QIC’s five-year plan was reviewed and approved by its board of directors at a meeting in Doha.
By Pratap John/Chief Business Reporter
Qatar Insurance Company (QIC) will set up a holding company for the group under a five-year plan that begins in 2013.
The five-year plan was prepared by leading global consultants Oliver Wayman and their report was reviewed and approved by QIC board of directors at its meeting in Doha.
The meeting was presided over by QIC chairman and managing director Sheikh Khalid bin Mohamed bin Ali al-Thani.
QIC group holding company will comprise units for both insurance and non-insurance operations.
The insurance operations with the existing insurance business and the associated insurance subsidiaries and branches would further expand and enable the establishment of other new insurance initiatives.
The non-insurance operations, together with its existing real estate and asset management operations, would also expand by adding new ventures, which are within their existing activity or other new activities.
QIC Group president and CEO Khalifa Abdalla al-Subaey said the five-year plan would be implemented after approval from the company’s AGM and authorities concerned.
The second phase of developing QIC’s reinsurance arm — Q-Re — would be taken up in 2013, he said. Q-Re branches and representative offices will be established in Zurich, London and Bermuda.
During the past three years Q-Re has improved its leading regional presence but with a relatively lower market presence in global levels.
During the second half of 2012, Q-Re started working on improving its team through recruiting an “elite” group of underwriters specialised in international risks. The team is supported by expert actuaries, Cat modelling specialists and dedicated claims professionals. They will operate from the established branches and representative offices in addition to the head office in Doha.
On QIC’s position in Qatar and GCC market, al-Subaey said, “According to the figures related to the listed companies in Qatar exchange in December 2011 and September 2012, Qatar Insurance Company maintains its leading position in Qatar market with 50% of the premium market share and highest earnings per share among insurance companies in Qatar.
“And QIC is top on the list among all the insurance companies in the region and GCC, in terms of market capitalisation and profitability and shareholders’ equities.”
QIC has been able to encourage Qatari youth to join the country’s insurance sector and has provided them with practical training along with local and international education in insurance, the company said.
“It gives me immense pleasure that the five-year plan will extremely depend on young Qataris who currently occupy managerial levels in different units within our group,” al-Subaey said.
QIC would continue to offer “superior” service to its customers. Services include online initiatives in motor third part liability and comprehensive insurance. The online services are also available through the new automated insurance machines that will be shortly installed at various police traffic departments, shopping malls and at other public facilities, he said.
To further enhance customer services, QIC has extended the working hours of its Motors Claims Department to 12 hours a day.
“Following the painful fire incident at the Villaggio Mall, QIC has also proactively provided professional technical inspection services to customers and non customers alike. Since then the company has received some 160 requests to do this inspection and honoured all of those requests and provided reports to each one of them.
“Majority of the requests for this service were from entities who were not QIC customers. Qatar Insurance is keen to make inspection on their insured properties once every two years to ensure the “accessibility of safety and protection conditions” from any kind of risks.”
QIC, he said, would celebrate its golden jubilee in April 2014. The insurance company was established in 1964.
BELOW: The five-year plan would be implemented after approval from the company’s AGM and authorities concerned, according to QIC Group president and CEO Khalifa Abdalla al-Subaey.
