AM Best affirms Beema's rating

AM Best has confirmed the “A-” (Excellent) financial strength and “a-” (Excellent) long-term credit ratings of Damaan Islamic Insurance Company (Beema). The outlook remains stable.

The rating reflects the Qatari insurer's strong balance sheet, good operating performance, limited commercial profile and appropriate business risk management.

The company has a strong underwriting result, with an average combined ratio of 80.5% over the period 2020-2024. This ratio increased, however, in 2024 to 93.4%, compared with 82.2% in 2023, as a result of the floods in the United Arab Emirates.

AM Best's decision is also justified by the fact that Beema is the second-largest player in the local takaful insurance market.