Insurance
From The Report: Qatar 2019
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Despite a relatively small population of around 2.7m, Qatar accounts for around 5% of insurance premiums in MENA. Nevertheless, relative to the size of its economy, insurance activity remains at a modest level. Annual premiums of around $3bn account for 1.5% of GDP, compared to a global average of more than 6%. The insurance penetration rate, meanwhile, stands at less than 2%, significantly below the OECD average of 8.9%. These market characteristics suggest significant potential for further growth. In the short term, however, much of the industry will be focused on regulatory matters; time is running out for insurers to comply with a new framework introduced in 2016 that aims to align Qatar’s insurers with global best practices.

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Overview

Robust prospects: The market shows considerable potential for growth, although it must adapt to new regulations
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Despite a relatively small population of around 2.7m, Qatar accounts for around 5% of insurance premiums in MENA – a little more than Egypt and one percentage point behind Morocco. Nevertheless, relative to the size of its economy, insurance activity in Qatar remains at a modest level. Annual premiums of around $3bn account for 1.5% of GDP, compared to a global average of more than 6%. The insurance penetration rate, meanwhile, stands at less than 2%, significantly below the OECD average…

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While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-transforming innovation, which could provide a major boost to industries in less-developed economies. By The Numbers In terms of simple throughput, insurance remains very much centred in North America, Europe and mature Asian markets. With long histories of trading risk, a general acceptance of the relevant…

Overview

Reassuring trend: New reinsurance programmes are bolstering coverage against natural disasters in emerging markets
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plus

While advanced economies generate the vast majority of insurance and reinsurance business, emerging markets are posting higher rates of growth. Complementing this underlying trend is a strong and expanding interest in catastrophic risk, which by nature tends to pertain to emerging markets. This is coming alongside fast-paced, sector-transforming innovation, which could provide a major boost to industries in less-developed economies. By The Numbers In terms of simple throughput, insurance remains very much centred in North America, Europe and mature Asian markets. With long histories of trading risk, a general acceptance of the relevant…