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The Qatar financial Centre (QFC) Authority said the local captive insurance market is expected to grow rapidly during the next few years, spurred by the expectation of over US$140 billion on infrastructure spending in the country through to 2015.

Another factor driving the market is improvement in corporate risk management standards which favour increased risk retention through captive solutions, the introduction of company insurance covers and the increased pressure by capital markets for more efficient capital management, said the QFC Authority in its 2010 Annual Review.

The Annual Review covers the changes which have taken place in Qatar’s financial services through the year 2010, and the growth of the sector. Among the firms licensed in 2010, Kane LLC became the first authorised to provide a range of captive insurance management activities in the QFC, while Matrix ME Alignment Fund Management LLC became the first regulated property investment fund management firm, bringing the overall number of QFC-licensed firms to 139.

The QFC Authority said this growth was underpinned by the economic strength of Qatar which saw its annual GDP increase by an estimated 18%. In addition, 43 companies are listed on the Qatar Exchange which rose 25% in 2010, making it the best performing market in the region.

Mr Shashank Srivastava, Acting CEO of the QFC Authority, said: “With the guidance provided by the QFC Authority Board and support of the Qatari Government, last year exceeded expectations. The global financial community emerged from two difficult years, into a period of controlled growth. Business people are more risk adverse and diligent about the investments and relationships they enter into which consequently has highlighted Qatar as an attractive destination for capital.”