Qatar Chamber’s Insurance Committee discusses ways to develop the insurance sector

In a meeting in the presence of the Director of the Insurance Supervision Department at Qatar Central Bank

The Qatar Chamber’s Insurance Committee held a meeting headed by His Excellency Sheikh Khalifa bin Jassim Al Thani, Chairman of the Chamber’s Board of Directors and Chairman of the Committee, in the presence of Sheikh Mohammed bin Ahmed bin Saif Al Thani, Director of the Insurance Supervision Department at the Qatar Central Bank (QCB), and a number of the QCB’s experts.

The meeting discussed a number of topics and challenges facing insurance companies, including the compulsory insurance such as vehicle insurance, the role of insurance companies in compulsory health insurance for residents, the role of insurance brokerage companies in insurance work, matters related to digital insurance, electric car insurance, and other topics.

His Excellency Sheikh Khalifa bin Jassim Al Thani welcomed the attendees, praising the important role played by the QCB in regulating and developing the insurance sector in the country. He pointed out the importance of dealing with the changes occurred in the insurance sector after the end of the FIFA World Cup Qatar 2022, and keeping pace with the future strategy of insurance companies to serve the direction of the Qatari market, especially the industrial and services sectors.

For his part, Sheikh Mohammed bin Ahmed bin Saif Al Thani extended his gratitude to the Qatar Chamber for the fruitful cooperation, and pointed to the QCB’s intention, according to the FSS3, to raise the insurance sector’s contribution to the gross product through the increase of the Gross Written Premium percentage to reach to 3.5 % of the non-hydrocarbon sector, noting the cooperative approach that QCB adopted in the insurance sector, through conducting surveys for the insurance companies on a number of topics related to the insurance industry in the State of Qatar. However, the QCB is keen to consult with insurance companies and conduct the necessary studies to develop the insurance market. Sheikh Mohammed bin Ahmed bin Saif Al Thani expressed the importance of cooperation between insurance companies and the QCB to find the necessary mechanisms to develop and promote the sector.

 

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