Background

The demand for insurance continues to grow apace, with the greatest potential currently being seen in the Middle East where US$1.1 trillion is being invested in high value projects alone. This exponential rise in insurable assets is transforming the GCC region into a new frontier for the global insurance industry. Evidence suggests that the next decade will see a quantum leap for the insurance sector, with analysts predicting a doubling of the Gulf market for Reinsurance and Large Commercial risks (RLC).

Such rapid growth brings a wealth of opportunity for the global insurance and reinsurance markets and leads to an increase in transactions and a greater level of information and paper flow. In turn, that generates a greater administrative burden on all parties involved in a transaction with a growing need to streamline and improve the essential transfer of data, securely, from one party to another.

Qatarlyst is a new solution which has been developed by the Qatar Financial Centre Authority (QFC Authority) in conjunction with regional industry leaders. It has been created from the recognition and with the firm belief that many of these issues within the RLC community both in the GCC and elsewhere can be addressed through the intelligent use of sophisticated yet accessible technology.