Marsh seeks QFC licence; eyes energy, health sectors

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 said.
 

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 Insurance Company.
 

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.