Journey into History QIC’s 50th Anniversary
Published by Qatar Insurance Company SAQ
P.O. Box 666, Tamin Street, West Bay, Doha, State of Qatar Developed by Firefly Communications – Books Division
General Manager: Joe Marritt PO Box 11596 Doha, Qatar info@firefly-me.com +974 4434 0360 First published November 2015 © Qatar Insurance Company SAQ and Firefly Communications All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Qatar Insurance Company SAQ and Firefly Communications. Whilst every effort has been made to ensure the accuracy of the information contained in this publication, no guarantee can be given that all errors and omissions have been excluded. No responsibility for loss occasioned to any person acting or refraining from action as a result of the material in this publication can be accepted by Qatar Insurance Company SAQ and Firefly Communications.
Photo credits
All images are herein reproduced with the permission of: Jesin Ahamed: 72 Antares: 33 (B), 88–89 (3 images) Arabian Eye: 10–11, Associated Press: 25 (R), 36, 37 (T), 40–41, 48–49, 50, 56–57, 64 (B), 73, 97 (B), 98 (T) Corbis: 12–13, 14–15, 64 (T) Anne Elliot: 25 (L), 34, 38–39, 39 (B) FInal Approach: 92 (B) Flickr unidentified users: 22 (B), 26–27, 70–71, 92–93, 94, 97 (T) Getty Images: 31 (T), 32 (T), 33 (T) Graham (Phytophot): 16–17, 39 (T) Hartmut Walter: 42, 45
Marcus Hill: 20 Joe Kent: 52 Victor Mitri: 63 (R) Waqar Munir: 67 (B) QIC: 1, 8–9, 14–15 (10 passport images),18–19, 22 (T), 23, 24, 28–29, 30, 44 (3 images), 46, 53, 54, 55, 60, 62, 63 (L), 66 (3 images), 67 (T), 68, 70 (B), 74–75 (13 images), 76–77 (15 images), 78–79 (14 images), 80–81, 82–87 (35 images), 95, 96 (12 passport images) Amer Abdul Razak: 90 Reem Al Thani: 36 (B) Salat: 47 Shutterstock: 31 (B), 32 (B) The Government of Qatar: 5, 7 Keith Yahl: 98 (B)
In the interest of historical accuracy, we have chosen to use old images even though in some cases they are not in high resolution. Every effort has been made to trace copyright holders and to obtain their permission for the use of copyright material. The publisher apologizes for any errors or omissions in the above list and would be grateful if notified of any corrections that should be incorporated in future reprints or editions of this book.
Legal Deposit No. / 2015 / 350 ISBN / 978 / 9927 / 00 / 306 / 6 Printed in Doha, Qatar, by Ali Bin Ali Printing Press
Journey into History QIC’s 50th Anniversary
His Highness
Sheikh Tamim bin Hamad Al Thani Emir of the State of Qatar
His Highness Father Emir
Sheikh Hamad bin Khalifa Al Thani
Chairman’s Message A Personal Reflection BOARD OF DIRECTORS, & GROUP PRESIDENT & CEO Statement Of Values Our Vision
12 14 16 18 19
1960s: In The Beginning QIC GOES OVERSEAS
22 32
1970s: QIC Matures THE ROLE OF QIC IN QATAR’S INSURANCE MARKET
36 42
1980s: A Bold Move
44
1990s: A Measured Growth GROWTH PATTERN
50 58
2000s: The New Millennium DIVERSIFICATION AND CLASSES OF INSURANCE
60 66
2010s: The Golden Jubilee GOLDEN JUBILEE GALA GOLD COINS TO STAFF
68 74 82
1964–2014: The Journey
90
GROUP MANAGEMENT QIC GROUP STRUCTURE
96 97
1964–2014: THE TIMELINE
98
Contents
During these years I have seen Qatar Insurance Company grow from a small domestic insurance company into a regional operation with companies and branches in various GCC countries and now into a group of companies with an international reach. Our Group has a number of businesses of a diverse nature in London, Bermuda, Zurich and Malta. Let me make special mention of the latter. It was in 1981 that we entered the Maltese market, making it our second oldest external venture after Dubai, which was established in 1968. It has therefore been a long association with Malta and as this book is going to press we are in the process of re-affirming our commitment with the establishment of Qatar Insurance Company (Europe) LLC under the auspices of the Malta Financial Services Regulatory Authority. Our growth and development have been achieved neither easily nor have they been the exclusive province of a few, but they are the result of the dedicated loyalty of all who have served our company; past and present directors, our family of staff members, our shareholders and our customers. Loyalty is a word that is now so often used in casual fashion, but I employ it in this address in its original definition of faithfulness, constancy, devotion and allegiance. These are all words descriptive of those who have contributed so much in bringing our Group to where it is today. Loyalty of our customers, shareholders and staff together with the accomplished guidance of our Board of Directors has been a key element to the stability, success and profitable growth of Qatar Insurance Company over the past fifty years, and it is both acknowledged and appreciated.
Chairman’s Message
To be able to pen these lines to introduce the publication of this commemorative book to celebrate the 50th anniversary of the founding of Qatar Insurance Company is indeed both a pleasure and a privilege. It is a privilege as I have been fortunate to receive the continued support of our shareholders and the Board of Directors throughout the twentyeight years of my chairmanship. For that I thank you all.
The journey over the last fifty years has not always been easy. Qatar trades within the wider global economy and is therefore not immune to the vagaries of the worldwide economic cycles. Indeed, as a major producer of hydrocarbons and its derivatives, Qatar is particularly sensitive to international economic downturn. However, the unrelenting determination of His Highness the Father Emir and His Highness the Emir to construct a durable and diversified economy is evident to all. This is an on-going and vibrant process as we adapt to the changing conditions in those countries comprising planet earth, whose economies, mature or nascent, are driven forward in the development of their natural resources and human capital. I trust that this book will provide the reader with an interesting and enlightening cameo of our company and our development over the past fifty years.
Sheikh Khalid bin Mohamed bin Ali Al Thani Chairman Doha, Qatar, 2015
It was fifty years ago that a decision was taken to establish Qatar Insurance Company and as I pen these words my mind takes me back to 1964, a year when many who will read this book were not yet born. I was a young boy then living close to Souq Waqif at that time and I noticed a sign going up on a building at the edge of the Souq. Of course Doha was a much smaller and compact place in those days and any new business that was opened was a matter of considerable interest and much conversation among our elders. For us youngsters the opening of an insurance company was only of passing interest but as my thoughts travel back over these fifty years I can clearly see the proud new sign of Qatar Insurance Company gracing our first office. I could not have foreseen then that fifty years later I would have had the opportunity to address our friends as the Group President and CEO of Qatar Insurance Group. The picture I have in my mind of that day fifty years ago and the skyline of Doha that we see today cannot be more different. It has been a remarkable journey, which I have been privileged to witness. However it is not just a journey that Qatar Insurance has made alone; it is also the journey that my country has made. Qatar has witnessed considerable changes and dramatic progress during these fifty years and it is because of this progress that Qatar Insurance Company has prospered and become an icon of the business community of Qatar. We could not have achieved our growth alone. It has been possible because many others have trodden the visionary path of establishing their companies and, through hard work and dedication, seeing their visions realized. That business fabric, which has been woven over these past fifty years, has allowed us to grow, and it is with sincere humility that I thank all of our customers, large and small, old and new, for being with us during our journey. This book is a token to mark fifty years – half a century – of our company’s operation and I am honoured to be able to address you and to share these few reflections. I would like to review briefly our journey; a journey that has taken QIC from our proud though humble origins in Souq Waqif to be a leading player in our industry with offices throughout the Gulf and beyond.
A Personal Reflection
It is indeed a great pleasure to be able to write the preface to our book marking a key milestone in the history of Qatar Insurance Company.
Recent initiatives have been many, but of particular note is our entry into the international reinsurance arena. In 2008 we established Q-Re LLC (rebranded as Qatar Reinsurance Company LLC in 2014), as a wholly owned subsidiary of Qatar Insurance Group. In 2014 we strengthened our global reinsurance presence with the acquisition of the high profile Lloyd’s syndicate Antares, which is based in Lime Street in the heart of the City of London, adjacent to the iconic Lloyd’s of London building. We are deeply thankful to His Highness the Father Emir, His Highness the Emir and the Government of Qatar for taking the Qatar brand to the world. This bold and highly successful initiative has made our task to internationalize our Group so much easier. Our country has a vision, a very clear vision of where it wishes to be as part of the global community. QIC will be part of this with our own ambitions to project the Qatari insurance and reinsurance industry into a prominent place in the international business arena. This will be the focus of our Group in the years and decades ahead. I am confident that the next fifty years will document the demanding and challenging road taken in achieving our future aspirations, and that at an event attended by the new generation that must carry this vision will be taking place, celebrating not the fifty glorious years we have now achieved, but a century of development. I feel sure that some very young boy or girl who has evidenced our celebrations this year will be both privileged and honoured to be writing another reflection to another book. I would again like to thank all of those who have been part of our journey for your encouragement, your support, your kindness and indeed your friendship. Without you our journey would not have been possible. Thank you all.
Khalifa A.T. Al-Subaey Group President & Chief Executive Officer Doha, Qatar, 2015
Sheikh Khalid bin Mohammed bin Ali Al Thani Chairman & Managing Director
Mr Abdulla bin Khalifa Al Attiya Deputy Chairman
Mr Hussain Ibrahim Al Fardan Board Member
Mr Jassim Mohammed Jaidah Board Member
Sheikh Hamad bin Faisal bin Thani Al Thani Board Member
Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani Board Member
Sheikh Saoud bin Khalid bin Hamad Al Thani Board Member
Sheikh Khalid bin Hamad bin Khalifa Al Thani Board Member
Mr Khalifa Abdulla Turki Al Subaey Group President & CEO
Board of Directors
Mr Khalaf Ahmed Al-Mannai Board Member
Our Group is being built on teamwork, respect, and mutual trust. Each person, at whatever level she or he may operate, is empowered and will therefore make their own unique contribution. Each employee is encouraged to be responsible for their own actions. We encourage positive contribution, acknowledge innovation and reward excellence. We encourage a safe workplace, comply with all laws and regulations and strive to meet the expectations and requirements of our customers. We value our customers as trusted partners. We value constructive feedback and candid comment. We endeavour to absorb these into our business model. Honest criticism is accepted as a valued contribution to our organisation. We meet our obligations to shareholders, customers, employees and society.
Statement of Values
At QIC Group we value each employee and acknowledge their own distinctive contribution. We value their effort, their enterprise, their contribution and opinions.
Our Vision
1960
The Group’s Vision of the future is to maintain our drive for growth and excellence through innovation, diversification and responsible leadership. By means of existing and new strategic alliances and partnerships we aim to create the optimum framework for continuous profitable development.
Doha skyline in 2014. In the foreground, the Museum of Islamic Art.
22
Journey into History
1950
23
s In the Beginning
In the Beginning
As part of the early growth of Qatar a number of institutions were formed and it was necessary to establish a national insurance company to ensure that assets, both governmental and private, could be insured against unforeseen events. Qatar Insurance Company was established on the 11 March 1964 as the first national insurance company of the State of Qatar.
In 1964 the State or Qatar had a nascent oil industry and it would have taken a visionary at that time to predict the current Qatari burgeoning energy industry, in all its diversity, in the second decade of this new millennium. Doha was still very much a city dependent on the sea, looking outward across the timeless horizons, but after oil was discovered revenues started trickling into the country in the early sixties, and a gateway was opened wide for the first time towards a promising future of exhilarating development. Qatari businesses started to take shape. It was in those days that the first national insurance company was founded with the aim to protect financially Qatar’s new and future development projects and to help the country grow both commercially and industrially. Qatar Insurance Company was conceived and was founded by Emiri Decree on 11 March 1964. Insurance, as the guardian of the country’s assets, was seen as a key institution.
24
Journey into History
1964
The Emiri Decree proclaiming the establishment of Qatar Insurance Company S.A.Q. [next page] and QIC’s very first logo [left]. Doha in the 1960s [below].
25
In the Beginning
Journey into History
1964
26
1967 1954
1967
In the Beginning
It all started here in this house [previous page], at the heart of Doha’s bustling Souq, serving as QIC’s first office in 1964.
From the first office in the Souq, QIC would successfully provide the insurance protection programme of the entire assets of Qatar General Petroleum Corporation, now QP, and to all the major infrastructural development projects in the country. The paid-up capital was one and a half million Indian rupees, a princely sum in these days. The Government of Qatar was a founding shareholder of QIC with a share of 12 per cent; a share in the company that it maintains to this day.
27
For ages, before the discovery of oil in the mid forties, the Qatari’s life had been that of struggle against nature, harvesting the waters of the Gulf and diving deep in it in search of its precious pearls and, onshore, trying to tame the desert in order to turn it into a beautiful oasis, a homeland called Qatar.
28
Journey into History
1965
1960
In the Beginning
1960
29 As the immediate environment in Doha transforms, Qataris retain their connection to years past. Activities in Doha in the 1960s were oriented to commerce, in other areas to fishing and pearling [above]. A glimpse of the older dwellings in Qatar: Umm Salal Muhammad, a small settlement in the centre of the country [previous page, top]; and the Emiri Diwan in 1960s Doha [previous page, bottom].
30
Journey into History
2004
19 960s 96 6 60 0 0s s
In the Beginning
The vibrant Souq Waqif street. This building saw QIC completing their first twenty years in the business of insurance.
31
Following three years of hard work QIC had grown considerably and required new premises to accommodate its fastexpanding business. It was important that QIC remained in the heart of the Souq, the business heart of Doha, and in 1967 the company moved a short distance to larger premises close to the Arab Bank roundabout. The roundabout remained an important pivotal thoroughfare for many decades, radiating traffic to all parts of the city. The old Qatar Insurance Company sign was still seen by passers-by as they walked to the heart of the Souq until the building was demolished just a few years ago as part of the regeneration project of old Doha.
1968 saw QIC establish its first office outside Qatar with the inauguration of its Dubai branch. Dubai, as a busy entrepôt, was an obvious choice of location for QIC’s first overseas venture. QIC’s Dubai branch has continued to grow and prosper and is one of the company’s key strategic operations. It will be celebrating its own Golden Jubilee in 2018. QIC’s second overseas venture was in 2002, when the second branch in the UAE, in Abu Dhabi, was established. This enabled the company to provide a more comprehensive service to its clients and to expand its business lines. This was the first initiative of the company’s Millennium Vision, which marked QIC’s determination to move ever further afield and to diversify income streams and risk profiles.
First insurance policy of QIC’s Dubai office [left].
ABU DHABI
QIC GOES OVERSEAS
DUBAI
BERMUDA
ZURICH
In 2012, four years on from the formation of Q-Re LLC, QIC established operations in Zurich, London and Bermuda. This took the company into strong, vibrant reinsurance centres, which will serve as excellent platforms from which to build Q-Re as a truly major player in the field of reinsurance. In 2014 QIC announced the acquisition of Antares Holdings Limited (‘Antares’), a leading specialist insurance and reinsurance group operating in the Lloyd’s market, which will complement and diversify the company’s highly dynamic domestic, regional and international business.
LONDON
LONDON
1970
Throughout the 1970s QIC set down its roots in the bustling alleyways, redolent with the pungent aromas of exotic spices and noisy, but good-natured, haggling where the lively and vibrant trade was conducted.
QIC MaturesÂ
The early years of QIC’s operations were transacted from what was then the heart of the souq. Here QIC ran its growing operation expanding its scope of business manyfold and later opening two local branches, establishing itself as a leading insurer in Qatar.
1967
1977
1970 Journey into History 38
In 1973 the University of Qatar opened, and in 1975 the Qatar National Museum was inaugurated in what was originally the ruler’s palace. Also in the 1970s, Doha’s deep-water port was completed.
In Qatar the first revenues made from oil were mainly invested in the development of infrastructure such as the first airport, which was built in the east of Doha. Doha became the nation’s capital following Qatar’s independence in 1971 and the centre of modern urbanization in the country. From the 1950s to the 1970s the population of Doha increased from a modest 14,000 to 83,000 residents.
39
1971
1977 1977
QIC Develops
Itam ili pro ium, me et auterae temus faucons usatiamdi, cae furnum tare, nocri pliu que firicatus consus et? Quam aut pervid fuidem poniusum ia tem pra.
40
Journey into History
The palace of the ruling Sheikh in Doha, Qatar in the 1970s. The grounds were yet to be completed.
41
1979 1970 1966
1971
QIC Develops
The Qatar Museums Authority works hard to preserve Qatar’s heritage. In the rush to modernize much of it was lost, and in Doha now there is only a single remaining wind tower [right]. Fisherman on the seafront of Doha [below].
1977 Journey into History 42
An oil tanker appears to emerge from the sand dunes. The tanker, seen here in 1971, was loading crude oil at the Mesaieed export terminal. The oil will have come from Qatar’s on and offshore oilfields.
Despite the number of companies now operating in Qatar having grown considerably in the last ten years Qatar Insurance Company still maintains its position of primacy with a market share approaching 50 per cent. From the humble beginnings in Souq Waqif in 1964 QIC has consistently maintained its role as market leader in Qatar. Over these years QIC has been involved in virtually all of the major infrastructural, commercial, industrial and energy developments that have been undertaken. QIC is particularly strong in the energy sector and has been the insurer of choice, in a highly competitive market, for the world-class LNG complexes and other downstream industries at Ras Laffan. Qatar, which has the largest single nonassociated offshore gas field in the world, is the leading producer of Liquefied Natural Gas, exporting its valuable product worldwide. However it is not all about local market share but how Qatar may position itself in the international arena. Reinsurance has been a cross-border business for over three centuries. The formalization of a reinsurance market grew out of the more informal risk sharing practice which were transacted in the coffee house of Edward Lloyd in 17th century London. It therefore was a key part of QIC’s Millennium Vision that it establish a reinsurance arm and in 2008 Q-Re LLC was formed within the regulatory regime of the QFCRA. In 2014 the company was renamed Qatar Reinsurance Company LLC. In their golden Jubilee year QIC also completed the acquisition of the Antares syndicate at Lloyd’s thus entering into the oldest and most innovative insurance market in the world. The Lloyd’s history does go back a bit further than that of QIC – 325 years in fact! QIC is therefore delighted to be leading the Qatari entry into the world of global reinsurance.
1971
THE ROLE OF QIC IN QATAR’S INSURANCE MARKET
Qatar’s insurance market is home to a range of national and international players, all of whom operate within the robust regulatory environments of either the Qatar Central Bank (QCB) or the Qatar Financial Centre Regulatory Authority (QFCRA). QCB stepped forward to play a prominent part in a streamlined and coordinated governance regime following the establishment of the QFCRA. A dynamic regulatory structure is in place appropriate to the development and growth that Qatar has witnessed in recent years. With Qatar now a major investor worldwide, whilst developing insurance, reinsurance and financial services at home, regulatory robustness and durability is of paramount importance to ensure the probity and financial health of the regulated companies.
1980 Although precious little development had taken place in West Bay, QIC decided that this would be the location of choice in the decades ahead. Designs were sought, contracts signed and a new building was soon under construction, joining two other companies in this (then) rather desolate landscape.
A Bold Move
It was on 25 February 1984, twenty years after the founding of QIC, that the company moved into their new premises. Thirty years later QIC still occupies this building, but is now surrounded by a bristling clamour of towers that so typify the vibrancy of Doha’s West Bay business district.
The West Bay tower building was completed and occupied in early 1984, with an official inauguration taking place on 25 February 1984 [top left]. Doha Corniche in the 1980s [next page].
1979 1981
1984 46
Journey into History
For many a year the QIC tower was a landmark to the Qatari and expatriate alike. It has remained a prominent feature with its distinctive logo, having been surrounded by the self-assured towers that have sprung up in the West Bay and Diplomatic area. However, old habits die hard and one can still hear directions being given to the newcomer using QIC’s building as a directional landmark.
A Bold Move
1980
47
48
Journey into History
1984
1983
A Bold Move
The new spacious headquarters helped enhance the image of QIC, setting the company on a vigorous path of expansion in business lines and developmental philosophy as well as efficiency and performance, and making QIC ready for the anticipated expansion in the hydrocarbon industry planned by the Government and Qatar General Petroleum Corporation (now Qatar Petroleum). The most advanced IT systems in the Gulf were deployed to process information and accounting, and to analyze and evaluate financial performance.
49
The oil surplus of the mid-1980s and the accompanying decline in the oil prices resulted in a fall in the national income of almost 20 per cent in 1986. It became imperative to advance the plans to develop the vast North Dome gas reserves. These reserves are contained in the single largest non-associated offshore gas field in the world and were, in the next two decades, to propel Qatar to become the largest producer of Liquefied Natural Gas in the world. A very astute series of sale and purchase contracts ensured that the gas was sold to a broad spectrum of countries on longterm contracts thus mitigating the effects of an economic downturn in any one partner country. With a Qatargas receiving terminal in south Wales UK, Qatar can supply up to 20 per cent of the UK’s gas needs.
A view of Doha city in the 1980s, when no high towers could be seen.
circa 2000
1950
The Qatari government celebrated twenty years of independence in September 1991 with the inauguration of Phase One of the North Field development project, the single largest non-associated offshore gas field in the world.
Itam ili pro ium, me et auterae temus faucons usatiamdi, cae furnum tare, nocri pliu que firicatus consus et.
51 A Measured Growth
A Measured Growth
QIC continued to grow both in status and strength enjoying a stable and steady growth profile. Sound underwriting and investment philosophies allowed the company to provide excellent shareholder returns whilst building substantial reserves. The company paved the way for remaining the insurer of choice for many energy-related government projects.
1995 Journey into History 52
QIC was a member of the first group of pioneering companies who kick-started the Doha Securities Market activities at its launch in 1997. 1990 saw QIC’s premium income surpass QR100 million for the first time. This was a very major milestone against the backdrop of the much smaller economy of Qatar in those days. It was clear evidence that the strategy implemented by the new management, who were appointed just a few years earlier, was sound and beginning to show the fruits of its clear and defined vision.
A Measured Growth
1997
53
At QIC, charitable causes receive regular encouragement and financial support, including contributions like the five million QR Physiotherapy Centre for Hamed Medical Corporation, inaugurated in 1999 in addition to setting aside 2.5 per cent of the annual net profit to a social fund that supports humanitarian causes in Qatar.
On the occasion of QIC’s Silver Jubilee, a logo was designed to commemorate the company’s 25th Anniversary.
الي و بيـ
ـــــــ
ل ال
EE
ف
ــﺮﻛﺔ ﻗ Journey into History 54
IL UB RJ
ﻄ ـــــ
SILVE
ﺷ ــــــ
As a national company, QIC has long adopted a socially responsive policy. It has a history of sponsoring major economic, trade and business conferences and forums as well as a number of sporting and cultural events.
A Measured Growth
1997
55
The foundation stone of the Physiotherapy Centre for Hamed Medical Corporation.
ca 2000 Journey into History 56
An undated picture of the Liquid Natural Gas (LNG) plant at Ras Laffan Industrial City situated in the north of Qatar.
A Measured Growth
1994 saw QIC become the insurer of choice for the first Qatargas “Train”. The ongoing development of the North Dome gas field was a very major technical and financial investment by the government and of course the construction and operational phases of the project required very significant insurance against loss. Qatar Insurance Company was appointed as the risk carrier. This also marked the deep and extensive involvement in the many subsequent projects that were constructed. The Ras Laffan complexes have become the largest production source of LNG in the world today.
57
The establishment of Qatargas in 1993 and RasGas in 1996 was clear evidence to the world that Qatar stood to become one of the world’s richest nations and the largest producer of LNG as it taps into the 900 trillion cubic feet (25 trillion cubic meters) of gas locked in its North Field. The programme of expansion continued unabated, while the government encouraged the diversification of the industrial base by the establishment of addedvalue hydrocarbon-based industries.
QR
6 bn
QR
5 bn
QR
4 bn
QR
3 bn Gross Premium
QR
2 bn
QR
1 bn
Net Profit
Shareholder’s Equity
US$1=QR3.64
1965
1970
1975
1980
1985
1990
1995
2000
GROWTH PATTERN
2005
2010
2011
2012
2013
QIC’s emergence as a major force in the regional and international insurance and reinsurance markets can be seen through its revenue, net profit and asset growth throughout the years since its inauguration in 1964. QIC Group will endeavour to continue to deliver superior returns to its shareholders in the years ahead. QIC’s strength is rooted in its firm foundation in Qatar and its ability to construct realistic and durable medium and long-term developmental strategies.
2004
In celebration of QIC’s 40th anniversary, the company’s head office underwent a complete facelift. An action partly taken to reconfirm the building as an enduring landmark in Doha.
The New Millennium
The year 2000 and the advance of the global marketplace provided QIC with the opportunity to develop the company’s Millennium Vision, a keystone document that identified the key imperatives of medium and long-term strategies; strategies constructed to maintain the developmental impetus in what was being heralded globally an opportunity for a new world order.
2004
Journey into History 62
In 2004 QIC undertook the ISO 9001 certification process and was certified approved by Lloyd’s Register Quality Assurance in respect of the provision of insurance and reinsurance across the classes of business lines the company transacts.
The Aspire tower [right] housed the flame of the 2006 Asian Games in Doha. QIC had an ad hoc logo designed on the occasion of the 40th Anniversary celebrations [above].
2006 2005
The New Millenium
Through a determined developmental business plan, in 2006 QIC crossed the premium income benchmark of QR1 billion. Ambitious as it is, the QIC management aims at a future even more spectacular than their past, to reflect and parallel that of the State of Qatar.
63
In 2004 QIC celebrated its 40th anniversary. Following upon the award of a creditable Standard & Poor’s A rating and hard on the heels of the establishment of a branch office in Abu Dhabi in 2002, in 2004 QIC established Oman Qatar Insurance Company, as a national insurance company in Oman. Concurrently there was the establishment of a branch office in Kuwait – which was in due time converted into a national insurance company and renamed Kuwait Qatar Insurance Company KSCC.
64
Journey into History
2006
2009 2004
65
QIC has earned an international reputation for providing strength, security and stability for shareholders and policyholders alike. Aware of its obligations, QIC was keen to implement a sound investment policy that included diversified international portfolios, as well as investments of successful local and regional projects. But its biggest investment, perhaps, was in the human resources realm, assembling one of the strongest marketing and underwriting teams in the Gulf, and conducting training programmes for a continuing supply of wellqualified technical and managerial staff.
Information on the most current rating is available at www.standardandpoors.com or from Standard & Poor’s at (212) 438-2400. Ratings are not a guarantee of an insurer’s financial strength nor a recommendation as to the insurer.
The Museum of Islamic Art [left], designed by the famous American architect I.M. Pei, with the modern skyline of Doha. Doha’s West Bay [above].
In September 2000 QIC was awarded the international ISO 9002:1994 Certificate of Approval in respect of its Quality Management System, and later obtained the re-certification to the new standard BS EN ISO 9001:2000. On 24 December 2003 QIC was granted an impressive uplift in rating from BB to an A minus by Standard & Poor’s Rating agency. In 2008 a further appraisal by Standard & Poor’s would follow, when QIC received a rating upgrade from A minus (from 2005) to A Strong.
The New Millenium
By the first decade of the new millennium the new towers of West Bay had changed dramatically the skyline of the Doha Corniche. The fast-growing, energy-rich Gulf state of Qatar hosted the 2006 Asian Games and unveiled an ambitious US$15 billion plan to reinvent itself into a premier tourist destination attracting more than 1 million visitors a year by 2010.
DIVERSIFICATION AND CLASSES OF INSURANCE
As part of the Group Vision’s developmental plans, at the beginning of 2007 QIC set up QIC International LLC, an international insurance company to take over, and expand, the overseas operations. QICI was licensed by the Qatar Financial Centre Regulatory Authority (QFCRA). QFCRA was chosen as the platform from which to operate as this would provide a regulated environment within which QICI would strive towards compliance with international standards and industry best practice. QIC International LLC’s plan is to expand its direct writing operations into appropriate markets as the opportunities emerge. As QIC’s Life and Medical insurance portfolios grew over the years and, as greater awareness of the need for these classes of business became evident, the company decided to establish a specialist, dedicated insurance company to underwrite only Life and Medical Protection Programmes. In 2011 Qatar Life and Medical Insurance Company LLC was established. Diversification linked to specialization was a key component of QIC’s 2000 Millennium Vision and QLM is evidence of the company’s continuing commitment to that Vision.
2008 saw the establishment of a Group structure, as well as the realization of a key element of QIC’s ambition: the establishment of a specialist Reinsurance Company, Q-Re LLC. QFCRA was chosen as the platform from which to launch the company’s new venture. Initially underwriting a global portfolio of international multi-class reinsurance risks from QIC’s base in Qatar, plans were put in place to expand the operation into other important global reinsurance hubs. In 2012 the company established operations in Zurich, London and Bermuda. These strong, vibrant reinsurance centres now serve as excellent platforms from which to build Q-Re, now rebranded Qatar Re, as a truly major player in the field of reinsurance in the years ahead.
From 2006, Qatar has witnessed a major boost in private sector investment, especially in real estate, with significant support from conventional and Islamic banks.
Since its establishment in 1964, Qatar Insurance Company has grown in terms of both size and complexity. The QIC Group now comprises a number of operating companies and business units covering insurance, reinsurance, bancassurance, real estate and asset management. QIC covers all classes of insurance and its early foray into the energy industry, primarily with Qatar’s development of the North Field gas reserves, has ensured it of its leading role in energy insurance. QIC operations are also spread over business units specializing in the areas of energy, marine, corporate and retail. Concurrent with the company’s expansion and diversification has been an extension of its international reach and it now undertakes reinsurance on a global basis through its subsidiaries, Antares at Lloyd’s of London and Qatar Re, which is headquartered in Qatar with additional offices in London, Zurich, and Bermuda. QIC’s long-term ambition, and indeed developed strategy, is to become globally acknowledged and by 2030 to be among the top 50 insurance groups. The vision is to grow the Group with a balanced mix of direct general, life, medical and reinsurance business. QIC will continue to cultivate new products to ensure that its business model enables it to meet the increased competition as Qatar’s insurance market continues to open up to international players. Internationally, QIC Group will continue to build upon its blossoming reinsurance portfolios of Antares and Qatar Re.
For reasons of tradition, culture and perhaps lack of awareness personal lines insurance are still not popular, other than in respect of motor insurance, where Third Party cover is mandatory. The percentage of market penetration in respect of personal line/retail risks, such as personal accident, life, householders’ comprehensive, travel and the like is still quite low. QIC has been focusing on this market sector and is witnessing a very considerable increase in this business. As the personal lines market matures and people develop a greater awareness of the need to protect their assets and liabilities, QIC sees this small niche area developing into a more significant market sector. Since 2000, insurance premium in the State has increased tremendously. The segments that have seen major enhancement have been engineering classes, fire and general accident, workmen’s compensation and also motor insurance. There has been a huge demand for engineering classes due to the unparalleled economic growth thanks to, and coinciding with, infrastructure development programmes both in the public and private sector.
2014 Journey into History 68
To mark its 50th Anniversary, QIC worked on realizing a major objective: the achievement of a premium income of US$1 billion. This was a joint effort and the result of careful and focused management of its Group of companies – that took QIC forward into new markets, new ventures and new partnerships – as well as of the continued support of QIC’s clients.
69 The Golden Jubilee
The Golden Jubilee
Fifty years have passed since that day that a group of young businessmen met and formed the first national insurance company in Qatar with a small capital of 1.5 million Indian Rupees. Since then, a truly remarkable journey has taken place, and QIC is determined and continues to strive to achieve its vision.
2014 2014 Journey into History 70
In 2014 QIC won the insurance contract to cover all of the new Hamad International Airport’s assets and liabilities. The airport [above] is a state-of-the-art complex designed to meet the growing needs of Qatar for decades to come.
71 The Golden Jubilee
CERTIFICATE The Certification Body of TÜV SÜD Management Service GmbH certifies that
Qatar Insurance Company P.O.Box : 666 Doha, Qatar
has established and applies an Information Security Management System according to “Statement of Applicability” for Management of Information Security for the IT Infrastructure and services relating to all support Services as well as protecting the confidentiality, integrity and availability of customer’s data. An audit was performed, Report No. 70758072 Proof has been furnished that the requirements according to
ISO/IEC 27001:2005
In view of the growing geographical footprint in which the company was operating, QIC was appraised by the renowned Rating Agency AM Best and was given an A+ Excellent rating. Armed with commendable ratings from the two leading global Rating Agencies QIC was able to illustrate to the existing and new client base (locally and globally) that the journey since the formation of the company had been underscored by prudence, forethought and vigilance.
are fulfilled. The certificate is valid from 2013-02-02 until 2016-02-01. Certificate Registration No. 12 310 37661 TMS Version of the statement of applicability: V 1.1, 2011-10-24
Product Compliance Management Munich, 2013-06-25
Given the importance of IT to business efficiency and security, in 2013 QIC was appraised by TUV in respect of Management of Information Security for its IT infrastructure and service, and was certified ISO/IEC 27001:2005 compliant.
2014 Journey into History 72
In line with Qatar National Vision 2030, Qatar has continued its breathtaking economic expansion with the growing share of the nonhydrocarbon sector driven by the ongoing mega infrastructure projects to complement the robust base of its already mature oil and gas sector.
Qatar National Vision 2030 (launched in October 2008 and resting on four pillars: human, social, economic and environmental development) aims to transform Qatar into an advanced country, sustaining its development and providing a high standard of living for all its people, guaranteeing security, stability and equal opportunities. It foresees a vibrant and prosperous Qatar with economic and social justice for all and envisages all Qataris working together in pursuing these aspirations, with strong cultural and family values guiding their collective energies.
The Golden Jubilee
2014
73
The interior hall of a green building in Doha, the Qatar National Convention Center (QNCC).
QIC formally celebrated its Golden Jubilee at a gala dinner event held at the Four Seasons Hotel Doha on 16 February 2014. Highlights of the event, held under the patronage of His Excellency the Governor of the Qatar Central Bank, Sheikh Abdulla bin Saoud Al Thani, were award ceremonies, “A celebration of Jazz” by Doha Jazz Arabesque, a magic performance, fireworks and a short film that projected the company’s values and the amazing transformation of Qatar and its citizens over the past fifty years. The event was attended by members of the government, the diplomatic missions, clients and friends, old and new.
GOLDEN JUBILEE GALA
In the guest reception hall of the Golden Jubilee Gala Dinner a number of antiques of local and regional interest were exhibited. These were very kindly loaned by Sheikh Faisal bin Qassim Al Thani from his personal collection. These were just a very small part of an impressive and extensive collection, which is on permanent display at his private museum. Sheikh Faisal kindly welcomes residents and visitors alike to visit his museum to share the experience and history of the eclectic range of exhibits.
A collage of pictures from the Gala Dinner for the 50th Anniversary of QIC.
To mark their vision, commitment and services to the company, a commemorative plaque was commissioned and presented to representatives of the company’s founders and the past directors [all images except bottom left].
[below] A presentation being received on behalf of Sheikh Faisal bin Qassim Al Thani for his kind support of QIC’s Golden Jubilee celebration with the loan of antiquities, and the use of premises and facilities in the production of QIC’s 50th Anniversary film.
Journey into History 80
The Jubilee Gala Dinner culminated with guests gathering in the beach garden of the Four Seasons Hotel, where they were entertained with a spectacular fireworks display complete with coordinated music.
The Golden Jubilee
2014
81
GOLD COINS TO STAFF
The 50th anniversary of QIC being the Golden Jubilee, it was appropriate to commission a commemorative coin minted from solid gold. The reverse of the coin shows the 50th anniversary logo and strap line, whilst the obverse is a rendering of the Qatari national flag. Subliminal though it may be, the lines radiating outwards from the flag represent the times in years long gone when those whose livelihood, and indeed survival, depended on the sea would scan the horizon to catch sight of vessels returning from their, often hazardous, voyages. There was always cause for celebration when a small vessel returned with the crew safe and the voyage successful.
88
Journey into History
1983
89
1984
The Golden Jubilee
The Antares syndicate at Lloyd’s is a relatively new entrant to the global reinsurance market having been formed in 2008. However its team of senior management and underwriters have a long and successful history in the London market. Antares writes ten diverse business classes and has a wideranging global client base. Given QIC’s ambitions, and both its Millennium and 2030 visions, Antares was identified as an excellent business to complement QIC Group’s portfolio and future aspirations. It was with considerable delight that in their Jubilee year QIC was able to acquire the syndicate. Antares operates from 10 Lime Street in the heart of the City of London, just a few steps from the venerable institution Lloyd’s of London and it iconic building. Their defined goals had a serendipitous synergy with the values and vision of the QIC Group and as such it was, from the first approaches, perceived as a very welcome addition to the QIC family.
90
Journey into History
2014
91 The Journey
The Journey
Established by Emiri Decree in March 1964 as the first national insurance company, QIC has grown to become the largest insurance company in Qatar and one of the leading regional insurers. QIC aims to continue its strategy of growth by developing its regional operations and continuing expansion across international horizons.
2014 1978 Journey into History 92
Construction work of the Sheraton hotel in West Bay, Doha, in 1978. Located across from the Corniche, West Bay, Doha’s new business district, was built on land reclaimed from the sea and today consists almost entirely of futuristic skyscrapers and luxury hotels.
93 The Journey
Over the last forty years, the bustling West Bay skyline has increasingly become the location of choice for a great number of governmental departments, national, local and international companies, and boasts a vibrant business community. A world-class exhibition centre is nearing completion and work on Qatar’s underground and rail network is well underway. Approaching West Bay by night from along the Corniche one cannot but be impressed by the glittering lights of the raucous towers that have pushed themselves upwards from the desert sand. Many more new skyscrapers are currently being built in Doha. New hotels will also be joining Qatar’s skyline to attract even more tourists to its spa villages, huge malls and scenic artificial islands. In 2022, Doha will host the FIFA World Cup in a number of purpose-built and innovative stadia.
Qatar has a long history as a centre for trade and has undertaken a truly remarkable transformation from small and humble beginnings in days long gone by, made possible by the gritty determination of the Qatari people. Yet the journey is not complete – there is much left to do, but that must be left for others to record further along this extraordinary journey.
2014 QIC was privileged as the exclusive insurer of Qatar State enterprises until 1978, but even in the most competitive environment and stern as market conditions of today, QIC remains the largest and leading insurer of Qatar, and plays a pivotal role in all the country's major economic, industrial, commercial and infrastructural projects. It also provides insurance services for leading international companies engaging in major energy and manufacturing projects in the country. As such, QIC
has maintained perhaps one of the most prestigious client bases both in Qatar and regionally. Being trusted as one of the guardians of the country’s assets provides QIC with a status that befits such a privilege, and with the key responsibility to ensure that both its financial strength and professional integrity are maintained. QIC strives to remain loyal to its mission to provide a courteous, efficient and superior level of service to all its clients, at all times and in all circumstances.
The Journey
2014
95
GROUP MANAGEMENT
Mr Khalifa Abdulla Turki Al Subaey Group President & CEO
Mr Ali Saleh Al Fadala Senior Deputy Group CEO
Mr Ali Al Mannai Deputy Group CEO (Group Operations)
Mr Ahmed Yousef Senior Advisor to the Group President & CEO
Mr Sunil Talwar Deputy Group CEO (International Operations)
Mr Ian Sangster Advisor to the Group President & CEO
Mr P.E. Alexander Chief Executive Officer – QIC
Mr Ewen McRobbie Chief Executive Officer – QICI
Mr Gunther Saacke Chief Executive Officer – Qatar Re
Mr Salem Khalaf Al Mannai Deputy CEO – Q Life & Medical Insurance Co.
Mr Fahad Al Mana Deputy CEO – QICI
Mr Sandeep Nanda Executive Vice President – Qatar Economic Advisors
1971
2014
1904
1980
1964–2014 THE TIMELINE
QIC GROUP STRUCTURE
الهيكل التنظيمي جملموعة شركات قطر للتأمني
اخلط الزمني من سنة 1964إىل سنة 2014
2012
2014
2008
2010
2004
2006
2000
2002
1996
1998
1992
1994
1988
1990
1984
1986
1980
1982
1976
1978
1972
1974
1968
1970
1966 1964
Start of QIC’s operations with office in Souq Waqif.
1968
QIC’s Premium Income reaches QR 100 million.
2014
QIC’s 50th Anniversary.
2005 QIC obtains
2012
QIC establishes operations in Zurich, London and Bermuda.
2014العيد اخلمسون لشركة قطر للتأمني.
Standard & Poor’s Rating.
QIC obtains an A+ Excellent rating from the renowned Rating Agency AM Best.
2013 Achievement of a premium income of US1$ billion.
Qatar population 1.9 Million.
2010اختيار قطر الستضافة كأس العامل لكرة القدم .2022
Group structure is established.
2011
Qatar Life and Medical Insurance Company LLC is established.
عدد سكان دولة قطر يصل إىل 1.9مليون نسمة.
2005
Qatar hosts Asian Games.
2008
2008إنشاء هيكل اجملموعة.
2006جتاوز دخل شركة قطر للتأمني من أقساط التأمني عتبة املليار ريال. استضافة دولة قطر لدورة األلعاب اآلسيوية.
2003
2001
QIC moves into Kuwait with a branch. office (later a national insurance company, Kuwait Qatar Insurance Company KSCC).
ISO 9001 certification: approved by Lloyds Register Quality Assurance.
1997
QIC relocates to West Bay tower.
2000
The New Millennium.
1986
األلفية اجلديدة.
افتتاح فرع لشركة قطر للتأمني يف الكويت (باتت الحقًا شركة تأمني وطنية حتت اسم الشركة الكويتية القطرية للتأمني). نيل شهادة أيزو 9001بعد موافقة سجل ضمان اجلودة لسوق لويدز.
1994
LNG comes to Qatar. QIC is the insurer of choice. 1994البدء بإنتاج الغاز الطبيعي املسال يف دولة قطر. حتول شركة قطر للتأمني إىل جهة التأمني املفضلة لهذا القطاع.
New management team is installed under the general management of Mr. Khalifa Al-Subaey, QIC’s current Group President & CEO. 1986تعيني فريق اإلدارة اجلديد حتت قيادة السيد خليفة السبيعي ،الرئيس احلايل جملموعة قطر للتأمني ورئيسها التنفيذي.
1984شركة قطر للتأمني تنتقل إىل برجها يف منطقة اخلليج الغربي.
1975
Qatar GDP 2.5 Billion.
1967
QIC moves to larger premises in the souq.
1975إجمايل الناجت احمللي لدولة قطر يصل إىل 2.5مليار.
1981
Qatar GDP per capita QR 34,900.
1967انتقال شركة قطر للتأمني إىل مقر أكرب يف السوق.
1981إجمايل الناجت احمللي للفرد يف دولة قطر يصل إىل 34,900ريال.
1979
Qatar population 205,000.
1971
Qatar’s Independence.
1979عدد سكان دولة قطر يصل إىل 205,000نسمة.
2002
QIC’s second overseas venture in Abu Dhabi.
2007نيل شركة قطر للتأمني الدولية الرتخيص من هيئة تنظيم مركز قطر للمال.
1995
1984
2000
2004العيد األربعون لشركة قطر للتأمني. تأسيس الشركة العمانية القطرية للتأمني.
1971استقالل قطر.
2002انطالق املشروع الثاين لشركة قطر للتأمني خارج حدود الدولة يف إمارة أبوظبي.
1993
1991
1989
1987
1985
1964مباشرة شركة قطر للتأمني أعمالها من مكتبها يف سوق واقف.
1968توسع شركة قطر للتأمني خارج حدود الدولة ،مع افتتاح فرع دبي.
1990بلوغ دخل شركة قطر للتأمني من أقساط التأمني 100 مليون ريال.
Oman Qatar Insurance Company S.A.O.G. is born.
QIC International LLC is licenced by QFCRA.
رفع تصنيف ستاندرد آند بورز من A minusإىل .A strong
1999
QIC’s 40th Annniversary.
2004
2007
تأسيس شركة كيو-ري إلعادة التأمني من خالل هيئة تنظيم مركز قطر للمال.
وصول إجمايل الناجت احمللي لدولة قطر إىل 172.9مليار.
2009
QIC crosses the premium income benchmark of QR1 billion.
Rating upgrade by Standard & Poor’s from A minus to A strong.
2011تأسيس شركة قطر لتأمينات احلياة والتأمني الطبي.
2007
2006
Specialist Reinsurance Company Q-Re LLC through QFCRA is born.
Qatar GDP 172.9 Billion.
نيل شهادة من TUVإلدارة أمن معلومات البنية التحتية لتقنية املعلومات وخدماتها (أيزو /اللجنة الكهروتقنية الدولية 27001:2005ممتثل).
2011
Qatar selected to host 2022 World Cup.
حصول شركة قطر للتأمني على تصنيف A+ممتاز من وكالة AM Bestالعاملية.
2013جتاوز دخل شركة قطر للتأمني من أقساط التأمني عتبة املليار دوالر.
2005حصول شركة قطر للتأمني على تصنيف من ستاندرد آند بورز.
2010
2012إطالق عمليات شركة قطر للتأمني يف زيورخ ولندن وبرمودا.
Certification from TUV for Management of Information Security for IT infrastructure and services (ISO/IEC 27001:2005 compliant).
2013
QIC expands overseas, establishing its first office outside Qatar with the inauguration of our Dubai branch.
1990
1964
1983
1981
1979
1977
1975
1973
1971
1969
1966
Qatar & Dubai Currency. 1966عملة قطر ودبي.
1967
1965