Qatar

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Qatar Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Qatar includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

Key Benefits

• Superior market insights
• Crucial compliance information
• Risk assessment and profitability

Country Information

The rupture in relations between Qatar and a Saudi-led coalition of several countries reduced real GDP growth in 2019 by 0.49%. In 2018 market non-life gross written premiums reduced by 2.89% to QAR 5.15bn. There are no separate splits for life, health or personal accident (PA) business.

In 2019 there were 27 insurers licenced to do business in Qatar. 13 insurance companies licensed by the Qatar Central Bank (QCB) and 14 insurance companies licensed in the Qatar Financial Centre/QFC (all of which are also licensed by QCB).

Historically, brokers were not a feature of the local insurance market, and the major local insurers were accustomed to writing all of their major accounts on a direct basis. Current anecdotal evidence suggests that this situation still pertains in respect of much government business although it is believed that brokers licensed by QFCRA are becoming increasingly involved in some risks.