The Qatar International Court and Dispute Resolution Centre (QICDRC) has chosen international law firm Pinsent Masons to help develop a specialist dispute resolution scheme for high-value insurance and reinsurance claims.
Preliminary proposals from Pinsent Masons and the QICDRC will be discussed by leading figures in the insurance and reinsurance industry at a series of roundtables in Dubai, Qatar, and London during September 2012. If the scheme is enacted, it will be the first such project in the Middle East.
“The availability of an effective, high-quality, and accessible dispute resolution mechanism is an essential ingredient in the development of an expanding and successful insurance and reinsurance market. The QICDRC scheme will be a key attraction to global insurers, and reinsurers looking to conduct business there,” said Nick Bradley, partner at Pinsent Masons. “Insurers need certainty when they operate in a market. They need to be able to predict accurately their liabilities, reserves, legal costs, and premiums. A dispute resolution scheme will provide the required certainty in dispute resolution that will accelerate the development of the insurance and reinsurance industry in Qatar.”
The insurance industry in the Middle East is estimated to be worth $15 billion, with huge potential for growth in the infrastructure, energy, and personal insurance sectors. Qatar is home to around $200 billion worth of new infrastructure projects.
QICDRC chief executive Robert Musgrove had previously told TheBrief that the English-language court aimed to create a series of dispute resolution products, working in tandem with major law firms, to provide more options for businesses.
“If the feasibility of the project is approved, the specialist insurance dispute resolution scheme will be established at the QICDRC where we provide access to independent, impartial, international judiciary of the highest standard and state of the art facilities,” said Musgrove in the statement. “The scheme will not only cater for specific regional requirements but also position Qatar as a global hub for the insurance industry.”
Roundtables to discuss the proposed project will be taking place in Dubai on Sept. 9, Qatar on Sept. 16, and London on Sept. 20.
Shaheen Pasha is Middle East Regional Editor at ALB. Follow us on Twitter: @ALB_TheBrief.
Other related stories:
