In February 2025, the Doha headquarters of Qatar Insurance Company (QIC), the country’s oldest and largest insurer, hosted a strategic meeting that underscored a key trend in the region’s financial services. QIC CEO Salem Al Mannai met with leaders of three of the GCC’s most dynamic insurance technology (insurtech) start-ups: Jaguar Transit, MIC Global and Digital Petroleum. The outcome was a regional partnership aimed at delivering smart insurance solutions across the GCC.
This collaboration illustrates the growing convergence of legacy institutions and agile technology firms – a pattern becoming increasingly common across Qatar’s insurance landscape. A recent survey by Qatar Financial Centre (QFC) found that 82% of insurance executives now view insurtech as a significant driver of change. Leading that transformation is QIC itself, through its QIC Digital Venture Partners initiative, launched in 2022. The platform aims to orchestrate an integrated insurtech ecosystem across the MENA region, bringing together regulators, insurers, takaful (Islamic insurance) providers and tech innovators under a single strategic vision.
Sound Basis
Qatar offers an ideal environment for the expansion of digital insurance solutions. With a population of approximately 3.1m Qatar combines youthful digital fluency with advanced infrastructure. Internet penetration stands at 99%, supported by a nationwide 5G rollout and widespread fibre optic connectivity. In 2024 more than 2.6m residents were active social media users, illustrating a population that is both connected and engaged.
These structural advantages are reinforced by strong regulatory support. More than 60 financial technology (fintech) firms with a combined valuation exceeding $400m were incubated between the launch of the Qatar Fintech Hub in 2019 and 2022. In parallel, a series of forward-looking initiatives has been rolled out – Qatar’s National AI Strategy in 2019, operational artificial intelligence (AI) guidelines in 2024, a fintech sandbox, and cloud computing regulations. All are aligned under Qatar National Vision 2030, the country’s long-term economic development framework, and the complementary financial sector roadmap, the Third Financial Sector Strategy 2024-30.
These initiatives are not theoretical. Many insurers and takaful companies offer a comprehensive range of digital services such as purchasing auto and travel policies. Moreover, the recent introduction of mandated visitor health insurance has accelerated the purchase, renewal and management of policies online.
Start-Up Specialisation
What sets insurtech apart is its capacity for focused innovation. Unlike traditional players with a wide portfolio, start-ups often target a single vertical and deliver a highly optimised, scalable solution. Established insurers, in turn, benefit by embedding these offerings into their digital platforms – accelerating time to market, enhancing customer experience and lowering development costs.
The next phase of growth in Qatar’s insurtech development will likely be defined by AI integration, advanced analytics and new product verticals. Startups are already moving beyond traditional insurance offerings, aiming to develop tools that can assess risk, price policies and engage customers in real time. For insurers and takaful providers, the ability to rapidly adopt and deploy these technologies will increasingly differentiate market leaders from the rest.
Qatar is positioning itself not just as a participant, but as a regional leader in this transformation. With coordinated regulatory support, a digitally native population and a growing network of partnerships between established insurers and high-growth start-ups, the country offers a compelling model for insurtech-driven financial modernisation. For business leaders in MENA and beyond, Qatar’s insurtech strategy presents an opportunity to engage with a digitally agile ecosystem, form meaningful partnerships and co-create the next generation of financial services.
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