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TAKING OVER THE REINS
November, 2013
 

Tarun Khanna, CEO, Nexus Group speaks to ta’ameen Qatar about Nexus Financial Services in Qatar, his observations about the Qatari market and what he intends to implement to minimise risks. 

Please give us a brief about the core products, which are handled by Nexus Financial Services in Qatar. 

Our core services in Qatar include regular savings, lump sum investments and life/critical illness insurance. We also provide all personal lines General Insurance (such as motor, homeowners contents, travel and medical), as well as employee benefits and products related to corporate lines. 

Do you feel the market is yet to realise its full potential? If so, what is Nexus doing to educate the market in the insurance space? 

The new healthcare reforms that are being phased in will provide a platform on which we can build strong awareness of our services. Educating the market on insurance products related to directors and officers, cyber crime and professional indemnity is an evolving and an ongoing process that will take time. It is the collective responsibility of both Nexus and other brokers to deliver awareness-raising campaigns through media and educational seminars. We have been extremely active in this space. For example, we recently hosted a session in Doha for the Institute of Auditors on risk management and employee benefits. 

Besides oil and energy, what are the other sectors, which can be tapped for more commercial risks? 

The hospitality sector requires a certain understanding of risks, exposures and appropriate coverage. The entertainment sector, including sporting events is also interesting. To exemplify, golf, tennis and football require bespoke coverage such as liability, cancellation and abandonment and loss of revenue. 

 How have the financial results been during H1 of 2013? What are the strategies that you wish to implement for the rest of 2013? 

Our growth figures have been very encouraging. Moving forward, our aim is to further expand our reach and influence across the State of Qatar. We are deeply committed to protecting businesses and individuals and helping them to become more financially astute and sustainable. Based on an in-depth consultation process, we advise our clients with complete independence on the products they choose to pick. Our ability to continually deliver is based on a long history of attracting and retaining some of the most talented consultants in the industry. 

Considering the current upsurge in infrastructure, how is the demand for Professional Indemnity (PI) in the State of Qatar? 

The civil code imposes a 10-year liability for faults or defects in design on contractors and consultants. Therefore, it would be logical to assume that the PI sector should be growing. Unfortunately, the cost of such cover for Extended Reporting Periods (ERP) can be onerous. Furthermore, many international entities have global programs in place, which dilutes demand for local coverage. 

Tarun Khanna, CEO, Nexus Group 

 
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