Qatar Financial Services

Chapter | Insurance from The Report: Qatar 2020

It was the domestic oil boom that first gave impetus to the Qatari insurance sector in the 1950s, when protection against risk in such operations became essential. Foreign insurers dominated the landscape in the early years, but the arrival of the first domestic insurer in 1964 heralded a change in direction that saw local providers begin to take control of the market. The future of the sector...

Qatar has demonstrated considerable resilience in recent years, successfully developing new homegrown industries while at the same time strengthening its global ties. Although Covid-19 has introduced significant economic uncertainties in 2020, a rapid response from Qatar's authorities to curb the effects of the virus should stand the nation's economy in good stead over the medium and long term.

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Amid the global economic downturn linked to the pandemic, Qatar was able to draw on its strong track record of fiscal surpluses and its robust sovereign credit rating to fund an integrated and effective policy response that alleviated the most severe pressures on vulnerable businesses and households, and maintained economic stability.

More than a year after the initial onset of the coronavirus pandemic, the Gulf banking sector is seeing an increase in mergers and acquisitions (M&A), as lenders continue to deal with the economic fallout.

How has the pandemic impacted digitalisation in Qatar’s banking sector?

 

It was the domestic oil boom that first gave impetus to the Qatari insurance sector in the 1950s, when protection against risk in such operations became essential. Foreign insurers dominated the landscape in the early years, but the arrival of the first domestic insurer in 1964, Qatar Insurance Company (QIC), heralded a change in direction...

 

Two of the biggest trends in global insurance in recent years are premium growth in emerging markets and the rising importance of technology across the supply chain. The latter has come to be referred to as insurtech, a potentially disruptive trend that heralds both threats to and opportunities for incumbents and newcomers alike. While...

 

In 2019 the Qatar Central Bank (QCB) announced its plans to introduce standardised criteria for sharia compliance. The bank revealed that it was working with a consultancy firm to “prepare principles and standards that govern the various Islamic banking products and transactions, and the legal supervision thereof”. Qatar’s four local Islamic...

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