NEWS from MultaQa Qatar

The MultaQa conference, hosted by the Qatar Financial Centre, brought the spotlight on Qatar's rapid rise as a hub for international insurance and reinsurance. Experts from across the Middle East and around the world discussed the key themes in the region's insurance market against the backdrop of global financial recovery.

They heard that economic growth in the Middle East was seeing a new dynamic, increasingly driven by Asian markets rather than the West.

There was optimism about Qatar Financial Centre (QFC) and its continuing programme of developing its international insurance market, as well as updates on the QFC's initiatives in electronic trading and the training of Qatari insurance talent.

Senior speakers from the leading reinsurance companies, including Swiss Re, Munich Re, Lloyd's and Scor, gave their thoughts on risk management, describing it as 'a boardroom issue' and an opportunity which should be harnessed at a strategic rather than technical level.

QFC has now 'reached critical mass' in the number of its insurance operators, according to its senior strategists.

Speakers said QFC has already had a 'clear impact on the regional market', but some delegates raised the subject of heightened competition in the local Qatari market in the face of international companies.

MultaQa delegates heard that clear business opportunities exist in personal lines, but that primary insurers across the GCC must increase their skills to raise risk retention in order to expand their income and reach their goals.

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