Qatar General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027
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Qatar General Insurance Market Overview
The gross written premium of the Qatar general insurance market was QAR7 billion ($1.9 billion) in 2022. The market is expected to achieve a CAGR of more than 10% during 2023-2027. The growth of the general insurance sector is supported by favorable regulatory developments and government initiatives. The Qatar General Insurance market research report provides an in-depth analysis of various product categories in the Qatari GI market. The report gives an overview of the country’s economic outlook and the general insurance regulatory and compliance framework. In addition, the report covers the emerging trends in the market segments, key performance indicators, and growth prospects for the Qatar GI industry for the forecast period.
Qatar General Insurance Market Outlook, 2022-2027 (QAR Billion)
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The report also gives an insight into the distribution channels, the key players, and the competitive landscape in the Qatar GI market.
Market Size (2022) | QAR7 billion ($1.9 billion) |
CAGR (2023-2027) | >10% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Trends | • Environmental, Social, Governance (ESG)
• Electric Vehicles (EVs) • Travel Insurance |
Key Lines of Business | • Motor
• Property • MAT • Miscellaneous |
Leading Companies | • Doha Insurance
• Qatar Insurance • Qatar General • Qatar Islamic Insurance • Al Khaleej Takaful |
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Qatar General Insurance Market Trends
The growing focus on ESG, the surging popularity of EVs, and increasing awareness about travel insurance are the key trends that will shape the Qatar general insurance market during the projected period. For instance, Qatar’s Ministry of Transport aims to transform 35% of the total vehicles of its fleet and public transport into becoming electric by 2030 as per Qatar’s Vision 2030. Travel insurance is expected to boom in Qatar over 2023–24, owing to increased tourism as per Qatar’s 2030 vision. Furthermore, the government’s mandatory health insurance for foreign nationals, which is effective from February 2023, will boost the general insurance industry.
Qatar General Insurance Market Segmentation by Lines of Business
The key lines of business in the Qatar general insurance market are property, motor, miscellaneous, and MAT. In 2022, motor insurance was the leading line of business in the Qatar general insurance market, followed by miscellaneous and property LOB.
Growth in motor insurance will also be supported by an increase in vehicle sales and sustained economic development in the country over 2023–27. Additionally, compulsory lines of insurance also support the growth of motor insurance. Motor third-party liability (MTPL) insurance for all motor vehicles is compulsory in Qatar.
Qatar General Insurance Market Analysis by Lines of Business, 2022 (%)
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Qatar General Insurance Market - Competitive Landscape
The leading insurers in Qatar are Doha Insurance, Qatar Insurance, Qatar General, Qatar Islamic Insurance, and Al Khaleej Takaful. Doha Insurance held the largest share in 2022. Doha Insurance was followed by Qatar Insurance and Qatar Islamic Insurance in terms of market share.
The company operates through its wholly owned subsidiaries which include a reinsurance firm that covers DIG, Barzan which is an IT solutions company that provides in-house digital and technology solutions, and other subsidiaries operating in other parts of the Middle East and Africa. Doha Insurance Group partnered with Coface in June 2022 to provide trade credit insurance in Qatar. Through the partnership, Qatari companies can cover non-payment risks. Furthermore, Coface strengthens its presence for global clients through its subsidiaries and tailor-made solutions.
Qatar General Insurance Market Analysis, by Companies, 2022 (%)
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Segments Covered in the Report
Qatar General Insurance Market Lines of Business Outlook (Value, QAR Billion, 2018-2027)
- Motor
- Property
- MAT
- Miscellaneous
Scope
This report provides:
- A comprehensive analysis of the general insurance segment in Qatar.
- Historical values for the Qatar general insurance segment for the report’s review period and projected figures for the forecast period.
- Profiles of 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 giving details of lines of business.
- Qatar’s general reinsurance business’ market structure giving 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 historic 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.
Qatar Islamic Insurance
Doha Insurance Company
Damaan Islamic Insurance
Qatar General Insurance and Reinsurance
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 2022?
The gross written premium of the Qatar general insurance market was QAR7 billion ($1.9 billion) in 2022.
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What is Qatar general insurance market growth rate?
The general insurance market in Qatar is expected to achieve a CAGR of more than 10% during 2023-2027.
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Which line of business held the largest share of the Qatar general insurance market in 2022?
Motor was the leading general insurance line of business in the Qatar general insurance market in 2022.
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Which are the key companies operating in the Qatar general insurance market?
The leading insurers in Qatar are Doha Insurance, Qatar Insurance, Qatar General, Qatar Islamic Insurance, and Al Khaleej Takaful.
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