QIC becomes the first insurer in the MENA region to become a signatory of ‘Principles for Sustainable Insurance’ of UNEP-FI
Qatar Insurance Company (QIC), the leading insurer in Qatar and MENA region, has signed the United Nations Environment Programme-Finance Initiative’s Principles for Sustainable Insurance (UNEP-FI PSI), making it the first insurer in the Middle East to sign the global agreement.
Launched at the 2012 United Nations Conference on Sustainable Development, the UNEP-FI PSI serves as a global framework for the insurance industry to address Environmental, Social and Governance (ESG) risks and opportunities. The PSI initiative is the largest collaborative agreement between the UN and the insurance industry.
By becoming a signatory, QIC becomes part of a global network of insurance stakeholders committed to integrating ESG along their value chain. These Principles are more comprehensive than just financial metrics used typically in the industry, which will provide a platform for QIC to strengthen their business governance model.
“QIC strives to create a sustainable business while contributing to global economic resilience and is conscious of the impact on climate, biodiversity, poverty, education, and ethical standards. QIC intends to leave a positive footprint and becoming a signatory of the ‘Principle for Sustainable Insurance’ helps QIC integrate ESG-compliant and sustainable behavior throughout its value chain. Together with our stakeholders, we shall work towards achieving a resilient, sustainable, and inclusive society” said Salem Al-Mannai, QIC Group CEO.
Qatar Insurance Company Q.S.P.C. (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is also one of the largest insurance companies in the MENA region in terms of gross written premiums and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 6.5 billion. QIC was crowned as the best online insurance company in the Middle East at the Global Banking & Finance Review Awards 2022.