Qatar Insurance Report Q1 2015 - New Market Study Published

The news flow from Qatar's insurance sector in late 2014 confirms our view that premiums have been growing steadily and should continue to do so through the forecast period. The sector faces a number of challenges, though, and the leading indigenous company is actively seeking opportunities elsewhere.

Qatar's insurance sector has much in common with its peers in other countries that are members of the Gulf Cooperation Council (GCC). The sector is, and at the end of the forecast period will remain, underdeveloped by a number of important metrics such as penetration (premiums as a percentage of GDP). Most of the local companies are relatively small by most standards. The market is basically open to competition. Pressure on tariffs (prices) in most lines - and particularly basic motor and household property covers - is relentlessly downwards. Retention ratios (net premiums as a percentage of gross premiums are low).

Full Report Details at
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Nevertheless, there are a number of strengths. Qatar Insurance Company (QIC) is one of the largest insurers in the region, and is rapidly emerging as a substantial international reinsurer. The backers of the five main indigenous companies have large capital resources. The government is encouraging the development of financial services through the Qatar Financial Centre.

The combination of volume growth (particularly in the motor vehicle insurance sub-sector) and downwards pressure on prices, suggests to us that premiums should rise by 5-7% annually through the forecast period - which is a respectable outcome by global standards.

Life insurance is something of a wildcard. As is the case in the UAE and Bahrain, for instance, the segment is dominated by large international companies who are providing protection, wealth/savings and health solutions to expatriates. As yet, we have not been able to compile any hard data on the activity that is being undertaken in Qatar. We would be surprised if it is growing more slowly than overall premiums.

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The Qatar Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Qatar Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Qatari insurance industry.

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