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Old School, New School

Feb 16, 2018
Credit : GMI Post


Widely known as an oil-rich state, Qatar has built a reputation over the years as a more diversified economy with a globalized outlook on development. Apart from the usual petrochemical players, the country boasts large local flagships as well as new contributors to its nation-building project.

Established in 1964, Qatar Insurance Company (QIC) is the largest insurance company in the MENA region by Gross Written Premium and market capitalization. Group President and CEO Khalifa Abdulla Turki Al-Subaey wants the company to become among the world’s top 50 insurance companies by 2030.

QIC Group President and CEO Khalifa Abdulla Turki Al-Subaey

“We are a Qatar-based composite insurer with an underwriting footprint across the Middle East and the rest of the world. The group is the leading insurance group in the region in terms of total assets, gross written premiums and net income,” said Al-Subaey.

With 73 percent of its gross written premium generated from outside of the Middle East, QIC’s strategy is underpinned by continued global expansion and diversification.

“QIC’s international business is a critical element of the group’s overall insurance and reinsurance operations. We have grown in recent years both organically and through acquisition, and we will continue to do so,” said Al-Subaey.

While QIC is primarily nonlife insurance and reinsurance group, the group is looking to expand into life and medical insurance and is open to partnerships with global players to gain access to new distribution platforms and geographic markets.

“We are focusing on the Asia-Pacific markets. We already have operations in Shanghai and Singapore through leading specialist insurance and reinsurance group Antares, which we acquired in 2014 and we want to expand our presence beyond,” explained Al- Subaey. 

In the next two years, Al-Subaey plans to implement structural changes and adopt new technology to improve customer service.

“During the past half century, QIC has served as a trusted insurance partner to businesses and individuals both locally and regionally. Now, it is spreading its wings globally beyond the regions,” shared Al Subaey.

Focused on communication and journalism and embedded in the liberal arts, Northwestern University in Qatar (NU-Q) has attracted around 300 students coming from 40 different countries, half of them Qatari nationals.

“We have a uniquely diverse student body, which creates a global environment for our students. In a country with little tradition for journalism and media education, we have seen interest in our programs grow over several years. Due to a recent diplomatic crisis, our students have a front row seat to a situation that is multifaceted and has many causes, all with a central communication and media component,” said NU-Q Dean and CEO Everette Dennis.

Following the diplomatic embargo declared by some of its neighbors in June 2017, Qatar, with its population of 2.6 million, has displayed extraordinary agility and resilience in negotiating the challenges posed by the crisis.

“We have various print and digital media outlets, television and radio outlets and a booming film industry. So we have a ‘media city’ in Qatar and NU-Q is well positioned to provide talent for that industry. Our graduates are being employed to help tell the story of Qatar’s evolution and change,” explained Dennis.

Qatar 2018 was prepared for and originally printed in Foreign Affairs magazine.

PDF of the printed report

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