The AXA group announced yesterday at a press conference in Doha that the Qatar Financial Centre Regulatory Authority has authorized AXA Insurance (Gulf) B.S.C. to operate in Qatar from the Qatar Financial Centre.
“Qatar will form an important part of our growth targets in the region” said AXA Group Chief Executive Officer Henri de Castries who came from the Paris Head Office to announce the news. “Qatar has one of the fastest growing economies in the world. The opening of the market with the increase in both population and service provides many insurance opportunities over the long term.”
AXA Insurance is already present in Bahrain, Oman, Saudi Arabia and in the UAE with a premium over $185 millions and is looking to expand to be the largest international insurer in the region offering a wide range of insurance products and services for corporate and individual customers.
“We are particularly pleased to be part of the QFC,” said Andrea Rossi, CEO of AXA Insurance Gulf. “Not only does the QFC permit companies to conduct insurance business on shore in Qatar, but it provides an extremely well regulated environment as well as outstanding support and infrastructure.”
AXA Insurance aims to add value to the Qatari market by retaining high percentages of commercial business to its net account and providing high standards of risk management. AXA intends to introduce sophisticated retail products for individual customers by the first quarter of 2007.
AXA Insurance’s license follows the recent establishment of AXA Investment Managers (AXA IM) in Qatar. AXA IM is the first dedicated asset manager to open an office in the Qatar Financial Centre, and has over US$16.8 billion in assets under management in the Middle East.
