From The Report: Qatar 2020
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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 seems bright, with Alpen Capital estimating that Qatar’s insurance market will expand by a compound annual gross rate (CAGR) of 2.4% from 2019 to 2024. Insurance density, meanwhile, is expected to grow at a CAGR of 2.2% to $1280. Economic advancement, population growth and infrastructure development are all set to drive this expansion.