Japan's Mitsui Sumitomo Opens Branch in Qatar

Tue. December 23, 2008; Posted: 05:28 AM

DOHA, Qatar, Dec 23, 2008 (A. M. Best via COMTEX) -- MTSQY | Quote | Chart | News | PowerRating -- Mitsui Sumitomo Insurance Co. Ltd. [86888] said it has obtained a license to set up a branch in the Persian Gulf state of Qatar, where it will provide nonlife insurance and reinsurance business for Japanese and local corporate clients.

The new branch office will operate as a subsidiary of the Japanese insurer's London-based operation, Mitsui Sumitomo Insurance Co. (Europe). It plans to start the business in January.

Large-scale infrastructure projects in the Middle East drove the momentum of the Japanese insurer's presence in the region. Mitsui Sumitomo, one of the largest nonlife insurance groups in Japan, also said it is the first Japanese insurer to set up a branch office in the Qatar Financial Center in Doha.

The insurance group has expanded into the Middle East with the establishment of representative offices in Dubai and Abu Dhabi of United Arab Emirates and Al Khobar in Saudi Arabia.

Mitsui Sumitomo said it saw great potential to develop the nonlife insurance market in Qatar because the government had proposed domestic investment of about 14 trillion yen (111 billion euros) to build up the nation's social infrastructure in the next five years.

Rapid economic development, rich natural resources and infrastructure projects for construction of transportation, hotels and educational institutions are all driving demand for nonlife insurance products and services in Qatar, the insurer said.

Mitsui Sumitomo's new Qatari office will underwrite nonlife policies for property, business interruption, liability, engineering, energy and marine risks. It also provides reinsurance solutions for nonlife insurance companies in Qatar.

(By Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com)

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