Qatar desperate for insurance talent
With Dubai stubbornly holding on to the title of Middle East financial hub, Qatar has set its sights on another industry - insurance. There's just one problem with its plans for rapid expansion in this area - attracting talent to the country.
The Qatar Financial Centre Authority has outlined its plans to become a regional hub for insurance and reinsurance activity within the Gulf region.
"The level of interest in the region and especially Qatar is growing, thanks to the country's sound economic performance and strategic economic initiatives initiated by the government," says Stuart Pearce, director general of the QFCA.
In April last year the QFCA appointed James Sutherland to develop the insurance and reinsurance industries in the country.
So far in 2009, Qatar has granted a licence to two insurance firms - Mitsui Sumitomo Insurance Company and Nasco Karaoglan, which isn't bad when you consider there are only 103 licensed financial services firms in the QFCA.
Still, a potential stumbling block to the industry's rapid growth is the lack of talent in the region, says HE Yousef Hussain Kamal, minister of finance and economy, State of Qatar.
"Financial capital can be raised, physical infrastructures can be built, but the development of human capital such as actuaries and specialized underwriters is a challenge for all rapidly emerging economies," he said.
To stem the lack of candidates in the long-term, the government has created the Qatar Finance and Business Academy in a bid to develop a pipeline of talent.
In the meantime, they're looking for other solutions, says James Sayer, business development consultant at Robert Half in the UAE.
"The market remains relatively under-developed," he says. "Insurance companies are looking for
professionals with industry experience from outside the region, especially from the United Kingdom and the United States."
It's becoming easier to attract insurance professionals to the region, says Sayer, and the bulk of roles centre around underwriting, sales and marketing.
"Previously, insurance professionals could have enjoyed a large pay increase to move to the Middle East, but salaries have normalised of late," he adds.
