Qatar Insurance Company board meeting

Transcription

1 Formatted: Direction: Right-to-left Qatar Insurance Company board meeting The Board of Directors of Qatar Insurance Company held its recent meeting on Monday 17 th December which was chaired by H.E Sheikh Khalid Bin Mohamed bin Ali Al Thani, the Chairman & Managing Director. The board discussed several important subjects related to the future expansion plans for Qatar Insurance Group. There was also a press briefing by Mr. Khalifa Abdalla Al Subaey, Group President & CEO, where he said, "on the occasion of the national day of Qatar, along with the happiness, pride, dignity, solidarity and loyalty of the Qatari people, it is with great pleasure that I extend our congratulations and greetings to His Highness Sheikh Hamad Bin Kalifa Al Thani, The Emir of Qatar and His Highness, The Heir Apparent, Sheikh Tamim Bin Hamad Al Thani. Also I would like to extend our deepest appreciation and gratitude to the Emir and Heir Apparent for their great support to different economic activities in the state of Qatar and their valuable guidance aimed at the development and revitalization of the private sector in order to work and operate side by side with the governmental sector in achieving the 2030 Qatar vision, under which His Highness Sheikh Hamad Bin Kalifa Al Thani the Emir of Qatar has put the roadmap of the upcoming years, bearing milestones that represent different benchmarks to develop the economy of the country and strengthen the position of Qatar in the world ". Mr. Khalifa also congratulated the Qatari people on the occasion of the national day of Qatar, praying to ALLAH to celebrate this great occasion again while enjoying security and prosperity under the leadership of His Highness the Emir Sheikh Hamad Bin Khalifa Al Thani. During the Board meeting many significant matters were discussed such as the performance report of the group's companies till the end of November 2012, the reports of the board committees to the board of directors for the group including investment committee, strategy and compensation committee and the internal audit and compliance, in addition to the 2013 budget.

2 Additionally, the board reviewed the executive sumamry of the study conducted by international consultant Oliver Wayman which prepared the future strategic plans and prospective roadmap for Qatar Insurance and its Group companies. Oliver Wayman are leading global consultants who are specialized in the operations of mergers, acquisitions, expansion, restructuring and risk management in addition to financial services, strategy and future planning, and offers their services to governments and large economic groups as well as other companies. Qatar Insurance Company had hired Oliver Wyman s services for its future strategic expansion and diversification plans. At the end of 2011 Qatar Insurance Group had subsidiaries that were fully owed by them or had majority stake in them. Companies such as QIC, Q-Re, QICI, OQIC, KQIC & QLM operates within the insurance segment of the industry. The Group also owned companies that operated in the real estate investment and asset management services such as QICR and QEA operating in Qatar and, CATCO & CATCO Re that are registered in Bermuda. With the evolving business challenges it was essential to conduct an organizational structural review between the various entities and incorporate it to an efficient and effective future looking organization which could exercise control and allow to further expand the activities of these units and allow the Group to expand to other associated activities by exploring available opportunities either through acquisitions or by setting up new entities within the same segment of business or a new geography. This study has been assigned to Oliver Wayman consultants as they had specialist experience in this field with prior working experience with Qatar Insurance Group environment This study was undertaken during the past several months by the consultants who had reviewed the possible optimum way to achieve the desired goals and had submitted a five-year plan which was reviewed and approved by the Board of Directors. It will be executed starting from the beginning of 2013 for five years till the end of The main features of this plan is to establish a holding company for the Group which will have insurance operations and a non insurance operations. The insurance operations with the existing insurance business

3 and the associated insurance subsidiaries and branches should further expand and enable the establishment of other new insurance initiatives. The non-insurance operations together with its existing real estate and asset management operations would expand too by adding new ventures which are within the existing activity or any other new activities. The year 2013 will witness the initiation of executing the five-year plan by taking the preliminary executive steps of obtaining the approval of establishing the holding company from the general assembly meeting & the necessary approvals from the concerned authorities will also witness the second phase of developing the reinsurance company, Q-Re, by establishing branches and representative offices in three of the reinsurance centers of the globe which is "Zurich", "London" & "Bermuda. During the past three years Q-Re has achieved from its operations a leading regional presence with a relatively lower market presence in global levels.. During the second half of 2012 Q-Re started working on improving its team through recruiting an elite group of underwriters specialized in international risks, this team is supported with expert actuaries, Cat modeling specialists and dedicated claims professionals. They will operate from the established branches and representative offices in addition to the head office in Doha accordingly. We expect Q-Re to move to the new era of globalization in reinsurance. Responding to the inquiry of the evaluation of Qatar Insurance position in Qatar & GCC market, Mr. Khalifa Al Subaey commented, " according to the figures announced for the listed companies in the Qatar exchange on 31 st December 2011 and on 30 th September 2012 it can be noticed that Qatar Insurance Company maintains its leading position in Qatar market with premium value of 50% from the premium market share and with the highest earnings per share between the insurance companies in Qatar, and it is top on the list among all the insurance companies in the region and GCC, in terms of market capitalization and profitability and shareholders' equities. Also it is stated in the GCC achievers league 2012 published by (B&D) which demonstrate the most powerful 100 companies in the GCC in different sectors that Qatar insurance ranked No. 40 in terms of profitability, ranked No. 50 in terms of total assets, ranked No. 51 in terms of shareholders' equities, ranked No. 55 in terms of total revenues

4 and Qatar Insurance ranked No. 1 amongst all insurance companies operating in the GCC. Also the study conducted by Oliver Wayman has placed Qatar insurance in the first ranking between 116 insurance companies listed in the GCC market, ranking 12 between 264 listed companies in the Asia market, ranking 140 between all the global listed companies and this ranking in terms of market capitalization. It is worth to mention that out of the 7 insurance companies that has A rating from Standard & Poor s operating in the Middle East and North Africa, 4 companies in the list belongs to Qatar Insurance Group, A.M Best rating agency recently has assigned A Rating to Qatar Insurance Group to become the only insurance company in the region to hold a double A rating from leading international rating agencies like Standard & Poor s and AM Best. Mr. Khalifa also added: "Qatar insurance has made great strides in encouraging Qatari youth to join the insurance sector as it has provided them with practical training along with local & international education in insurance. It gives me immense pleasure that the five-year plan will extremely depend on young Qatari cadre who currently occupy managerial levels in different units within the group. In regards to the company's innovative services offered to the customers Mr. Khalifa Al Subaey stated that : "superior service is what Qatar Insurance is keen to offer to all its customers, which included the online initiatives in motor third part liability and comprehensive fronts through the various online channels of the company. The online services are also available through the new automated insurance machines that will be shortly installed at various police traffic departments, shopping malls and at other public facilities.. To futher enhance our customer services we have extended the motors claims department working hours to 12 hours daily. Following the painful incident of the fire at Villagio Mall, QIC has also proactively provided technical inspections services to QIC s customers and non customers alike by our professional team to assure that the available means of protection and security in these proprieties would help in keeping safe the lives of people and properties. The company since then has received 160 requests to do this inspection and

5 fulfilled all of those requests and provided reports to each of them pointing out the weaknesses if any- and the proposed safety and protection instruments that should be added. Majority of the requests for this service were from entities who were not the customers of QIC.company's customers. Qatar Insurance is keen to make inspection on their insured properties once every two years to assure the accessibility of safety and protection conditions from any kind of risks. Proudly Qatar Insurance has completed about 49 years of services since its establishment in We will celebrate our golden jubilee in April 2014 while being confident that our steps will lead the company to new heights and keep pace with the future vision of the state of Qatar. And always looking forward to achieve the highest degree of excellence by providing superior insurance and investments services to our customers and the best return on investments for our shareholders and always remain at the forefront of supporters for the renaissance and progress of the country under the wise patronage of His Highness Sheikh Hamad Bin Kalifa Al Thani the Emir of Qatar and His Highness the Heir Apparent Sheikh Tamim Bin Hamad Al Thani. God bless them.