Qatar aims to become insurance hub

Qatar aims to become insurance hub: "Qatar Financial Centre Authority (QFCA) has set its sights high with the goal of making Qatar a regional hub for insurance and reinsurance activity.

The group’s director-general, Stuart Pearce, said the country must develop strategic initiatives from locally-based assets if the goal is to be achieved.

“Following the 500 meetings that QFCA official had held with leading insurance firms across the world, the level of interest about the region and especially Qatar is growing, thanks to the country’s sound economic performance and strategic economic initiatives initiated by the government,” Pearce said.

Government support is indeed forthcoming, with Qatar’s finance minister, Yousef Hussein Kamal, giving his personal backing to the QFCA’s vision.

Speaking at the MultaQa Qatar conference this weekend, Kamal said: “In our region, non-life premiums, on average, account for just one percent of GDP.

“This compares with 3% for the UK and 5% for the US.

“I am convinced that we will successfully narrow this gap as our economic diversification strategy progresses and public awareness of insurance improves.”

He added that insurance activity in the Gulf Cooperation Council (GCC) accounts for less than 1% of the world’s total.

“The potential for growth is enormous,” Kamal said.

He added that Qatar’s efforts to reinforce its economy include the creation of Qatar Insurance Services (QIS) and Qatar Finance and Business Academy (QFBA)."

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