Doha, June 24 (QNA) – Qatar could soon become a major hub of the global insurance and reinsurance businesses with the establishment of “Qatarlyst”, a company set up by the Qatar Financial Centre (QFC) as an insurance technology provider. Qatarlyst chairman Abdulrahman Ahmed al-Shaibi said the new venture has ample government backing and would tread on a safe path in the coming years to deliver high quality insurance services in the region, according to the “Gulf Times” newspaper Wednesday. “Our vision is to make the QFC the financial centre of the whole of the Middle East region and to attract regional and international insurance and reinsurance firms to Qatar as their preferred location to do business in the region. Efforts will be made to make the country the Middle East’s insurance hub,” al-Shaibi said. Al-Shaibi, who is also a non-executive QFC director, added that the QFC’s structure facilitated the setting up of a company such as Qatarlyst and the new company will help the QFC achieve its goals. “Qatarlyst will also help advance the sophistication of the insurance activities, in Qatar and outside,” he said. Al-Shaibi also expressed the hope that the new firm would help bring an array of international insurers, reinsures and brokers together on a single platform to conduct commercial insurance and reinsurance activities through a “unique” system. Al-Shaibi said Qatarlyst will support the growth of the country’s financial sector and raise the financial services standards. It will also generate new employment opportunities for financial professionals and help the QFC become the region’s most preferred financial destination, he said. He said Qatarlyst will provide a more efficient, effective and manageable means of facilitating and processing documentation for the insurance industry through an innovative web-based system. Al-Shaibi said the region’s insurance industry is under-developed compared to the rest of the world. “By mitigating the consequences of the financial crisis, insurance encourages investment and innovation. Insurers and reinsurers contribute to the efficient use of capital based on their role as significant, long-term institutional investors,” he said. (QNA)