QIIC outlook changed by Moody’s

May 17, 2014 2:19 am

International ratings agency, Moody’s has affirmed the Baa2 insurance financial strength rating (IFSR) of Qatar Islamic Insurance Co (QIIC) and changed the outlook of Gulf country’s second-biggest insurer from ‘Stable’ to ‘Positive’ (rated Baa3 IFS), the Peninsula has reported. Moody’s said its positive outlook for QIIC’s rating reflects the company’s improving and extremely strong capitalisation in relation to insurance risk and its sustained strong profitability at both the underwriting level and the bottom line. However, it said that the insurer continues to be exposed to investment risk, to a reducing extent, due to significant investment in the Qatari equity and property markets.