Mitsui Sumitomo Insurance Company (Europe) Limited (“MSIEU”) (Head office: UK, Managing Director : Masahiro Matsumoto), which is a UK subsidiary of Mitsui Sumitomo Insurance Company Limited (“MSI”) (Chief Executive Officer : Toshiaki Egashira), is the first Japanese non-life insurer to obtain a licence and establish a branch in the Qatar Financial Centre in Doha.
MSI already has representative offices in UAE (Dubai and Abu Dhabi) and Kingdom of Saudi Arabia(Al Khobar )and the establishment of MSIEU Qatar Branch will assist in expanding the MSIG service network in the rapidly growing Middle East region.
1. Summary of MSIEU Qatar Branch
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| Company Name |
Mitsui Sumitomo Insurance Company (Europe) Ltd. |
| Address |
Qatar Financial Centre, P.O. Box 23245
West Bay, Doha, Qatar |
| Management |
Mr Nayef O. Besiso |
| Staff |
4 Staff including the above Management staff |
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2. Main business
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Providing reinsurance solutions with the security of the Mitsui Sumitomo name and rating strength |
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Network establishment with local non-life insurers |
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Market surveys in the Middle East region |
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Class of business(Property, Business Interruption, Liability, Engineering, Energy related and Marine risks) |
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3.Purpose of new branch establishment
Qatar, as a result of their rich natural resources, has undergone rapid economic development in recent years. With their natural gas extraction being the third largest in the world, the forecast is that economic growth will be maintained in the long term.
The government has proposed domestic investment of approximately JPY 14t over the next 5 years and this decision, in conjunction with the move to improve the transport infrastructure and to build major hotels and educational institutions to establish operations in Qatar, has the potential to expand the size of the non-life insurance market.
MSIEU will be the first Japanese non-life insurers to establish a branch in Qatar and will provide a quality service to both Japanese and local companies and in so doing contribute to the economic development and the local community in Qatar. |
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