Pierre Youssef

TBY talks to Pierre Youssef, Country Manager, Qatar for Arabia Insurance Company, about the insurance market, Vision 2030, and the future of the economy.

Arabia Insurance Company has a strong presence in several Arab countries. How different is Qatar’s insurance market compared to others in the MENA region?

Arabia started in 1944 and has a unique footprint in the region through our branches (UAE, Bahrain, Kuwait, Lebanon, and Qatar) subsidiaries (Oman and Jordan) and its affiliate company in KSA. The common denominator is the traditional lines of business, namely Medical, Motor, Property, Projects, and Liabilities Insurance, which are almost the same between countries. However, there are differences between the rules and regulations enforced by each local regulatory authority. For instance, the Qatari Market led by the central bank is being innovative and progressive in introducing regulations that will help the insurance market to grow on solid grounds.

How does the company employ its experience to compete in Qatar’s challenging insurance market?

Arabia prides itself on its legacy and long-standing presence in the region. In fact, Arabia Insurance will celebrate its 80 years anniversary in 2024 and will renew its commitment to growing stronger and better every year. We have passed the test of time, Arabia insurance was among the first to establish its operations in Qatar in 1960, supported by our esteemed sponsor Ali Bin Ali Group. Our people recognize local cultures and affinities and understand how the business is conducted. We distinguish ourselves as being insurance and risk solution providers rather than insurance policy providers as we understand the needs of our clients and endeavor to serve them through a holistic and intrinsic approach.

What strategies and initiatives does Arabia Insurance Market use to promote itself to wider communities in Qatar?

We are actively tapping into the innovation and digital transformation space to deliver our customer-centered vision. This is further supported by our significant investment in a new multi-purpose core system, our commitment to ESG implementation and reporting, and the latest Insurtech tools. We enjoy a B+ credit rating by AM Best which is testament to our robust solvency, adequate liquidity, and solid profitability. We have also maintained long-standing relationships with highly rated and reputable reinsurers that back up the solutions we provide to our customers.

How are Arabia Insurance Company’s policies in Qatar aligned with the government’s Vision 2030 aspirations?

Arabia Insurance Company has played a key role in Qatar in the last 63 years, where we significantly contributed to Qatar’s constant successes. We are regulated by Qatar Central Bank that is in the core of the 2030 Vision. We are regularly working on improving and developing our policies, practices, and products under QCB’s leadership and guidance for the sector to remain aligned with the government’s Vision 2030.

What is your outlook for the future development of Qatar’s insurance sector and how it will contribute to Qatar’s economy as a whole?

The insurance sector plays a critical role in driving the economy of Qatar through managing risk, attracting investments, creating employment opportunities, and contributing to the overall stability of the country’s economy. Qatar’s insurance penetration rate in 2021 was 1.5% versus the OECD average of 9% which gives a huge potential for the insurance sector to grow. By transferring and mitigating risks, insurance helps protect the economy from significant losses. This allows businesses to operate with confidence, knowing they are protected against uncertainties and helps in retaining the local and foreign investments in the Qatari market thus boosting the economic activity. It is worth mentioning that the sector contributes to job creation and to the development of human capital, which further stimulates economic growth.

How do you envision the future growth of Arabia Insurance in Qatar?

As mentioned earlier, Arabia is a pioneer in providing insurance solution in Qatar and will continue in embracing technological innovation and investing in digital capabilities. We will continue exploring emerging technologies such as AI and data analytics to enhance underwriting, claims processing, risk management and customer experience. We will leverage data analytics to gain insights into customer behavior and preferences, enabling personalized offerings and targeted marketing campaigns. Arabia will constantly adapt to the change of customer needs specially in Qatari health and sport markets by considering partnership to enter new market segments. We will leverage digital channels and direct-to-customer models to enhance accessibility and convenience for customers. We will ensure a seamless customer experience across multiple touchpoints.