Marsh seeks QFC licence; eyes energy,
Doha: Marsh, a $5bn risk and insurance services provider with a
clientele including Qatargas, RasGas and Shell, is keen to establish
a branch in the Qatar Financial Centre, eyeing the country’s
construction, energy and health sectors in a big way.
Confirming that it has applied to the QFC Regulatory Authority for a
license, Marsh managing director Robert M Makhoul said it was a
natural progression of its expansion in the Middle East.
Asked about the business Marsh was
eyeing from Qatar, Makhoul declined to divulge the details but said
“in setting up a presence we have to be sure that we are making
sufficient revenues to justify investments.”
“As the risk landscape continues to
evolve, it is increasingly important for companies to examine the
potential risks that they can face and then devise the most
effective methods to mitigate them,” he said.
Global marine and energy practice
managing director JR Bruce Garrett said the Qatari market was
heavily populated by local insurers but going by the size of the
projects there was a need to bring the expertise, which now exists
in London Europe and the US.
“We will be looking at major
construction, energy, marine and health insurance segments,” he
Citing the $130bn capital expenditure on
Qatar’s various energy and non-energy sectors, Barrett said there
existed significant potential for insurance companies.
Asked about the number of clients in
Qatar, Barrett said Marsh was primarily an insurance broker working
in association with the local insurance companies, mainly Qatar
Neither did the officials reveal the
Middle East’s contribution to its global revenues. They merely said
Marsh has high priority for the Middle East in its growth plans.
Marsh, a unit of Marsh & McLennan
Companies, a global professional services company, already has
offices in the UAE, Oman, Saudi Arabia and Bahrain.