QIS CEO, Mr James Sutherland, looks into the developments in electronic trading and their implications for the insurance industry, and specifically the MENA region.

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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.

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Qatarlyst is delighted to announce the final winners of the iPad competition that we have been running over the last quarter of 2011. Congratulations go to:

A Guruprasad from Insighters Insurance Brokers, Ashwin Kiyawat from Oman Insurance Company and George Antony of SEIB Insurance and Reinsurance Company for sending and responding to the most submissions respectively.

Congratulations also go once again to our past winners and we would like to thank all of you that have taken part and helped in making this such an exciting competition.

The above photo shows (from left to right) Guruprasad A (of Insighters Brokers UAE), Khalid Al-Mughesib (Deputy CEO of QIS), Ashwin Kiyawat (of Oman Insurance Co.)

The above photo shows George Antony (of SEIB Insurance & Reinsurance Qatar)

Qatarlyst had a very positive year with significant growth in all areas:

• Qatarlyst community membership has grown to over 120 with NASCO France being the latest joiner.
• There are more companies live and active on the platform with Chedid Re in Lebanon and Abu Dhabi National Insurance Co. (ADNIC) in the UAE being recently setup and trained.
• Trading in the last quarter increased substantially, approaching 5000 transactions for the period, with a steep curve showing good prospects for significant growth throughout 2012.
• Technosys Group in Jordan developed an interface between Qatarlyst and the AIMS system. Now Eurobase in London are developing an interface to SYNERGY.

2012 is expected to achieve even more in the build up to the single platform merging the MENA platform with London and Global Markets.

The workshop on e-trading and Qatarlyst was well attended with around 70 participants from all areas of the Jordanian insurance market.
There were presentations by Roy Gilmour of Qatarlyst (on e-trading and Qatarlyst) and Ibrahim Qasmieh of Technosys (on the integration between Qatarlyst and AIMS Web).

The presentations were followed by speeches from the panelists:

• Dr. Ali Al Wazzani, CEO First Insurance Company
• Mr. Zuhair Al Atout, CEO Apex Insurance
• Mr Ahmad Al Absi, President Jordan Insurance Brokers Association
• Mr. Ibrahim Qasmieh, Executive Director Technosys Group
• Mr. Khalid Al Mughesib, Deputy CEO and Board Member of QIS (Qatarlyst)

Many delegates then participated in a discussion around e-trading and posed questions to the panel that lasted for over one hour so that lunch was delayed!
After lunch a live demonstration of Qatarlyst was shown to some of the delegates.
The Qatarlyst team would like to thank all of the attendees, the panelists and the representatives of the JIBA and the JIC.

Qatarlyst plans for an inauguration of e-trading in Jordan workshop on 13th September.

Facilities have been booked at the Grand Hyatt in Amman. All Jordanian Insurance companies have been invited and all brokers (through the Jordan Insurance Brokers Association). A representative from the Jordan Insurance Commission will be present to support a panel of speakers and roundtable discussions. The panel members are:

Dr. Ali Al Wazzani, CEO First Insurance Company
Mr. Zuhair Al Atout, CEO Apex Insurance
Mr Ahmad Al Absi, President Jordan Insurance Brokers Association
Mr. Ibrahim Qasmieh, Executive Director Technosys Group
Mr. Khalid Al Mughesib, Deputy CEO and Board Member of QIS

Around the workshop the sales team will be seeing more companies to add to eleven companies that have currently applied from Jordan plus a Client Services representative will be spending a week there training in various companies. It is anticipated that vibrant e-trading will follow this event.

Close to 250 experienced insurance practitioners received ‘hands on’ training on the Qatarlyst application. Insurance intermediaries, insurance and reinsurance company executives in Qatar UAE, Bahrain, Jordan and the London Market are now conversant with the E-insurance platform. Qatarlyst expects to more than double this before the end of the year.

“Qatarlyst has issued close to 250 certificates for insurance practitioners who have been successfully trained on the system and who can transact business over the Qatarlyst platform.” announced Mr. Khalid A. Al Mughesib, Deputy CEO and Board Member of QIS.

He added:”Qatarlyst is creating a community of insurers, brokers and reinsurers across the region, offering real-time connectivity. The platform has been established to underpin Qatar’s commitment to become a leading regional insurance, reinsurance and captive insurance hub.”

Qatarlyst is proud to announce that it is now a member of the General Arab Insurance Federation (GAIF).

“GAIF is the leading, unified voice of the Arab Insurance markets worldwide and it is an honour for us to be members of this auspicious Federation.” stated Khalid A. Al Mughesib, Deputy CEO and Board Member of QIS.

Khalid Al Mughesib, Deputy CEO and Board member of Qatar Insurance Services (QIS), has been appointed as Ambassador for Qatar by the International Insurance Society (IIS). This is the first time the IIS has appointed an Ambassador for Qatar and is a sign of Qatar’s emerging status as a leading hub for captives and reinsurance in the region. This announcement highlights one of the several recent developments in the industry, including the decision by one of Qatar’s leading reinsurers, SEIB Insurance LLC, to utilise Qatarlyst as their main insurance transaction solution and the announcement by the Qatar Financial Centre Regulatory Authority to introduce new regulations designed to support the development of the captive insurance industry within Qatar.

To read the full article click here . . .

Kick-off training and meetings continue unabated particularly in Qatar, UAE, Bahrain and Jordan. Whether in-house (at our community members’ offices), or in our state-of-the-art meeting room or electronically, the Qatarlyst client services team continues to get more and more users engaged.

With more members on board from intermediary, insurance and reinsurance firms, our user competitions, offering exciting prizes, will also shortly be re-launched.