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Qatar Insurance Commences Operations

Services can be accessed through internet, making it cost-effective for local, regional and multi-national transactions

Qatar Insurance Services (QIS), which supports trading between insurers, re-insurers, brokers and other (re)insurance professionals, has formally started its operations, reported the Peninsula.

Trading as Qatarlyst, a wholly-owned subsidiary of the Qatar Financial Centre Authority, a web-based work-flow solution that can be accessed through internet, making cost-effective for local, regional and multi-national transactions.

Initially QIS will handle Reinsurance Fac and Treaty business for the major commercial risk classes common to the region – property and casualty (P&C), aviation, marine, construction, space and energy. Later on, it will handle primary insurance of the same classes. It will also handle Shari’a compliant Re-Takaful placements.

James Sutherland, CEO of Qatarlyst, said: “We have created Qatarlyst for the transaction chain which can be made more resourceful through the smart use of sophisticated yet accessible technology. Besides, by building a community of trading counterparties on Qatarlyst, users will benefit from access to potential new business and improved transaction standards.”

The insurance sector is set for major growth in the Gulf region, namely asset management, having around $18 trillion worth assets under management.