Doha Insurance Group (DIG) revealed plans to open representative offices in London and Beirut to underwrite reinsurance business including energy risks, life, and medical insurance, according to company chairman Sheikh Nawaf bin Nasser bin Khaled al-Thani,
At the recent La Cigale Doha annual general meeting, Khaled announced restructuring and expansion plans as the firm prepares to take on a larger share of the takaful insurance market and expand internationally.
He told shareholders the group had obtained Qatar Central Bank (QCB) approval to transform its Islamic insurance branch – Doha Takaful – into a shareholding company of limited liability.
The DIG plans to expand Doha Takaful into a separate, fully-fledged, but 100% DIG owned insurance company; “it will be separate but within two years we hope it will have all the tools to perform exceptionally well,” DIG Chief Executive Officer Bassam Hussein explained.
In addition, Khaled said the group would further support and develop investment into DIG-owned IT company in Jordan, which makes InsurTech and software to match the needs of the Group.
Khaled added that the group’s management will develop its investment portfolio and diversify its assets, including increasing the share of bonds and sukuks, taking into account the expected increase in interest rates during the next year; “we will also consider the purchase of new income-generating properties,” Khaled said.