(MENAFN Press) AXA ties up with Qatarlyst to reinforce its Property & Casualty business in Qatar
Qatarlyst to support AXA's leading presence in Qatar
In a move aimed at emphasizing its leadership in Qatar and across the region, AXA Gulf -one of the largest non-life international insurers in the Middle East “today announced that it has signed a partnership with Qatarlyst, the leading trading service for the global insurance and reinsurance industry.
AXA Gulf has built a very successful entity in Qatar in the past years. Once again, it has achieved double-digit growth in 2011 with premiums well over 100mUSD. Currently, AXA is the third biggest insurer overall in Qatar with over 100,000 clients.
This performance was the result of strong investments to enhance our quality of service, to innovate in terms of product offer and develop our people to increase our differentiation in the market. AXA in Qatar currently has a comprehensive product offering relying on key lines of business such as medical, motor, large risks and addressed to all types of customers - Corporates, Small and Medium sized Enterprises, Individuals and Families.
"Qatar offers a huge potential for growth in the insurance sector with penetration levels close to 1%. 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 Jrme Droesch, CEO of AXA Gulf.
Qatarlyst has been identified by AXA Gulf as a promising medium to develop its Commercial Lines business in the country, by taking full advantage of the opportunities. Qatarlyst offers to access, approach and manage risk better, thus enriching the locally available expertise which will ultimately benefit the market. A main area of concentration for AXA will be the Property & Casualty segment (large risks, construction, marine cover etc). This will also, substantially boost AXA's retail portfolio by further increasing service and product excellence, which is crucial as a pillar in our strategy to raise awareness of insurance in the region and increase our presence across other insurance lines.
Qatarlyst provides a sophisticated and secure internet or cloud based service for insurance, Takaful, reinsurance and retakaful transactions. Accessible via Internet Explorer and other web browsers, Qatarlyst provides structured workflow, controls, reporting and the electronic storage of a single version of the "truth" for simple and complex transactions, creating the benefits of improved efficiency, audit trail, management information and reduced transaction risk.
In his comments, James Sutherland, CEO of Qatarlyst said: "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."
He added: "We extend a secure platform for insurance and reinsurance transactions and we look forward to offering our expertise to AXA amidst this exciting growth phase."
The product of an initiative by the Qatar Financial Centre Authority (QFC Authority), Qatarlyst is headquartered in Doha, Qatar and has offices in London and Dubai. Qatarlyst has more than 130 member firms throughout the Middle East and North Africa region and connected markets, providing members with outstanding market access.
Notes to the editor:
About AXA in the Gulf
With a workforce of over 700 employees, 12 offices region-wide, more than 500,000 customers and 2011 gross written premium of over US 510 million, AXA is the largest international non-life player in the GCC offering a wide range of insurance products and services for corporate and individual customers. AXA Gulf was recently awarded Insurer of the Year 2011 at the MENA Insurance Awards, Best Medical Insurer of the Year 2011 at the Insurex Conference and Best Motor Insurance provider at the latest Car Middle East Awards. You can find all the information about AXA Gulf on www.axa-gulf.com
AXA Gulf in Qatar is regulated by the Qatar Financial center Authority
About AXA Group
The AXA Group is a worldwide leader in insurance and asset management serving 101 million clients. For full year 2011, IFRS revenues amounted to Euro 86.1 billion and IFRS underlying earnings to Euro 3.9 billion. AXA had Euro 1,079 billion in assets under management as of December 31, 2011.
Qatarlyst is the leading trading service for the global insurance and reinsurance industry. It provides buyers, brokers and carriers with a complete set of screens, processes and workflow to support quotation, signing and endorsements for all types and classes of commercial insurance, facultative and treaty reinsurance and Re-Takaful business.
Qatarlyst is 100% owned by Qatar Insurance Services LLC (QIS) which is a wholly-owned subsidiary of the Qatar Financial Centre Authority (QFC Authority). Headquartered in Doha, Qatar, Qatarlyst has been established to support Qatar's stated desire to become the region's leading insurance and reinsurance centre. It was created from the recognition and with the firm belief that the intelligent use of sophisticated yet accessible technology can make the insurance and reinsurance industry more efficient and improve market access.
Qatarlyst has offices in London and Dubai and through its London and Doha platforms currently has over 420 member companies in 35 countries around the world.
For additional information, please contact:
Alexis de Beauregard