The Supreme Committee for Delivery & Legacy (SC), which delivers the infrastructure for the 2022 Fifa World Cup in Qatar, has awarded an insurance contract for capital expenditure works related to the construction of stadiums to the National Insurance Consortium (NIC).

Delegates from Qatar Islamic Insurance Company (QIIC), the lead organisation on this contract, and the other members of the NIC, including Qatar Insurance Company, Qatar General Insurance & Reinsurance Company, Al Khaleej Takaful Group, Doha Insurance Company and Al Koot Insurance & Reinsurance Company, attended the official ceremony at Al Bidda Tower, SC’s headquarters in Doha,  where the policy was formally handed over to the SC’s secretary general Hassan al-Thawadi by Sheikh Abdullah bin Thani al-Thani, QIIC chairman, reported Gulf Times.

The procurement of the capital expenditure insurance contract was made under an Owner Controlled Insurance Programme (OCIP) and provides ‘Construction All Risk’ and ‘Third Party Liability’ coverage for seven of the eight currently planned stadiums for the 2022 World Cup, with the exception of the Khalifa International Stadium as the venue’s extensive refurbishment project is expected to be completed by Q2, 2017.

The terms of the OCIP were obtained through a competitive bidding process in the international reinsurance market through the SC’s appointed broker, Jardine Lloyd Thompson (JLT), who was also selected through the same process.

Scor Global P&C of France, one of the largest reinsurers in the world, won the bidding and has assumed 20 per cent of the risk. The remaining 80 per cent has been distributed among the NIC members, thereby creating a strong public-private partnership (PPP) consisting of a mix of international and local expertise, with the majority focused on local organisation participation.

“Awarding this capital expenditure contract to the National Insurance Consortium represents another significant project milestone as we progress towards 2022. We have always said that we will use the tournament as a catalyst to help further develop the State of Qatar, in line with the Qatar National Vision 2030, and agreements like today’s demonstrate that it is working to do exactly that as the NIC and this contract is largely focused on Qatar’s national insurance market and made up of local Qatari organisations,” Al-Thawadi was quoted as saying at the signing ceremony.

“The placement of 80 per cent of the risk to the NIC also demonstrates the SC’s and the State of Qatar’s full confidence in the organisations’ that make up the NIC and will help further cement the strong reputation Qatar’s national insurance market has regionally and around the world,” he added.