Business insurance · Qatar · Head-to-head
Beema (Damaan Islamic Insurance) vs Qatar General Insurance & Reinsurance (QGIRCO)
Two Qatar business insurance options, compared side by side for Qatar trades.
Which should you choose?
Beema (Damaan Islamic Insurance) and Qatar General Insurance & Reinsurance (QGIRCO) 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 General Insurance & Reinsurance (QGIRCO)
Tier A · ListedQatari insurer, listed since 1997, with a full engineering insurance line
Qatar General Insurance & Reinsurance Company (QGIRCO), established in 1979 and listed since 1997, is regulated by the Qatar Central Bank. Its engineering page lists Contractors All Risks, Erection All-Risks, Contractors Plant and Machinery, Machinery Breakdown, Deterioration of Stock and Electronic Equipment cover. QGIRCO reported a loss of nearly QR 1.6 billion for 2023 and returned to a QR123.6 million net profit in 2025, according to Gulf Times.
Pros
- + Contractors All Risks with debris removal and third-party liability
- + Contractors Plant and Machinery cover for cranes, excavators and other site equipment
- + Erection All-Risks, Machinery Breakdown and Electronic Equipment cover
Cons
- − No public premiums; quote only
- − Large loss in 2023 before its return to profit
- − Vendor URL on file no longer resolves; the site moved to qgirco.com.qa
Qatar note
QGIRCO offers the main construction covers (CAR, EAR, contractors plant and machinery) from Doha. If a contract or lender sets a minimum insurer rating, ask QGIRCO for its current rating letter before placing cover.
More Qatar options
See all Qatar business insurance vendors and the rest of the Qatar directory.