Daman launches Qatar operations in partnership with Munich Health
WAM Abu Dhabi, June 12th, 2012 (WAM) -- The National Insurance Company - Daman PJSC (Daman), the leading health insurer in the region with 2.1 million members based in UAE, announced today the launch of Daman Health Insurance Qatar (Daman Qatar).
Daman Qatar benefits from the experience gained by Daman in the region during the past six years as well as international best practices of operations from Munich Health, a subsidiary of Munich Re, which maintains a history of over 100 years in reinsurance internationally. The company will offer a variety of health insurance plans focusing on corporate and group clients.
"The establishment of this new operation is a proud moment for us and strengthens our presence in the region. Qatar is a growing market and this step is an integral part of our strategic growth plan through our partnership with Munich Health," said Khaled Al Qubaisi, Chairman of Daman.
As with Daman in the UAE six years ago, Daman Qatar will enter the market as the first specialized health insurer introducing insurance plans and features unprecedented in the Qatari market. These include comparatively higher annual policy limits and coverage of existing medical conditions as standard.
Commenting on the launch, Lee Shurey, Chief Executive Officer of Daman Qatar said: "Our services offer innovative solutions coupled with the highest service standards and we truly believe that we can offer something new to the market. Although we are new in Qatar, we will operate within the well-established and proven infrastructure from the National Health Insurance Company - Daman in Abu Dhabi that adheres to the highest industry standards set by Munich Health".
The Qatari market is known to be one of the fastest growing markets in the region. A recent study published by the Qatar Financial Services Authority shows that 60% of the insurance industry top executives are confident that the insurance sector will grow at a rate higher than the GDP*.
Dr. Michael Bitzer, Chief Executive Officer of Daman, remarked: "The launch of Daman Qatar is an important growth opportunity for us. We are fully committed to supporting this venture and are confident the experience we have amassed over the past years will ensure our latest venture is a success. Our philosophy of introducing innovative initiatives for the industry we operate within and to the members we serve will be reflected in Daman Qatar's business." Daman Qatar will provide current clients of Daman international plans in the UAE with improved access to healthcare services when visiting Qatar.