Mubasher: Qatar General Insurance and Reinsurance Company (QGRICO) on Monday said it has closed its branch in Dubai.
The closure comes after the company’s decision to stop providing insurance services in the emirate.
QGRI’s Dubai branch will cease issuing new insurance policies as of 26 November 2018, the company said in a filing to the Qatar Stock Exchange (QSE), adding that it would also initiate the run-off the branch.
“QGIRCO affirms the commitment of its Branch in Dubai towards fulfilling all of its obligations particularly with respect to claims, until the expiry of the last policy issued by the branch,” the insurance firm added.
Qatar General Insurance last reported turning a profit of QAR 16.7 million in the third quarter of 2018 against a loss of QAR 4.4 million in the same period of 2017. For the first nine months of 2018, QGRICO’s profits surged 100.6% year-on-year to QAR 70.76 million from QAR 35.28 million.
