QIC supports Qatar’s commitment under the Paris Agreement to reduce greenhouse gas emissions by 25% in 2030
On 27th February 2022, QIC’s Board of Directors agreed to commit the Company to support the State of Qatar’s endeavor to reduce the country’s greenhouse gas emissions by 25% by 2030. Under the leadership of its Group CEO, Mr. Salem Al-Mannai, QIC has developed an Environmental, Social and Governance (ESG) framework, which was also approved by the Board.
QIC has set out a long-term ESG strategy to support Qatar’s ESG commitments and aims to adopt ESG policies into its underwriting and asset management philosophy. Mr. Al-Mannai noted: “QIC recognizes that ESG is no longer an option and to ensure sustainable growth, we have agreed to incorporate this in our business strategy.” An ESG & Sustainability Committee has also been set to ensure that group-wide efforts are focused and channeled to achieve the set goals.
QIC’s growth into a regional leadership position and its evolution in the past decade into a global insurance and reinsurance group is driven by its corporate governance culture of a responsible stakeholder. Its history of almost six decades is underpinned by its fair and equitable treatment of customers, its diverse set of employees and the integrity and transparency in the way it conducts its business. QIC’s foundation is built on exceptional customer experience and on the development of local talent. Its Qatar operations, outlays annually 2.5% of profits to CSR initiatives through The Social & Sport Contribution Fund; corroborating QIC’s outreach program in the society. In line with QIC’s commitment to reduce its carbon footprint, the company leads digital transformation initiatives which have allowed the transition towards a paperless operation. QIC is also taking forward this ESG initiative overseas by facilitating the digital transformation of other players in the insurance industry in the MENA region, in Europe and in the Americas through Anoud Technologies (Anoud Tech), a subsidiary of QIC Group and a leading international insurance software solutions provider.
QIC is now defining a path to a sustainable future being at the forefront of the insurance industry in the MENA region. Inspired by Qatar’s vision of adopting a balanced approach that considers the need for human and economic development while caring for our environment, QIC hopes that its approach will lead to sustainable and resilient business.