Qatar Rail has awarded a sixinsurer consortium the largest ever single project tunnelling and rail insurance contract.
The rail company is overseeing the construction of the gulf state’s integrated rail network, which is the largest infrastructure project currently being undertaken in the country. Domestic insurer Qatar Insurance Company (QIC) is the lead insurer in the consortium.
The other five members of the insurance 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.
Eighty percent of the risk is retained by domestic insurers; the lead reinsurer is Lloyd’s syndicate Liberty. The lead broker for the deal is Marsh.
The large domestic presence within the insurance consortium represents the growing strength of the domestic insurance market in Qatar, according to Ali S Al Fadala, senior deputy group CEO of QIC Group. “The national insurance industry has the capabilities to handle large scale projects of any size and complexity and provide services of highest standards to its clients,”
Jon Marsh, the broker’s vice chairman for its global construction practice, said: “Marsh take great pride in our appointment to this prestigious role, which is the beginning of a significant partnership and journey.”
A key element of the project is the new Doha metro system, which will span over 231km and will be completed in two stages.