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.