Doha, 14 March 2011
The 5th annual MultaQa conference, organised by the Qatar Financial Centre Authority (‘QFC Authority’) and Global Reinsurance opens today at the Sharq Village and Spa, Doha. The conference which has established itself as the leading regional insurance, reinsurance and risk management event, has attracted delegates from across the world and attendance is expected to be at record levels.
The keynote speech at the conference will be delivered by His Excellency Yousef Hussain Kamal, Minister of Finance and Economy of the State of Qatar.
This year’s conference will look at the current and future global market trends based on the economic fundamentals of the GCC region. EIU forecasts indicate that the GCC economy will grow by 4.9% per annum between 2010 and 2014, with Qatar registering the greatest growth of 8% per annum. This overall growth is matched by extensive infrastructure investments coupled with growing populations and incomes, underpinning a dramatic increase in large scale insurable assets in the region.
Further forecasts suggest the GCC insurance sector will grow to over US$20 billion by 2012, a 22% annual growth rate. The potential of the insurance market across the GCC, and Qatar in particular, is further evident when insurance penetration levels are compared against countries with similar GDPs per capita. In addition, the recent politically motivated events in some Middle East and North African countries has put even greater focus on risk management and regional insurance providers.
Akshay Randeva, Director Strategic Development at the QFC Authority, said: “The importance of the 5th Annual MultaQa Qatar Conference is shown by the number of senior (re)insurance industry and risk management professionals and stakeholders who are attending what has become the region’s leading independent platform for discussing the important trends in the regional and global insurance industry. MultaQa is the re)insurance ‘rendezvous’ in the Middle East, and we look forward to two days which will set the agenda for the industry in the region.”
The conference will have further keynote presentations from; Dr Gerard Lyons, Chief Economist and Group Head of Global Research, Standard Chartered and Graham White, Deputy Chairman Lloyd’s of London.
The 5th Annual MultaQa conference is by invitation only. More information is available on the QFCA’s website www.qfc.com.qa or www.globalreinsurance.com/qatar .
Qatar Financial Centre Authority
Stephen Carriere
Head of Marketing and Corporate Communications
Qatar Financial Centre Authority
Tel: +974 496 7784 - email: s.carriere@qfc.com.qa
www.qfc.com.qa
About QFC
The Qatar Financial Centre (QFC) is a financial and business centre established by the Government of Qatar and located in Doha. It has been designed to attract international financial services institutions and major multi-national corporations in particular those operating in the reinsurance, captive insurance and asset management sectors and to encourage participation in the growing market for financial services in Qatar and elsewhere in the region. The QFC operates to international standards and provides a first class legal and business infrastructure for those operating within the QFC. The QFC was created by Qatar Law No. (7) and has been open for business since 1 May 2005.
QFC Authority
The QFC Authority is the commercial, administrative and legislative body responsible for leading the expansion of Qatar’s financial services sector, providing a uniquely sustainable platform for regional growth in reinsurance, captive insurance and asset management.