DOHA: Qatar Insurance Group will set up a Holding Company to further expand the Group’s existing operations in both insurance and non-insurance sectors. With the launch of the proposed company, pending approval from the general body meeting and the authorities concerned, the Group would launch fresh initiatives in the insurance sector, Khalifa Abdalla Al Subaey, Qatar Insurance Group President & CEO, said after the Board of Directors meeting of Qatar Insurance Company (QIC).
Sheikh Khalid bin Mohamed bin Ali Al Thani, Chairman and Managing Director, QIC chaired the meeting.
Khalifa Abdalla said the expansion plans were part of the five-year strategy report submitted by the global consultant company Oliver Wayman. The Board reviewed and approved the report. The recommendations would be executed starting from the beginning of 2013.
“The major focus of the strategic plan is to establish a holding company for the Group which will have insurance and non-insurance operations. As per the plan the Group’s operations with the existing insurance business, associated subsidiaries and their branches would be further expanded. The Group would also launch fresh initiatives in the insurance sector,” he said
In the non-insurance sector, the Group would bolster its existing operations in the real estate and asset management portfolios by adding new ventures. “The year 2013 will witness the implementation of the five-year plan after obtaining the approvals of the general assembly meeting and from the concerned authorities”, he said.
According to Khalifa Abdalla, the year 2013 will also witness the second phase of developing the group’s reinsurance company, the Q-Re, by establishing branches and representative offices in three of the reinsurance centers in London, Zurich and Bermuda.
QIC maintains its leading position in Qatari market with premium value of 50 percent from the premium market share and with the highest earnings per share between insurance companies in Qatar, and it is on top on the list among all the insurance companies in the region and, in terms of market capitalisation, profitability and shareholders’ equities.
Khalifa Abdalla said Olive Wayman has ranked QIC as the top among the 116 companies listed in the GCC market and 12 among the 264 listed companies in the Asian market. QIC has been ranked 140 among the global listed companies in terms of market capitalisation.
Of the seven “A’ rated insurance companies by the S&P in the Mena region, four belong to Qatar Insurance Group. Qatar Insurance Group is the only insurance company in the region to hold a “AA” rating from leading international ratings agencies like S&P and AM Best, he said.
On enhancing QIC’s customer service, Khalifa Abdalla said the online services are available through the new automated insurance machines that would be shortly installed at various traffic department offices, shopping malls and other public spaces. The QIC has extended the daily working hours of motors claims department to 12 hours. “The five-year plan will also have its focus on taking the young Qatari cadres who currently hold managerial positions to the next level in their career.”
The Peninsula
