Moody's: Positive outlook for Islamic Insurance

According to the Qatar Islamic Insurance Company (QIIC) the ratings agency Moody's Investors Service has affirmed its insurance financial strength rating (IFSR) 'Baa2'. It changed from “Stable” to “Positive”. This is based on the ongoing strong performance. Moody’s here see the reflection of the very strong capitalization in relation to the insurance risk. A sustained strong profitability on the underwriting average Return on Capital and the average combined Ratio was another reason. QIIC is one of the world’s leading Islamic insurance companies. The company recorded a 3 percent increase in gross contributions in 2013. This was largely driven by an increase in General Accident, Takaful Life and Health business.