Moody’s Upgrades Damaan Islamic Insurance Company’s Insurance Financial Strength Rating to A3; Outlook Stable

Qatar-based Damaan Islamic Insurance Company (Beema)’s, insurance financial strength rating (IFSR) has been upgraded to 'A3' from 'Baa1', by Moody's Investors Service (Moody’s). The Outlook is Stable.

Ratings Upgrade Rationale

The A3 IFSR is driven by Beema’s strong brand and market position, given its standing as the second largest player within Qatar’s Takaful industry. Beema’s also ranks amongst the top seven insurers in the overall Qatari insurance market based on premium contributions written in 2020, says Moody's.

Beema’s strengths are partially offset by its concentration to the Qatari insurance sector and the high level of competition within this market, in additio...