Qatar General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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Qatar General Insurance Market Report Overview

The gross written premium of the Qatar general insurance market was QAR7.5 billion ($2.1 billion) in 2023 and is expected to achieve a CAGR of more than 5% during 2024-2028. The following are some of the key highlights of the Qatar general insurance market:

  • Sustainability initiatives and the proliferation of electric vehicles (EVs) are a few of the recurring trends impacting the Qatar general insurance market.
  • Qatar Insurance led the Qatar general insurance market in 2023.
  • Motor insurance propelled the Qatari general insurance sector with a gross written premium (GWP) share of more than 18% in 2023.
  • In 2023, gross claims increased owing to increased claims in property insurance.

Qatar General Insurance Market Outlook, 2023-2028 (QAR Billion)

Qatar General Insurance Market Outlook, 2023-2028 (QAR Billion)

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The Qatar general insurance market research report provides a detailed outlook by product category for Qatar’s general insurance segment. The report provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period (2019-2023) and forecast period (2024-2028). In addition, the report additionally analyzes distribution channels operating in the segment, gives a comprehensive overview of Qatar’s economy and demographics, and provides detailed information on the competitive landscape in the country.

Market Size (2023) QAR7.5 billion ($2.1 billion)
CAGR (2024-2028) >5%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·       Property

·       Motor

·       MAT

·       Miscellaneous

Leading Companies ·       Qatar Insurance

·       Doha Insurance

·       Qatar General Insurance and Reinsurance

·       Qatar Islamic Insurance

·       Others

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Qatar General Insurance Market Trends

Sustainability initiatives and the proliferation of electric vehicles (EVs) are a few of the recurring trends impacting the Qatar general insurance market.

  • Sustainability development and environmental, social, and governance (ESG) practices have been a major theme for all large insurers and will be a central part of any leading business strategy over the coming years.
  • Environmental development is the fourth pillar of the Qatar National Vision 2030. The Qatar Financial Market Authority and the Qatar Stock Exchange encourage the listed companies to disclose ESG-related actions; playing an important role in Qatar’s ESG commitment.

Qatar General Insurance Market Segmentation by Lines of Business

The key lines of business in the Qatar general insurance industry are property, motor, MAT, and miscellaneous. Growth in motor insurance will be supported by an increase in vehicle sales and sustained economic development in the country over 2024-2028.

Qatar General Insurance Market Analysis by Lines of Business, 2023 (%)

Qatar General Insurance Market Analysis by Lines of Business, 2023 (%)

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Qatar General Insurance Market - Competitive Landscape

 A few of the leading general insurance companies in Qatar are Qatar Insurance, Doha Insurance, Qatar General Insurance and Reinsurance, and Qatar Islamic Insurance among others.

Qatar Insurance: QIC’s digital insurance products, its online services and website, and its revolutionary insurtech subsidiary Anoud Tech were recognized by the insurance industry in 2023. In December 2023, the company launched a car insurance promotion program. According to the program, new car customers can get comprehensive car insurance coverage free for three months.

Qatar General Insurance Market Analysis by Companies, 2023 (%)

Qatar General Insurance Market Analysis by Companies, 2023 (%)

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Qatar General Insurance Market – Deals and Jobs

  • In Feb 2023, Oman Qatar Insurance, a subsidiary of QIC, merged with Vision Insurance; a provider of personal and corporate insurance products and services.
  • In Feb 2023, Al Alfia acquired a minority stake in Seib Insurance and Reinsurance Company. The acquisition enables Al Alfia to be part of strategic decision-making in Seib and will improve its market position in Qatar.

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Segments Covered in the Report

Qatar General Insurance Lines of Business Outlook (Value, QAR Billion)

  • Property
  • Motor
  • MAT
  • Miscellaneous

Scope

This report provides a comprehensive analysis of the general insurance segment in Qatar including–

  • Historical values for Qatar’s general insurance segment for the report’s 2019-2023 review period, and projected figures for the 2024-2028 forecast period.
  • Profiles of the top general insurance companies in Qatar with the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Qatar’s general insurance segment.
  • A comprehensive overview of Qatar’s economy, government initiatives, and investment opportunities.
  • Qatar’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Qatar’s general insurance industry’s market structure gives details of lines of business.
  • Qatar’s general reinsurance business market structure gives details of premium ceded along with cession rates.
  • Distribution channels deployed by Qatar’s general insurers.
  • Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to Qatar’s general insurance segment.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in Qatar’s general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

QIC
DIG
Qatar General Insurance and Reinsurance
Qatar Islamic Insurance
Damaan Islamic Insurance
Al Khaleej Takaful Insurance & Reinsurance

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Line of Business

Distribution Channels

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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