Sheikh Nasser Bin Ali Bin Saud Al-Thani is the Chairman and Managing Director of Qatar General Insurance & Reinsurance Company. He is a distinguished leader in the business community with almost 30 years experience in the area of insurance, investments, banking, real estate and general contracting. An innovator and strategic thinker, Sheikh Nasser has a notable track record in high level management.
Sheikh Nasser is also the Chairman of the World Trade Center in Qatar, Deputy Chairman & Member of Board of Directors and Chairman of Executive Management Committee of Ahli Bank Qatar, Vice Chairman and Member of Board of Directors of Trust Bank Algeria, Deputy Chairman and Member of the Board of Directors of Oman Reinsurance Company. He sits as a Member of the Board of Directors for Jordanian Expatriates Investment Holding Company, Trust Insurance Libya, Trust Algeria Investment Holding Co., Partner and Member of the Board of Directors of Al-Sari Trading Co., a shareholder of Qatar General Insurance & Reinsurance Co., and Partner and Member of the Board of Directors of General Contracting Company (Genco).
BL: As one of the leading insurers in the region, what motivated you to start an accelerated plan with a focus on continuous revenue growth and profitability to push forward Qatar General Insurance and Reinsurance group amidst this turbulent markets environment?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: Historically the insurance business, especially general insurance, has proven to be quite resilient in turbulent markets. That said, our primary market is Qatar which has not been materially affected by the financial crises nor is it expected to be in the future. Qatar has an accelerated growth rate with a rapid population increase, huge infrastructure projects taking shape and will soon establish itself as a world-class sports hub. Strategically, we are aligned with the vision of our country and our objective is to engage and support it.
BL: What factors helped in the growth of Qatar General Insurance and Reinsurance group?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: Our Group was built on a solid foundation and has grown through strategic leadership. Over the years we have invested in people, policies and processes to accelerate growth and move with the market. Strong risk management and capital adequacy have always been at the forefront of our overall strategy.
BL: What are your plans now and for the future of the Group and how long will it take to achieve them?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: Our overall plans have never changed since the Group was established more than 35 years ago: to meet the growing demands of Qatar locally and internationally. The Qatar economy is booming with significant investment in infrastructure, hospitality and financial services. Our plan is to support this vision through collaboration within our Group and further afield.
BL: Looking back at the company from the early years to where you are now, how would you summarise your expectations?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: I joined Qatar General Insurance and Reinsurance Group 28 years ago. I am proud of the significant achievements the Group has made across a number of market sectors and countries. We started as a General Insurance company providing conventional insurance products. Now we are a Group of companies that play a significant part in the conventional, Takaful and real estate markets.
BL: In what ways can Qatar General Insurance and Reinsurance Group operations be enhanced?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: We acknowledge that there is always room for improvement. In today’s competitive market, technology is a fundamental part of any business and we are embracing it. Large organisations tend to react to market conditions slower due to internal processes. We recognise this and that our customers need quick service, streamlined processes and market leading products. Last year we invested in a number of new systems and enhancements to existing ones to support us in delivering high level customer service to our expanding customer base.
BL: How do you keep your business growing?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: By delivering what the market needs now and anticipating what the market will need next. We have a strong team with extensive experience in their areas of expertise and we capitalise on this knowledge. Our business will continue to be successful if we carry on reading and understanding the market. Our fundamental role is to supply to the markets demands.
BL: What is your view on the Islamic insurance market?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: Sharia’a compliant insurance has been around for more than 1,400 years. It has been one of the fastest growing markets in financial services in the MENA region and still has enormous growth potential. Our challenge now is to develop new Sharia’a compliant products that meet the evolving market needs and maintain momentum.
BL: How would you describe MENAs economy and its insurance industry?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: The Qatar economy is strong. Our market has recently become more open to foreign investment. We also have high levels of infrastructure development and are attracting major sporting events to our country.
In comparison to the world average, the MENA insurance industry is still in its infancy with insurance density and penetration at relatively low levels and fewer compulsory insurance requirements than many other countries. However, we have come a long way in a short period of time with an enhanced regulatory framework, more stringent licensing and the development of sophisticated products that meet the needs of our customers.
BL: In what ways does Qatar General Insurance and Reinsurance Group contribute to the growth of the region’s economy?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: In a number of ways. All of our businesses create employment opportunities for fresh graduates and experienced individuals. We have a number of business to business relationships which attract regional and international trade. Our insurance and real estate businesses create healthy competition within the market which benefits the customer in terms of choice and price. We have also recently developed a number of new products both independently and as part of the National Insurance Consortium that will support the large scale developments planned by the government in conjunction with the Qatar National Vision 2030.
BL: Would you agree with economists that the economic outlook for the MENA region in coming year is slightly more favorable than the previous year? How do you see the insurance and reinsurance industries and your group performance for the year 2015?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: The GCC countries have a strong economic outlook. Investment in large infrastructure projects is high and is creating skilled jobs in the private sector. The banking sector also has a stable outlook. Our challenge continues to be to reduce our reliance on the oil and gas sector and diversify, which is already happening.
We are developing new products that can support the large scale projects Qatar is undergoing. We are also heavily involved in infrastructure development ourselves through our real estate business, General Real Estate Company (GRECO). I foresee this year full of significant achievements for our Group.
BL: Is there a limit to health costs in our region?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: A number of governments across the world have felt the burden of increasing healthcare expenses. Recently, our government launched an ambitious national health insurance scheme for citizens, expatriates and visitors. This welcomed change ensures everyone living or visiting Qatar has access to basic healthcare services. It has also shifted the cost of healthcare towards the private sector, expanded the private healthcare market and created much needed competition between providers which will result in better services and leading healthcare facilities.
BL: What is the best method to fix the Middle East insurance market?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: The Middle East insurance market does not need to be fixed, it just needs to mature and we are making great headway. As a region there is an increased focus on education in financial services, with a number of accredited institutes now open across the Middle East that can support the training and development of young professionals in this area. Our approach to market is becoming more refined which helps our customers understand the importance of insurance products.
BL: Do you think that health insurance regulations in Qatar are satisfactory to clients?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: The regulatory framework in Qatar as a whole has come on a long way since its establishment and continues to be a strong enforcer of international standards and best practices. Recent alignment under the Qatar Central Bank further supports the progress needed to be made to back the National Health Insurance Scheme as part of the Qatar National Vision 2030.
BL: How would you summarise your approach to risk management?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: Risk management is of the upmost importance to us as a Group. The risk management committee is heavily focused on supporting the group in all areas of risk management, risk awareness and risk reporting. The Groups Enterprise Risk Management (ERM) framework sets a clearly defined risk management strategy that assigns responsibilities for risk management across all activities of the Group. To further strengthen our risk management, we will soon launch a new platform which will greatly enhance our risk reporting and monitoring capabilities across the Group
BL: How do you manage risk in regards to your claims?
Sheikh Nasser Bin Ali Bin Saud Al-Thani: Our role as an insurer is twofold: to provide the knowledge and experience our customers need to prevent losses from happening, and if losses do happen, to pay the claims quickly.
To be able to compensate our clients fairly when needed and maintain our strong financial position, we have developed and implemented a claims management framework based on international risk management practices. This framework is process orientated with effective controls at each stage. We also make extensive use of reinsurance in order to mitigate the risk of larger claims or the accumulation of claims stemming from extraordinary events.
