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Member, Beacon International Group, Ltd.
DOHA, QatarThe Qatar Financial Centre Authority is launching a technology-based insurance and reinsurance trading platform it hopes will boost its effort to become the region's leading insurance hub.
The Qatar Insurance Platform, which will begin a pilot operation in the fourth quarter of this year, will provide an electronic trading service, deliver transaction documents, generate management information and, eventually, allow straight-through processing.
The platform is expected to bring together international insurers, reinsurers and brokers to conduct business through the new technology, the QFC said in a statement.
"In doing so it will fortify Qatar's intention to become the region's leading insurance center," the statement said, while providing access for the global insurance and reinsurance industry to a fast-growing portfolio of risks in the Gulf Cooperation Council, central and southern Asia.