Business insurance · Qatar · Head-to-head
Beema (Damaan Islamic Insurance) vs Qatar Insurance Company (QIC)
Two Qatar business insurance options, compared side by side for Qatar trades.
Which should you choose?
Beema (Damaan Islamic Insurance) and Qatar Insurance Company (QIC) are both Tier A, which every business insurance entry without a reputation warning receives, so the tier does not separate them. Weigh the pros, cons, pricing and Qatar-specific notes below against your trade and region.
Beema (Damaan Islamic Insurance)
Tier A · ListedQatari takaful insurer with an itemised engineering and construction line
Damaan Islamic Insurance Company (Beema) is a takaful insurer established in 2009 and licensed by the Qatar Central Bank; its founders include QIC, Qatar National Bank, Barwa, QInvest and QIB, and it has been listed on the Qatar Stock Exchange since January 2023. Its engineering page lists Contractors All Risks, an Annual Contractor All-Risk policy covering small civil and maintenance contracts up to QAR 5 million each, Erection All Risk, Electronic Equipment and Machinery Breakdown cover.
Pros
- + Annual CAR policy automatically covers small contracts up to QAR 5 million each
- + Contractors All Risks includes third-party liability at the site
- + Takaful (Islamic) insurance structure
- + Erection All Risk, Electronic Equipment and Machinery Breakdown cover also offered
Cons
- − No public premiums; quote only
- − Workmen's compensation not listed on the engineering page
Qatar note
Beema's Annual Contractor All-Risk policy automatically covers small civil engineering and maintenance contracts up to QAR 5 million in any one contract, which suits maintenance and fit-out firms running many small jobs. Contractors who need takaful (Islamic) cover can place CAR, EAR and plant cover with Beema.
Qatar Insurance Company (QIC)
Tier A · ListedQatar-based insurer writing Contractors/Erection All Risk and Plant & Equipment cover
Qatar Insurance Company (QIC), listed on the Qatar Stock Exchange, says it was set up in 1964 as the first domestic insurer in Qatar, and it now operates in several GCC markets and Europe. Its commercial page lists Contractors/Erection All Risk and Plant & Equipment insurance alongside liability, professional indemnity and workmen's compensation, and says engineering insurance specialists review project proposals.
Pros
- + Contractors/Erection All Risk and Plant & Equipment cover on its commercial page
- + Workmen's compensation, third-party liability and professional indemnity from the same insurer
- + Engineering insurance specialists review project proposals (QIC's statement)
Cons
- − No public premiums; quote only
- − Commercial range is aimed at company and project accounts
- − No takaful (Sharia-compliant) option found on its site
Qatar note
Contractors in Qatar can place Contractors/Erection All Risk, plant, liability and workmen's compensation cover with QIC under one Qatar Central Bank licensed insurer. If a contract names a minimum insurer rating, ask QIC for its current rating letter.
More Qatar options
See all Qatar business insurance vendors and the rest of the Qatar directory.