Where am I? > > INSURING HAMAD INTERNATIONAL AIRPORT
INSURING HAMAD INTERNATIONAL AIRPORT
June, 2014
 

Doha’s dazzling new Hamad International Airport (HIA) is now operational and is set to razzle-dazzle Doha’s inbound and outbound passengers. With a capacity to accommodate 28 million passengers per year, it is expected that HIA’s capacity will soon increase to accommodate 50 million. ta’ameen Qatar takes a closer look at the airport risks HIA could be vulnerable to and the measures that are taken to provide a five-star experience for its passengers. 

Underwriting airport risks: 

Airport operators handle a variety of risks. Often airport insurance policies include covers for airport operators, product manufacturers, fuel suppliers, maintenance operators, repairers, aircraft sales operators and hangar keepers. In order to target high-quality aviation risks, the policies are crafted flexibly and are tailored to meet specific needs. Besides that, good risk management and safety practices are key aspects for the successful operation of an international airport. 

How airports administer risk management is at least partly determined by the size and resources of the facility. As would be expected, larger airports are more independent, have greater resources, and use a greater variety of risk management techniques.

Airport risk management is a subspecialty of the field of risk management. Airport risk management is further characterised by the nature of the aviation industry, which includes life safety considerations, catastrophic loss potential, and high visibility. 

HIA’s chosen insurance bond carrier: 

During the opening of the HIA, the chairman of the HIA steering committee, Abdul Aziz Mohammad Al-Noaimi mentioned that, “All the challenges that were faced in the construction of the airport had made officials even more determined to make the facility one of the best of its kind.” He further added that civil defence had worked very hard to raise security standards at the airport. 

Six insurance companies based in Qatar were involved in the contract bid for insuring the HIA, out of which, one Qatari insurance company was named as the chosen tenderer. 

Abdul Aziz Mohammad Al-Noaimi, the chairman of the HIA steering committee said, “Hamad International Airport provides the aviation industry with a new gateway to the world, being well equipped with the latest technological advancements, modern facilities and efficiency-led designs. Qatar Insurance Company (QIC) – one of the strongest insurance bond providers in Qatar has been selected as a fine insurance provider of this magnificent new airport.” 

How much was the HIA insured for?

The state-of-the-art, world-class airport facility has been fully insured for a value of QAR 45.97 billion. The local contract tender process was carried out in abidance with ISO-9000 standards. 

The HIA started the first phase of its operations on April 30 with ten airlines. Five other airlines moved their operations to the HIA on May 15. National carrier Qatar Airways and the remaining airlines operating to Doha started flying from the new airport from May 27. 

 
Share this page
 
 
Niche Publications
Digital Editions
Advertisement
Advertisement

 
News & Deals | Legal Clinic | Interviews | Market Update | Risk Management | Events | Contact
© 2024 ta’ameen Qatar, All rights reserved