ENERGY

“Facilitating the development of Qatar as a major player in the global energy industry”

Qatar’s national economy is mainly dependent on the utilization of hydrocarbon resources and the development of related downstream industries. An oil exporting country for over half a century, Qatar has recently been successful in foreign capital and technological investment in order to increase the productivity of several of its oil fields, including those previously thought not to be economically viable. As a result, production of crude oil is now exceeding the historical highs recorded in the seventies.

With the development of the North Field, the largest offshore natural gas field in the world, with reserves of more than 380 trillion cubic feet, Qatar is now set to become one of the world’s largest exporters of liquefied natural gas.

The role of natural gas in the development of Qatar’s economy, confirmed by the International Monetary Fund (IMF) as one of the fastest growing in the world, will surpass that played in recent decades by oil. Based on an annual export of 25 million tones per year, the estimated life span of the North Field may exceed 200 years.

Related downstream developments include condensate refining and the production of MTBE, methanol, polyenthylene, ethylene dichloride and fertilizers, providing additional export opportunities. Total exports from Qatar are forecast by the IMF to more than double during the early part of the twenty-first century.

QIC has long experience in all aspects of insurance related to energy exploration, processing and production, both on and off shore. We also have the capability and expertise to underwrite and service the largest risks with insurance programmes tailored to meet specific needs of principals, contractors and finance parties.

Our clients in this sector include national companies such as Qatar Petroleum, Qatargas, RasGas, and Qatar Fertilizer Company, as well as international companies such as Mobil, Total, Occidental, Elf, Maersk, Halliburton, Atlantic Richfield (ARCO) and British Gas.

NON-HYDROCARBON INDUSTRY

“Supporting the expansion and diversification of Qatar’s non-hydrocarbon industry”

The Government of Qatar is actively pursuing a policy of expanding and diversifying the country’s non-hydrocarbon industries.

Major new projects include the production of aluminium, hot briquetted iron and industrial salts, as well as increasing the existing production of steel, clay bricks, cement and foodstuffs.

Qatar has also established a range of successful small and medium industries, including dairy products, soft drinks, ready-made garments, furniture, paints, detergents, plastics, tools, kitchenware, printing and publishing.

Qatar’s financial sector is also expanding rapidly with the establishment of a Stock Exchange, an Industrial Development Bank, the formation of new investment and financial services organizations, and associated consultancy services.

All these projects and developments have resulted in an increased demand for specialized insurance services which QIC is well placed to provide. These include commercial risks, construction covers, professional indemnity, workmen’s compensation and bankers’ blanket covers.

QIC also specializes in aviation and marine risks, including hull, cargo, loss of hire and marine liability, providing insurance cover for local, regional and international carriers.

Locally-based clients include Qatar National Navigation & Transport Company, Qatar Airways, Qatar National Cement Company, Qatar Flour Mills and Qatar Clay and Bricks Company, with regional clients such as Aramco, United Arab Shipping Company, Arab Maritime Petroleum Transport Company and Gulf Air. International client include British Aerospace, Taylor Woodrow, Costain, Hyundai, Mitsubishi Heavy Industries and Technip.

COMMUNITY

“Playing our part in the community and contributing to the social and economic well-being of Qatar”

For well over two decades, Qatar has pursued a continuous policy of extensive improvements to the country’s insfrastructure and basic services including the expansion of health and education services, and cultural facilities.

Recent major infrastructural projects include an upgrade of the primary road network, a new airport terminal and ancillary buildings, plus a new conference and media centre, additional hotel accommodation and new shopping malls and leisure complexes.

For all of these developments, QIC has provided a range of insurance services, working with local, regional and international consultants and contractors. In addition, we provide individuals and companies with motor and household insurance, medical and personal accident cover, and employee benefit schemes.

However, our contribution to improving the quality of life for residents of Qatar goes much further than just the provision of insurance products and services. QIC is proud to be a financial institution with genuinely draws its strength and support from the local community, with a very clear understanding of our duty to reciprocate that support wherever possible.

At QIC, we contribute to the economic and social well-being of Qatar in a variety of ways. We sponsor several major economic, trade and business conferences and forums as well as a number of prestigious sporting and cultural events. Charitable causes and institutions also receive our regular encouragement and financial support including the recent funding of a major new multi-million dollar physiotherapy centre for the Hamad Medical Corporation.

We take pride in our achievements to date and the contributions we have made – not just in the field of insurance – but also in our support for the local community.

QIC is totally committed to continuing our contribution working with our shareholders, business partners, clients and staff, to enhance further the economy, business infrastructure and quality of life for everyone in Qatar.