QGIR expanding operations in region

By Santhosh V Perumal/Business Reporter

Qatar General Insurance and Reinsurance (QGIR) has embarked on strengthening its operations in the regional markets and has been open to overseas investments, especially in the areas of insurance, banking and real estate.

“The company is developing insurance operations in the region by investing strategically in regional insurance companies” in view of the increased competition from companies that recently entered into domestic insurance market through Qatar Financial Centre, QGIR chairman Sheikh Nasser bin Ali bin Saud al-Thani said.

Addressing the annual general assembly, he said its plan includes the development and modernisation of the various insurance products, providing excellent customer service by expanding the local network and creating “strategic” partnerships with leading insurance companies.

Regarding its recently established wholly-owned subsidiary ‘Mazoon Insurance Marketing Services’, he said it is expected to start operations soon with an aim to develop the insurance sector in the region by investing “strategically” in regional insurance companies.

The general assembly approved the 10% cash dividend and 15% stock bonus for 2012.

Highlighting that its general takaful was able to achieve “remarkable” results with premium growing 400% in the past five years, Sheikh Nasser said QGRI is focused on expanding the customer base and increasing the market share by adding new branches and providing new lines of products that are compatible with the Islamic Shariah and providing competitive insurance products for Islamic banks’ clients.

About its investments, he said the company has adopted an expansion strategy outside Qatar in the insurance, banking and realty fields to enhance its position regionally.

Having invested in Syria, Algeria, Libya, Oman and Saudi Arabia, QGIR said it would continue to provide technical and administrative support to its regional investee companies and improve the strategic alliances to benefit from the economic boom in the region.

QGIR board outlines its expansion strategy in Doha yesterday.