Mega infrastructure projects for the 2022 FIFA World Cup and the Qatar National Vision 2030 have continued to spur growth in the country’s insurance industry, according to a senior official of AXA Insurance Gulf.
“The insurance industry in Qatar is definitely growing, and demand is being driven by mega infrastructure projects and this is why, as an international company, we are interested in Qatar,” country head Salim Mansour told Gulf Times on the sidelines of the opening of AXA’s new shop at The Pearl. The new shop, AXA’s fourth in Qatar and the 44th in the region, aims to cater to The Pearl’s 15,000 residents, and forms part of the company’s initiatives to expand in retail, Mansour pointed out.
“We are also serving Qatar’s population to show them our expertise and what we do best internationally. Because we are basically perceived as a medical insurance or a healthcare provider despite catering to a host of needs, we have launched initiatives to educate people about other products we offer in the retail like motor, travel, home, yatch, engineering, and arts, among others,” he said.
He added, “We are trying to push awareness on other products like arts, for example, because Qatar hosts a large collection of art, and we are the only international company that can cater with big efficiency for any such priceless pieces so, art is one of them.”
Mansour also noted that one of the challenges brought by the fall in global oil prices was the exodus of expatriates, which had impacted motor and personal insurance.
“But newcomers are arriving in Qatar, and the ongoing mega projects being undertaken by the government are recapturing the loss ... the growth that we are experiencing this year is beginning to offset the cancellation of insurance policies. We are positive that the industry will experience more growth in 2017,” he stressed.
Mansour also said AXA Gulf is investing in digitisation, and is currently developing an app that would be launched in the market next year.
“AXA Gulf is investing in technology to have a competitive edge among other insurance companies. This is the only way going forward to service the customers in an innovative way.
“We want to capitalise on Qatar’s high mobile and Internet penetration by providing customers tools for better service and more lines of business. Rather than shopping around from one insurance company to another, we can give customers a package of everything,” he said.