DOHA,8 April 2007 — “The future of captive insurance in Qatar and the GGC region is quite promising,” Youssef Al-Kareh, Ensurion’s general manager, said at the recent Multaqa Qatar Conference hosted here by the Qatar Financial Center Authority (QFCA) .
He said “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.”
Before an audience of Qatari VIPs and global industry leaders, Fetooh Al-Zayani, managing director, Business Development (insurance and reinsurance) at QFCA, said “Qatar has great potential to become a leading captive habitat both regionally and globally.” He added that “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 center.
Ensurion is the first insurance manager licensed in the Middle East region and manager of the recently established Tabreed Captive Insurance Company.
