Doha Bank Assurance Company launched

The grand ceremony was attended by a large number by leading dignitaries from all over the global financial community.

Sheikh Abdul Rehman Bin Mohammed Bin Jabor Al Thani, Chairman Doha bank Assurance Company during his inaugural address said that the launch of the company was one of the most important milestones for Doha Bank, with strategic diversification in the insurance sector, in line with the demands and opportunities provided by the market. He also highlighted Doha Bank's vision to converge as a one-stop-financial-services provider giving increased value-added services to its customers.

Mr. R. Seetharaman, Group Chief Executive Officer, spoke on convergence of banking and insurance and said, "Qatar, as an economy is expected to grow over 24%, and massive investments are being made in multiple sectors - infrastructure, construction, energy, health, real estate and aviation sectors to sustain this growth. These factors have fuelled the demand for general insurance".

"Doha Bank saw this huge convergence opportunity of Banking and Insurance in 2002, which translated into the launch of Bancassurance division in 2004 logically leading to the birth of the 100% owned insurance subsidiary now."

Further, he added that as the Qatar market is expanding with business opportunities, Doha Bank along with Doha Bank Assurance Company will focus on wholistic customer service by acting as a one-stop-financial-service provider. Mr. R. Seetharaman, also highlighted that the launch of Doha Bank Assurance Company signified the fact that it is a bank running an insurance business, the first of its kind in Middle Eastern Region.

Mr. Heinz Arnold, Director Swiss Reinsurance spoke on the subject "Climate Change - dominating challenge to the insurance industry. He deliberated how Climate change has impacted the insurance sector as an additional important factor and how global economy needs to strengthen the insurance sector for mitigating all foreseeable risks through increased risk spread and participation".

Mr. Mahomed Akoob, Managing director, Hanover Reinsurance Takaful spoke on "Innovations in Insurance: Value Advantage". He said insurance sector is poised for rapid growth in Qatar, as the country is in the middle of booming economy going through multiple sector expansion at a tremendous speed".

The knowledge sharing sessions were followed by a multimedia presentation, showcasing the evolution of Doha Bank Assurance Company which was well appreciated by the distinguished guests.

Mr. Phillip Thorpe, Chairman and CEO, Qatar Financial Centre Regulatory Authority handed over the license to H.E. Sheikh Abdul Rehman Bin Mohammed Bin Jabor Al Thani, Chairman of Doha Bank Assurance Company. He complimented Doha Bank for its vision towards convergence of financial services and welcomed Doha Bank Assurance Company in Qatar Financial Center.

Doha Bank Assurance Company is a fully owned subsidiary of Doha bank which operates General Insurance Business under the license issued by Qatar Financial Centre Regulatory Authority.

H.E. Sheikh Abdul Rehman Bin Mohammed Bin Jabor Al Thani, Managing Director, Doha Bank is the Chairman of Doha Bank Assurance Company. H.E. Sheikh Fahad Bin Mohammed Bin Jabor Al Thani, Chairman, Doha Bank is a member of the board of Doha Bank Assurance Company.

In addition, the board also has four eminent global experts namely Mr. Charles Graves (Chase) Untermeyer, Dr. Kailash Chandra Mishra, Mr. Peter James Brown and Mr. Sadao Suzuki.

Mr. Untermeyer is the ex-US Ambassador to Qatar with vast public experience. Dr. Mishra is an international insurance expert, who has authored many books in insurance and Banking domain. Mr. Brown is a strategic and communications expert, whose consultancy firm offers service to many leading corporate. Mr. Suzuki is an experienced professional who has been in management of leading global insurance companies.

Doha Bank Assurance Company is authorized to underwrite all classes of General Insurance business. Doha Bank Assurance Company is positioning itself to include product spectrums in commercial segment covering contractors risks, marine insurance, fire insurance, property risks, machinery breakdown risks, contractors plant & machinery risks, energy risks, motor insurance, workmen's compensation insurance, fidelity insurance, personal accident, medical & health insurance, public liability insurance, product liability insurance, professional indemnity insurance etc.