Range Rover Sport – 8808
AL Aqsa St. 17 Gate 94
Toyota Corolla – 844026
Doha Auto clinic
Nissan Sunny – 868254
Nissan Agency St. 10
Nissan Sunny – 881357
Nissan Agency St. 32
Nissan Sunny – 881364
Nissan Agency St. 32
Nissan Sunny – 694183
Nissan Agency St. 10
Nissan Sunny – 364118
Nissan Agency St. 32
Marine
Marine Cargo Insurance provides cover against loss or damage to goods.
Hull and Machinery insurance protects one of the ship owner’s most important assets: the vessel itself.
Al Alfia holding acquires stake in Seib insurance and reinsurance company
DOHA, Qatar – 22 February 2023: Al Alfia Holding, the prominent Qatari-based investment group, has acquired a minority stake in Seib Insurance and Reinsurance Company LLC, a Qatari company and one of Qatar’s premium insurance providers.
The acquisition of the stake is expected to play a major role by reinforcing Seib’s leading position in the domestic market, and by supporting the continuing expansion of the Qatari insurer’s operations in order to keep pace with the growing needs of its clientele.
Al Alfia Group is keen to partner with Seib Insurance because of its status as a well-performing, first-class company with strong governance, outstanding management, impressive S&P Global ratings, and a sterling reputation across the industry, all of which make Seib a valuable contributor to the development of the Qatari economy, and to progress towards the goals of Qatar’s National Vision 2030.
With this acquisition, Al Alfia Group will be represented on Seib’s Board of Directors, allowing it to actively participate in the trusted insurer’s strategic decision-making.
Commenting on the acquisition, Johnny DeGouveia, Group Chief Operating Officer of Al Alfia Group, said: “As a leading Qatari investment holding group with a robust and diversified portfolio across key growth sectors and markets around the world, Al Alfia is always committed to investing in companies with encouraging performances and promising futures such as Seib Insurance.” He added, “Our partnership with Seib Insurance will serve as a major boost to its overall performance on the one hand, and a boon to the Qatari insurance market on the other. We look forward to enjoying a fruitful, cooperative relationship that will contribute positively to Qatar’s economic development.”
HE Sheikh Jabor Bin Yousef Bin Jassim Bin Jabor Al-Thani, Chairman of the Board of Directors at Seib Insurance, voiced similar optimism. “Seib is proud of this strategic partnership with Al Alfia Group, which will reinforce our position as a reliable insurance company of choice in Qatar,” he said. “As we continue to maintain Seib’s history of encouraging ratings from S&P Global, we are confident that this partnership will accelerate our growth trajectory and improve our business performance.” He added: “We are excited to have Al Alfia Group on the Board of Directors, and we trust that this collaboration will serve the interests of our clients and our shareholders, as well as Qatar’s insurance industry as a whole.”
Founded in 2010, Seib is a Qatari insurance company licensed by the Qatar Financial Centre Regulatory Authority (QFCRA). Seib continuously strives to offer insurance solutions that help develop the trust of corporate and individual customers alike through convenient and easy distribution channels, supported by the largest and most powerful reinsurance companies in the world.
Founded in 2007, Al Alfia is a leading Qatari-based investment holding group with a robust portfolio spread across key growth sectors and markets around the world. The Group is active in infrastructure, real estate, energy, hospitality and communal development, and its direct and indirect investments cover a host of sub-sectors and specializations, including property development and construction, facilities management, oil and gas, specialized manufacturing, financial services, education, and retail. This diverse offering has powered the Group’s expansion into key regional and global markets, with footprints across the Middle East, Africa, Southeast Asia, Australasia, Europe, and North America.
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Overview of Health Insurance in Qatar
The health insurance sector in Qatar is growing steadily at an estimated CAGR of 6%.
Out of a total population of around 2.80 million, 500,000 individuals are estimated to be privately insured. The rest, whether Qataris or expats are covered through the public health entities
The penetration ratio doesn’t exceed 1%. This is measured by total written premiums over the GDP, this low ratio is mainly due to Qatar having the highest GDP worldwide.
Insurance density in Qatar is around $618 (ratio of premiums to population) which is second to the GCC
The insurance market in Qatar is growing at an estimated CAGR of 4.70% and is expected to reach around QAR 7 billion in 2026
The new mandatory healthcare system was created under Law No. 22 of 2021 regulating the health services in Qatar
Under the draft law, the Ministry of Public Health (MoPH) will set standards for the provision of healthcare services in government and private health facilities as well as compulsory health insurance and supervision. It will also work on developing and maintaining compulsory health insurance.
Moreover, this law makes it mandatory for expatriates and visitors to have a health insurance for issuance and renewal of visas.
How to Choose the Best Health Insurance
There are numerous factors to take into consideration when buying a health insurance policy
When it comes to selecting a health insurance plan, the premium is the most important factor for many shoppers – especially those who are currently healthy. But price shouldn’t be the only factor upon which you base your selection, even if your primary concern is financial (as opposed to factors such as provider networks, coverage width, and quality ratings).
- Go for the right coverage
While buying a health insurance policy, checking the coverage offered under a plan is important. By coverage, we mean the medical expenses that will be covered under your policy, such as hospitalization expenses, ambulance charges, day care expenses, maternity expenses, etc.
Analyze the health needs of your employees, family & yourself and accordingly, choose a plan that offers you the right coverage. Do not go for a plan that offers way more coverage than you need as it will increase your premium. Instead, you can customize your plan by opting for riders as per your needs.
- Chose the appropriate network
At the time of purchasing medical insurance, choose an insurance company that has a wide range of network hospitals and clinics that suits your needs and has a vast geographical spread
If you are seeking an international cover, find a company that can serve you in different countries
2. Premiums
Premiums are the amount you pay an insurance company for coverage. You can agree with the insurance company on the modality of payments
3. Deductibles and co-insurance
A deductible is a flat fee that you have to pay for a medical consultation while a co-payment is the proportion of the medical/hospitalization expenses that you have to pay out of your pocket before you can make an insurance claim
You can opt for a coverage with nil co-payments, however, this might entail a higher premium. It is up to you to decide on the option that best suits your needs
How and where to buy Health Insurance in Qatar:
When you’re comparing health plans, look for useful tools and services that may come at no additional cost and help you save time and money, and support your health such as:
- Websites and mobile apps
- 24/7 customer service teams
- Health information phone line for help finding answers to your medical questions
- Discount programs to help save on health and wellness products and services
Seib Call Center team is available 24/7 on +974 444 55 999 and you can always reach out to us via our website or through csr@seibinsurance.com or seibcommercial@seibinsurance.com
Data Source: Alpen Capital ltd and Seib Insurance compilation of data from within the market.