Qatar Insurance Company (QIC) is planning to establish a separate subsidiary for life and medical insurance and is in talks with international investors.

“We do have a study (about establishing) a new company specialising in life and medical covers,” QIC group President and CEO Khalifa al-Subaey (pictured) told the media on the sidelines of a function to mark its summer promotion scheme.

The proposed life and medical venture would operate from Qatar but will be a regional player, he said, hinting that it may be authorised by the Qatar Financial Centre Regulatory Authority.

Life insurance, which was once considered taboo in the Arab world, has slowly started gaining inroads although its penetration is still woefully low vis-à-vis global standards.

In the case of medical insurance, Qatar is steadfastly pushing ahead with plans for private companies to provide universal healthcare cover for employees.

About the capital base of the new entity, he said: “We have not reached that stage yet, we are still doing the studies.” He expects the company to be established before the end of this year.

“We are discussing with a few international partners, but there is no decision yet,” he said in response to a query whether the QIC would go solo or invite any strategic investors for the proposed subsidiary.

Asserting that it was capable of internally managing the entity, he said: “We already have the core. We are the largest medical insurance company not only in Qatar, but in the region.”

In Qatar, QIC group has around 70,000 people under its medical cover and in the UAE, it is most probably the largest in health insurance.

QIC Group already has two subsidiaries QIC International and Q-Re registered with the QFCRA. Through its Q-Re, QIC seeks to broaden its business base to the wider Middle East, North Africa and South Asia.