Qatar: Rail and airport projects awarded to local insurers

Qatar Rail – which is building the country’s integrated railway network – has awarded the single project tunnelling and rail construction contract to a six-member consortium of national insurance companies led by Qatar Insurance Company (QIC).

The other members of the consortium are Qatar General Insurance and Reinsurance, Al Khaleej Takaful, Doha Insurance, Qatar Islamic Insurance and Al Koot Insurance and Reinsurance. QFC-registered companies Doha Bank Assurance and SEIB Insurance and Reinsurance are also participating in the programme.

The consortium will provide construction all risks and third-party liability insurance to Phase 1 of the 231 km Doha Metro Project. Eighty per cent of the risk will be retained by the domestic insurers. The lead reinsurer is Liberty and the broker appointed by Qatar Rail is Marsh.

Meanwhile, the Qatar Civil Aviation Authority (QCAA) has appointed QIC as an “insurance bond carrier” to provide full insurance service for the newly opened Hamad International Airport (HIA) at a value of QAR45.97 billion ($12.6 billion).

QIC outbid five other companies to be the sole insurance provider for the HIA, which was built at over QAR55 billion and officially opened for its first phase of operations in April.

 

Source: http://www.meinsurancereview.com