Insurance
From The Report: Qatar 2016
View in Online Reader

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.

Articles from this Chapter

Overview

Rapid rise: Public sector investment projects have driven insurance growth
OBG
plus

In recent years Qatar’s insurance sector has expanded swiftly, on the back of government spending, economic development and steadily increasing awareness of the benefits of coverage among the nation’s rapidly growing population. 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.…

Analysis

Surging forward: The sector’s recent performance bodes well for future revenues
OBG
plus

Fueled in large part by government investment in infrastructure and other large-scale construction projects, over the past decade Qatar has become the fastest-growing insurance market in the GCC region, according to recent reports published by ratings firm Moody’s and Dubai-based investment bank Alpen Capital. In 2014 alone Qatari underwriters brought in $2.2bn in gross written premiums (GWPs), which was equal to around 10% of total premiums across the GCC for the year, making Qatar the third-largest…