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 Qatar general insurance market research report provides a detailed outlook by product category for Qatar’s general insurance segment.
Qatar General Insurance Market Outlook, 2023-2028 (QAR Billion)
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The Qatar general insurance market report provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period (2019–23) and forecast period (2024–28). 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. The Qatari general insurance sector was driven by motor insurance with a gross written premium (GWP) share of more than 18% in 2023. Growth in motor insurance will also be supported by an increase in vehicle sales and sustained economic development in the country over 2024–28.
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 led the Qatar general insurance market in 2023.
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 (%)
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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 –
- It provides historical values for Qatar’s general insurance segment for the report’s 2019–23 review period, and projected figures for the 2024–28 forecast period.
- It profiles the top general insurance companies in Qatar and outlines 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.
DIG
Qatar General Insurance and Reinsurance
Qatar Islamic Insurance
Damaan Islamic Insurance
Al Khaleej Takaful Insurance & Reinsurance
Table of Contents
Frequently asked questions
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What was the Qatar general insurance market gross written premium in 2023?
The gross written premium of Qatar general insurance market was QAR7.5 billion ($2.1 billion) in 2023.
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What will Qatar general insurance market growth rate be during the forecast period?
The general insurance market in Qatar is expected to achieve a CAGR of more than 5% during 2024-2028.
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Which line of business held the largest share of the Qatar general insurance market in 2023?
Motor held the largest share of the Qatar general insurance market in 2023.
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Which are the key companies operating in the Qatar general insurance market?
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.
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