Qatar – Price war between insurers
Friday, 04 22 2016, Category: Insurance and Reinsurance, Country: Qatar
Mr. Ali Ibrahim AL Abdul Ghani the General Manager of Qatar Islamic Insurance said that there is an expected meeting between the Qatar Central Bank and insurance companies in order to discuss the executive plans of companies and the challenges facing the insurance sector noting that the meeting will take place very soon.
Mr. Abdul Ghani told “Al Watan Newspaper” that Qatar Islamic Insurance insures promising sectors such as the coverage of banks and health insurance. He added that the company has a strategic expansion plan in the local market, which aims at seizing investment opportunities in the insurance sector. He confirmed that there are challenges facing the Takaful Insurance companies the main of which are risk management and the awareness of the public about Takaful insurance. He indicated that the company took all the precautions in the important management positions and he added that there are large opportunities compared to the developed world.
He clarified that the market share of Takaful insurance is 25% of the local market where the conventional insurance companies have been there for more than 50 years whereas Qatar Islamic insurance is the first Islamic insurance company established 20 years ago indicating that there is a price war between Islamic insurance companies and conventional insurance companies especially after of the launch of the Qatari railway company.
Source: Al Watan Newspaper