04 October 2016
By Mohammad Shoeb

DOHA: The Development of insurance sector is on the top of the agenda of Qatar Central Bank (QCB). The Central Bank is working on to advance its systems and programmes that will further stimulate the growth of insurance sector, said QCB Governor H E Sheikh Abdullah bin Saud Al Thani yesterday.    

“The development of the insurance sector is on the top priorities of QCB, taking into consideration its importance and role in supporting the economy. QCB is working according to a comprehensive strategic plan as per the 2030 Qatar National Vision, to enable this sector to do its crucial role”, the Governor told the audience in his keynote address at the opening of the 49th International Association of Engineering Insurers (IMIA) conference. 

“We are working to advance our system and programmes that are related to the insurance sector to further accelerate the pace of growth of this sector, especially when we need many new products and services to support the economic diversification of the economy,” Sheikh Abdulla added.  He said that since the insurance sector has come under the umbrella of QCB, the regulator has set up a specialised administration for the effective monitoring and supervision of the key sector.

The IMIA conference, which is being held under the patronage of QCB Governor, was attended by more than 110 delegates and guests from more than 30 countries representing the top worldwide experts in the Engineering Insurance. Held for the first time in Qatar and GCC, the event is organised by IMIA in collaboration with the Qatar General Insurance & Reinsurance Company. Sheikh Nasser bin Ali Al Thani Chairman of Qatar General Insurance and Reinsurance Company, its Group CEO, Ghazi Kamel Abu Nahl and Oscar Tresceno, Chairman of IMIA, were also present in the event. 

“We are proud of supporting this conference, since the insurance sector is an important contributor in the national economy and the engineering insurance supports specifically the challenging projects that are part of the national vision 2030,” said Sheikh Nasser.  

QGIRCO has a long experience and deep knowledge in this field, and today’s conference is a clear indication of the role QGIRCO is playing for the economic development of the country,” he added. 

The three-day conference will discuss various related topics including the support of deep excavations, cost overrun and project financing and latest technology in boiler technology and cyber risk. 

It will also explore subjects such as Natural Catastrophe Modelling and Contractor’s Plant & Equipment.

“The insurance premium worldwide for engineering insurance in 2015 reached the impressive figure of $8bn,” said Oscar.

The participants will also focus on the development of the insurance market in Qatar under the supervision and guidelines of QCB, making it one of the leading insurance markets in the region.  

“At IMIA we are extremely pleased and honored to conduct our 49th conference here in Doha, as mentioned for the first time in an Arab country. 130 insurance managers will share experiences, investigate and discuss during the conference emerging and critical issues. The insurance premium worldwide for engineering insurance in 2015 reached the impressive figure of $8bn,” said Oscar.

© The Peninsula 2016