Insurance

Qatar Insurance

In recent years Qatar’s insurance sector has expanded swiftly on the back of government spending, economic development and a steadily increasing awareness of the benefits of coverage. Between 2005 and the end of 2015 the industry posted a compound annual growth rate (CAGR) of 21%, according to data from Moody’s. By the end of 2014 Qatar was the third-largest insurance market in the region, accounting for around 10% of premiums written in the GCC. Given that insurance growth tends to track overall economic growth and that Qatar’s economy is largely driven by the state, the recent jump in insurance activity will likely continue at least until 2022, when Qatar is scheduled to host the FIFA World Cup. Indeed, according to forecasts by Alpen Capital, the market is expected to increase at a CAGR of 17.8% from 2014 to 2020, which would make it the fastest-growing insurance sector in the GCC by current estimates.