marine and aviation insurance, energy insurance, motor fleet insurance
Toll-free hotline: 8000 742
Main e-mail: email@example.com
Personal insurance: group family Takaful, motor insurance, property insurance, personal accident insurance
Corporate / business insurance: property insurance, motor insurance, accident and liability insurance, engineering insurance, marine insurance
Main e-mail: firstname.lastname@example.org
Personal Insurance: motor insurance; travel insurance; home insurance, life insurance
Corporate / business insurance: fire and property insurance; liability insurance; engineering insurance; workmen’s compensation insurance; marine hull insurance; aviation insurance group life insurance; group life insurance; miscellaneous insurance
Tel: +974 4405 0555
Fax: 974 4405 0505
Personal insurance: motor insurance; villa / home owner insurance; personal accident insurance; health / medical insurance; jewellery insurance; travel insurance
Corporate / business insurance: energy insurance; motor insurance; engineering insurance; casualty insurance; property insurance; medical and life insurance; marine insurance
Main e-mail: email@example.com
Personal Insurance: health / medical insurance, life (Takaful) insurance, motor insurance, property insurance, general accidents insurance and travel insurance.
Corporate / business insurance: health / medical insurance, life (Aman Takaful) insurance, aviation insurance, marine insurance, freight insurance, banking insurance, electronics insurance, computer insurance, construction insurance, engineering insurance, energy insurance and agricultural insurance.
Personal insurance: none
Corporate / business insurance: health / medical insurance
Toll-free hotline: 800 97 11
Tel: +974 446 550 57 / 078
Fax: +974 44663409
Personal Insurance: car insurance; travel insurance; yacht insurance
Corporate / business insurance: motor fleet insurance; aviation insurance; engineering insurance; fire insurance; health /medical insurance; marine insurance
Tel: +974 4429 2777
Fax: +974 4465 7777
List of the Best Insurance Companies in Qatar
- ACE Qatar Lloyds Agents+974 – 44130205
- Advanced American Auto Warranty Services (AAA)+974 – 44358592
- Al Jaber Heavy Lift+974 – 44603899
- Al Khaleej Insurance & Reinsurance+974 – 44414151, 44414201
- Al Noor Insurance Broker+974 – 44655353
- Al Shirawi Financial & Investments Consultancy WLL+974 – 44277080
- Al Tashilat Islamic Co+974 – 44414200
- Alkhaleej Takaful Insurance & Reinsurance Co (KAIR)+974 – 44041111
- Almaha Insurance Agency+974 – 44122721
- Altas Heelat Islamic Co+974 – 44433310
- Althekah+974 – 40163505
- Amana Insurance Agency+974 – 44657586
- American Life Insurance Co+974 – 44655027
- Arab Orient+974 – 44650094 Insurance Companies in Qatar
- Arabia Insurance Company+974 – 44422682
- Atlas Assurance Co LLC+974 – 44664406
- AXA Insurance (Gulf) BSC (c)+974 – 44967383
- Capital Insurance Brokers LLC+974 – 44436294
- Ceylinco Insurance+974 – 44282247Modify / Edit
- Damaan Islamic Insurance Co (BEEMA)+974 – 44050555
- Daman Health Insurance Qatar LLC+974 – 40160333
- Doha Bank Assurance+974 – 44257576, 44257539
- Doha Insurance Co (QSC)+974 – 44292777
- Gulf Warranties+974 – 44292777
- Insure Plus+974 – 44098382 Insurance Companies in Qatar
- Islamic Takaful Insurance+974 – 44878896
- Life Insurance Corporation (LIC) International+974 – 4 4142530
- Marsh Qatar LLC+974 – 44077300
- Misr Insurance Co+974 – 44423422
- Mubarak Enterprises LLC+974 – 44358537
- National Insurance Co of Egypt+974 – 44423424, 44423422
- Nexus Financial Services WLL+974 – 40318282
- Oman Insurance Co+974 – 44422110 Insurance Companies in Qatar
- Q Life & Medical Insurance Co LLC+974 – 44533666
- Qatar General Insurance & Reinsurance Co+974 – 44282222, 44282100
- Qatar Insurance Co+974 – 44962222, 44490490
- Qatar Reinsurance Company LLC+974 – 44994777
- Savoy Insurance Services+974 – 44323006
- Sovereign LLC Qatar+974 – 44913454 Insurance Companies in Qatar
- Takaful Islamic Insurance+974 – 44878896
- Tazur Company BSC+974 – 44913444
Disclaimer:This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.
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