DOHA: Qatar Railways Company (Qatar Rail), the company which is overseeing the construction of the country’s integrated railway network, has awarded one of the largest ever single project tunnelling and rail construction insurance policies to a six-member consortium of Qatari National Insurance Companies, led by Qatar Insurance Company (QIC), with additional capacity from international reinsurers and QFC registered insurers.
This is the largest insurance programme on infrastructure in Qatar and one of the largest risk covers related to railways ever placed in the world. The awarding of the contract came after Qatar Rail adopted owner controlled approach to insurance procurement, Qatar Rails said here yesterday.
The National Insurance Consortium will provide Construction All Risks and Third Party Liability insurance to Phase 1 of Doha Metro Project.
The other five members of the consortium are Qatar General Insurance and Reinsurance Company, Al Khaleej Takaful Group, Doha Insurance Company, Qatar Islamic Insurance Company and Al Koot Insurance and Reinsurance Company. QFC-registered companies Doha Bank Assurance Company and SEIB Insurance and Reinsurance Company also participate on the programme. “We, at Qatar Rail, believe that a strong public private partnership (PPP) will further strengthen the domestic economy and our model translates Qatar National Vision 2030 into achievable actions through our projects that are essentially based on PPP,” said Abdullah bin Abdulaziz Turki Al Subaie, the Managing Director of Qatar Rail.
“The significant participation by the local players in this major insurance programme demonstrates the strength of the domestic risk cover market and their potential to make robust contribution towards the overall economic development,” Saad Al Muhannadi CEO of Qatar Rail said. More info