Boston, MA -- (ReleaseWire) -- 03/13/2014 -- The Qatari insurance industry grew at a CAGR of 1.0% during the review period (2008-2012), due to weak demand for personal accident and health insurance and the emergence of takaful insurance. However, the industry is expected to register faster growth at a CAGR of 6.7% over the forecast period (2012-2017). Growth will be driven by projected infrastructure spending ahead of the 2022 FIFA World Cup and investment in non-oil sectors. Growth in the industry can be attributed to factors like the rise in the expatriate population, regulatory changes and the country's economic strength. The size of the Qatari insurance industry is comparatively smaller than other countries in the Gulf region; the industry's penetration stood at 0.4% in 2012, significantly lower than the global average of 6.7%. This provides an opportunity for existing and new entrants to scale-up their businesses in the uninsured Qatari insurance industry.
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- The Qatari insurance industry grew at a CAGR of 1.0% during the review period, due to weak demand for personal accident and health insurance and the emergence of takaful insurance
- The size of the Qatari insurance industry is comparatively smaller than other countries in the Gulf region
- Third-party motor insurance, engineers' professional liability insurance and health insurance are compulsory in Qatar
- By the end of 2014, the entire population is expected to be covered under health insurance, providing the health insurance category with strong growth avenues, which will be ignited by lifestyle changes
- Construction activities are expected to increase in the country over the forecast period, as Qatar prepares to host the FIFA World Cup in 2022
- There are six leading insurance providers in Qatar; Qatar Insurance Company is the market leader with 43.5% market share, followed by Qatar General Insurance and Reinsurance (QGIRCO) with 18.7%
This report provides a comprehensive analysis of the insurance industry in Qatar:
- It provides historical values for the Qatari insurance industry for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
- It offers a detailed analysis of the key segments and categories in the Qatari insurance industry, along with forecasts until 2017.
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
- It profiles the top insurance companies in Qatar, and outlines the key regulations affecting them.
Reasons to Get this Report
- Make strategic business decisions using in-depth historic and forecast industry data related to the Qatari insurance industry and each segment within it.
Companies Mentioned in this Report: Qatar Insurance Company (QIC), Qatar General Insurance and Reinsurance Company (QGIRCO), Doha Insurance Company, Al Khaleej Insurance & Reinsurance Company QSC, Qatar Islamic Insurance Company, Arabia Insurance Company,
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