The Insurance Industry in Qatar, Key Trends and Opportunities to 2017

The Insurance Industry in Qatar, Key Trends and Opportunities to 2017

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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.

Report Highlights
  • 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%
Report Scope

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.
  • Understand the demand-side dynamics, key trends and growth opportunities within the Qatari insurance industry.
  • Assess the competitive dynamics in the Qatari insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the Qatari insurance industry and its impact on companies and the industry's future.


Table of Contents

1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dynamics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
3.2 Non-Life Insurance - Regional Benchmarking
3.2.1 Scale and Penetration
3.2.2 Growth
3.2.3 Efficiency and Risk
3.3 Personal Accident and Health Insurance - Regional Benchmarking
3.3.1 Scale and Penetration
3.3.2 Growth
3.3.3 Efficiency and Risk
4 Qatari Insurance Industry Overview
4.1 Qatari Insurance Industry
4.2 Key Industry Trends and Drivers
4.3 Challenges
5 Non-Life Insurance
5.1 Non-Life Insurance Growth Prospects by Category
5.1.1 Property insurance
5.1.2 Fire and allied perils insurance
5.1.3 Engineering insurance
5.1.4 Other property insurance
5.2 Motor Insurance
5.2.1 Motor hull insurance
5.2.2 Motor third-party insurance
5.3 General Third-Party Insurance
5.4 Marine, Aviation and Transit Insurance
5.4.1 Marine insurance
5.4.2 Transit insurance
6 Personal Accident and Health Insurance
6.1 Personal Accident and Health Insurance Growth Prospects by Category
7 Reinsurance
7.1 Reinsurance Segment Size by Type of Insurance, 2008-
8 Analysis by Distribution Channel
8.1 Non-Life Insurance
8.1.1 Direct marketing
8.1.2 Bancassurance
8.1.3 Agencies
8.1.4 Brokers
8.2 Personal Accident and Health Insurance
8.2.1 Direct marketing
8.2.2 Bancassurance
8.2.3 Agencies
8.2.4 Brokers
9 Governance, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Legislation and Market Practice by Type of Insurance
9.2.1 Life insurance
9.2.2 Property insurance
9.2.3 Motor insurance
9.2.4 Marine, aviation and transit insurance
9.2.5 Personal accident and health insurance
9.3 Compulsory Insurance
9.3.1 Motor third-party liability insurance
9.3.2 Health insurance
9.4 Supervision and Control
9.4.1 International Association of Insurance Supervisors
9.4.2 Qatar Financial Centre Regulatory Authority
9.4.3 Qatar central Bank
9.5 Non-Admitted Insurance Regulations
9.5.1 Overview
9.5.2 Intermediaries
9.5.3 Market practices
9.5.4 Fines and penalties
9.6 Company Registration and Operations
9.6.1 Types of insurance organization
9.6.2 Establishing a local company
9.6.3 Foreign ownership
9.6.4 Types of license
9.6.5 Capital requirements
9.6.6 Solvency margins
9.6.7 Reserve requirements
9.6.8 Investment regulations
9.6.9 Statutory return requirements
9.6.10 Fee structure
9.7 Taxation
9.7.1 Insurance premium or policy taxation
9.7.2 Withholding taxes on premium paid overseas
9.7.3 Corporate tax
9.7.4 VAT
9.7.5 Captives
9.8 Legal System
9.8.1 Introduction
9.8.2 Access to court
9.8.3 Alternative dispute resolution (ADR)
10 Competitive Landscape
10.1 Overview
10.2 Leading Companies
10.2.1 Qatar Insurance Company - company overview
10.2.2 Qatar General Insurance and Reinsurance Company - company overview
10.2.3 Doha Insurance Company - company overview
10.2.4 Al Khaleej Insurance & Reinsurance Company QSC - company overview
10.2.5 Qatar Islamic Insurance Company - company overview
10.2.6 Arabia Insurance Company - company overview
11 Economic Indicators
11.1 GDP at Constant Prices (US$)


Companies Mentioned:

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