Yousef Hussain Kamal, Qatar's Minister of Finance and Economy, reveals insurance plans

The potential for further growth in non-life insurance in the Gulf region is "enormous" said Yousef Hussain Kamal, Qatar's Minister of Finance and Economy, in a keynote speech at the MultaQa Qatar conference in Doha.

"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," he said. "I am convinced that we will successfully narrow this gap as our economic diversification strategy progresses and public awareness of insurance improves."

He outlined three main initiatives in the insurance sector: Qatar Insurance Services, a technology-based insurance system delivering integrated processing between insurance and reinsurance trading partners; the Qatar Finance and Business Academy; and improvements in the regulatory and supervisory infrastructure.

The Minister was speaking at the MultaQa Qatar 2009 conference, held at the Sharq Village & Spa in Doha. "We are proud to have successfully established MultaQa as a regional platform of international relevance, a forum for domestic and foreign executives to discuss and explore opportunities offered by the Qatari market and insurance markets in the wider region," he said.