Governor of Qatar Central Bank calls for enhancing insurance sector

HE Governor of Qatar Central Bank Sheikh Abdullah bin Saud Al-Thani Chairman of Qatar Financial Centre Authority said Monday that Qatar imported insurance services worth QR13 billion from 2011-2013.
The figure is worth 3.5 times the gross product of the insurance sector for the same period. HE the Governor was speaking during the 9th annual Multaqa Qatar Forum, where 700 personalities from insurance companies located in 40 different countries take part.
His Excellency noted that there is yet to be enough interest in the insurance sector in Qatar, despite the importance of such a sector. HE the Governor added that the contribution of the insurance sector to GDP was only 0.5%, something that reflects the opportunities available in the sector.
HE the Governor of Qatar Central Bank also reviewed the new law for the Central Bank, particularly provisions that gave it the authority to supervise insurance work and establish a supreme committee for monitoring risk.
On Qatar's banking sector, HE the Governor said that Qatari bank's achieved a growth in assets worth 10.4% year-on-year. The assets of Qatari banks have exceeded in 2014 the trillion Riyal mark for the first time in their history.
Deposits meanwhile increased by 9.6%, to reach QR 600 billion in 2014.