The insurance sector in the Middle East continues to enjoy exponential growth, fuelled by a surge in regional demand for insurance products, say experts in the industry.
Speaking to The Gulf Today in Dubai on Sunday, the CEO of AXA Gulf Jerome Droesch noted that with the strong economic growth in the region, the insurance industry stands to grow as it holds tremendous promises for the future.
In a move aimed at emphasising its leadership across the region, AXA Gulf -one of the largest non-life international insurers in the Middle East signed a partnership with Qatarlyst, the leading trading service for the global insurance and reinsurance industry.
Droesch disclosed that AXA Gulf continues to build a very successful entity in the region having been a key player in the Gulf and Middle East for over 60 years, by offering a wide range of insurance products and services for corporate and individual clients in the region.
He said that in 2011 it had achieved double-digit growth with premiums well over $ 100 million.
This performance, he said was the result of strong investments to enhance the company’s quality of service, to innovate in terms of product offer and develop its people to increase differentiation in the market.
“Qatar offers a huge potential for growth in the insurance sector with penetration levels close to 1 per cent. Hence, we are extremely bullish about signing up with Qatarlyst, which offers a secure trading service for the country, and beyond. Our partnership with Qatarlyst will be a key contributor to gaining dominance in Commercial Lines and in Motor insurance. This tie-up reflects our commitment to invest in the region to seize on the huge potential this market has to offer,” said Jerome Droesch, CEO of AXA Gulf.
“Qatarlyst is a strategic component of Qatar’s state of the art infrastructure for insurance firms, providing excellent regional market access for Qatar and regionally based members. Qatarlyst’s and AXA’s objectives are complementary and we are delighted to welcome them as a key member of our rapidly growing regional community’. As a company, we have always focused on providing a level of service unparalleled in our industry and to earn lasting relationships built on a foundation of security and trust. AXA is the leading insurer in the GCC and their partnership will make a big difference in the industry,” said James Sutherland, the CEO of Qatarlyst.