ABDULLA BIN ALI AL ASSIRI
BIOGRAPHY
Abdulla Bin Ali Al Assiri was appointed CEO of Al Khaleej Takaful Insurance in 2019. He started his career at Qatar Petroleum (QP) in 2004 where he worked in corporate finance and planning. His last responsibility at QP was heading corporate business planning. He has a master's in finance, summa cum laude, from ESSEC Business School in Paris and a bachelor's in finance from Qatar University. He is particularly interested in investment, corporate finance, and planning, governance, and enterprise risk management.
What is your overview of the insurance sector in Qatar in recent years?
In 2018, we faced several flash floods that affected the financials of the insurance sector. This year is better, and we have seen improvements in almost every company, especially Al Khaleej, where we have seen excellent improvements in profitability. The appetite for insurance in the market, especially at the retail level, has increased. In the last 10 years, there has been huge downward pressure on the price of insurance, increasing premiums at the expense of profitability. The good part is that lower prices became attractive to new customers. Medical, car, and property insurance are also becoming more popular.
With what do you associate the successful results of this year?
Part of it comes from insurance, which is doing better, but it is also because of the measures we have introduced for claim management and writing assessments. The investment part has played a role as well. Insurance companies have two major lines of business: insurance and investment. The results have been much better than the last few years.
Where do you invest primarily?
We have a relatively balanced portfolio with investments in real estate, equity, cash and its equivalent, deposits, and bonds. Insurance companies to some extent can be the go-to for investors. One can invest in a portfolio as well as insurance.
What main contracts have you been involved in over this last year?
We write motor insurance, medical, life, and general insurance for engineering and properties. Some are growing fairly rapidly, like medical and life. There has also been a change in demographics that will likely continue, with people more into risk management, partially because they can afford it and because of their education level.
ABDULLA BIN ALI AL ASSIRI
TABLE OF CONTENTS
Interview
Yousuf Mohamed Al-Jaida, CEO, Qatar Financial Centre (QFC) Authority
Given its successful performance in the last few years, QFC is optimistic it will be able to capitalize on Qatar's ongoing efforts to create a world-class business environment and attract more global companies.
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Lolwah R M Al-Khater, Spokesperson, Ministry of Foreign Affairs
The Ministry of Foreign Affairs is focused on pushing forward Qatar's foreign policy, sharing information and perspectives that could be useful for regional security and advancing the Qatari narratives on many issues facing the world today.
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Richard O’Kennedy, Vice President, Research, Development, and Innovation, Qatar Foundation
The first country in the world to track its citizens' genomes, Qatar is on track to make one of modern science's biggest breakthroughs by personalizing medical treatment and precision care.
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Jassim Saif Ahmed Al Sulaiti, Minister, Transport and Communications (MoTC)
With plans for a fully electric bus system and an impressive set of interconnected transportation options including metro, rail, and tram, the Ministry of Transport and Communication is shifting mobility into the next gear in Qatar.
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Sheikh Abdulla Bin Saoud Al Thani, Governor, Qatar Central Bank (QCB)
Encouraging local manufacturing, initiating self-sufficiency in dairy and farm products, expanding into new air and sea routes, offering select visa-free entry, and enacting fiscal reforms are but several of the successful reforms undertaken since 2017.
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Sean Kelly, Project Director, Place Vendôme
Place Vendôme is no ordinary mall: with 650 hotel rooms, a 6,000-sqm cinema with 18 screens, six slides, three toboggan runs, and an ice river opening in September 2020, it is looking to slide into Qatar's tourism infrastructure in time for the World Cup.
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Mehmed Zingal, General Manager, Turkish Airlines - Qatar
With its 30th year celebration of its Miles&Smiles club launch in Qatar, Turkish Airlines is acknowledging its continued diligence to provide the best customer service, with targets to increase customer happiness through innovative technologies and increasing tourism to Qatar for the future.
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Hassan Rashid Al-Derham, President, Qatar University (QU)
Ranked in the top-500 universities by the Times Higher Education, Qatar University improves students' academic success by supporting students throughout their academic lifecycle, from the pre-university stage to beyond graduation.
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A lesson learned
The international attention set to fall on Qatar over the coming years is significant only to the extent that it generates advances in human capital required by Qatar's blueprint, National Vision 2020, where local know-how and innovation advance the nation and promote wellbeing.
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Dr. Hanan Mohamed Al Kuwari, Minister of Public Health & Managing Director,, Hamad Medical Corporation (HMC)
The health minister is committed to continuing the growth of Qatar's healthcare system, with plans for more than 20 new facilities specializing in pediatrics, geriatrics, and mental health.
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