Qatar Insurance Group is planning to establish a holding company in an effort to further expand its current operations in both insurance and non-insurance sectors.
Subject to approval from the general body meeting and concerned authorities, the launch forms part of the five-year strategy report submitted by the global consultant company Oliver Wayman, and reviewed and approved by the Board, reported the The Peninsula.
Qatar Insurance Group president and CEO Khalifa Abdalla Al Subaey was quoted by The Peninsula as saying after the Qatar Insurance Company (QIC) Board of Directors meeting that the recommendations are expected to be implemented from the starting of 2013.
''As per the plan the Group's operations with the existing insurance business, associated subsidiaries and their branches would be further expanded,'' Subaey added.
The company will also set up branches and representative offices in three of the reinsurance centers in London, Zurich and Bermuda in 2013, as part of second phase of development of the group's reinsurance arm, Q-Re.
The company is also moving ahead with installation of new automated insurance machines across various traffic department offices, shopping malls and other public places to help improve its customer service.