Captive insurance gains momentum in the GCC
The "Future of Captives in the Middle East" is the title of a key presentation delivered by Ensurion, the leading regional insurance management and insurance advisory services firm at the recent Multaqa Qatar Conference hosted by the Qatar Financial Centre Authority (QFCA). On March 26th and 27th, an audience of Qatari VIPs and global industry leaders discussed recent developments in Qatar as well as a range of new opportunities available to the insurance industry.
Mr. Youssef Al Kareh, Ensurion's general manager, stated that "the future of captive insurance in Qatar and the G.C.C. region is quite promising. Finance and insurance professionals are looking for new ways to create value through more sophisticated methods of deploying capital, and it is becoming increasingly clear that captive insurance is one of a number of effective methods to reduce insurance costs as well as generate long term returns from investing in a company's own risk profile."
"Qatar has great potential to become a leading captive habitat both regionally and globally," stated Fetooh Al-Zayani, Managing Director Business Development (Insurance and Reinsurance) at QFCA. "With the unprecedented levels of economic and capital growth being experienced in Qatar, as well as the world class regulations which we have developed, we are keen to support innovative insurance solutions by pioneers such as Ensurion for both local and foreign companies alike."
The QFC is in the process of attracting a range of leading companies in the regional and international insurance industry to explore ways to do business in Qatar and support its growth into a global financial centre.
Ensurion is the first insurance manager licensed in the Middle East region and manager of the recently established Tabreed Captive Insurance Company.
© 2007 Al Bawaba (www.albawaba.com)