Outperforming regional peers in both underwriting and return on equity, Qatar’s insurance sector is now reaping the rewards of ongoing economic and population growth. While the market remains competitive and relatively low in penetration, ongoing product innovation and improved sector governance could help unlock growth opportunities. Insurers and takaful (Islamic insurance) operators are seeing the benefit of strong government support, with a range of policies and programmes in place seeking to strengthen and deepen the local market. Recent changes to medical and health insurance – including mandatory visitor coverage – are also having a gradual impact on Qatar’s less-developed life, family takaful and private medical insurers. While 2025/26 may have external uncertainties, Qatar’s insurers and takaful providers are well placed to provide coverage in general, medical and life.
Structure
The Qatari insurance sector consists of both conventional and sharia-compliant companies. As of the third quarter of 2024, conventional companies accounted for 93% of business by revenue, while takaful accounted for the remaining 7%. General insurance and takaful dominate lines of business, with S&P’s reporting in February 2025 that life and family takaful accounted for around 5% of business in Qatar. Qatari insurers are represented by the Insurance Committee of the Qatar Chamber. The body discusses and analyses matters of concern to the sector and lobbies on its behalf.
Oversight
The Qatar Central Bank (QCB) has the duty of overseeing and regulating both the conventional insurance and takaful segments of the industry. Within the QCB’s structure is the Supervision Division, which has a dedicated Insurance Supervision Department. The department monitors sector activity, processes new licence and licence renewal applications, ensures compliance with Qatari and international regulations and best practices, and drafts supervisory instructions and guidelines regarding insurance and takaful.
Qatar is home to the onshore Qatar Financial Centre (QFC). Insurers registered with this entity are subject to the supervision and regulations of the QFC Regulatory Authority (QFCRA). QFC has its own judicial authority for business operations, the Qatar International Court, which operates according to English common law. QFC-registered companies are also allowed to be 100% foreign-owned and repatriate 100% of profit, if they so wish. They may also trade in any currency and are not subject to personal income tax, wealth tax or zakat (a payment under Islamic law that is used for charitable or religious purposes). Entities under QFC pay a 10% corporate tax on profit that is locally sourced and can benefit from the double taxation agreements that Qatar holds with over 80 countries.
QFC insurers and takaful companies are also required to list on the Qatar Stock Exchange (QSE). The largest domestically headquartered companies are all listed and – as of April 2025 – there were seven Qatari insurers on the QSE. All entities on the QSE are subject to the rules and regulations of the Qatar Financial Markets Authority (QFMA).
Laws & Standards
QFC operates under Law No.7 of 2005, as amended in 2009. The QFCRA issues periodic updates and various guidelines and regulations appropriate to companies operating at the centre. Sector players operating in Qatar are also subject to the commercial and business regulations of the Ministry of Commerce and Industry (MoCI), while mandatory health insurance schemes fall under the Ministry of Public Health (MoPH).
For the sector as a whole, the general insurance law is Law No. 1 of 1966, which was subsequently amended in 1971 and 2008. The 1966 law assigned regulatory responsibility to the Ministry of Economy and Commerce, which continued until the QCB law of 2012; that law assigned responsibility for the insurance sector to the central bank. The 2012 law also sets out the role of the QCB and its supervisory division in regulating the sector. That regulation also makes clear that the QFCRA and QFMA are both subject to the QCB’s rulings and regulations.
Qatar is a member of the International Association of Insurance Supervisors (IAIS) via the QFCRA and the QCB. The IAIS has the goal of harmonising the regulatory and supervisory regimes for insurance of more than 200 member organisations worldwide. Qatari insurers have also been implementing International Financial Reporting Standards 17, published by the International Accounting Standards Board, which came into force globally in January 2023.
Health insurance is governed by Law No. 7 of 2013 and Qatar MoPH Resolution No. 22 of 2013. A new law on mandatory health insurance was enacted in May 2022 to replace the earlier scheme known as Seha, a single, state-owned insurance programme to provide basic coverage to Qatari nationals and expatriates. Visitor health insurance is obligatory and available on arrival from providers registered with the Ministry of Public Health. The cost is currently around QR50 ($13.72).
Compliance & Digitalisation
Takaful companies must operate their own sharia-compliance boards. Law No. 13 of 2012 contained the country’s first specific regulations regarding the takaful sector, which was recognised under its Article 78. Takaful had, however, been available in Qatar since 1995, when the Qatar Islamic Insurance Company (QIIC) began operations. QFC Article 77 also regulates and defines takaful activity within QFC.
In April 2024 Qatar’s first digital takaful and digital insurance regulations came into force (see analysis). The regulations apply to any digital insurer seeking to operate in the sultanate, whether standalone or the digital window of an existing insurer, regardless of whether their commercial registration has been issued by the MoCI, QFC or the Qatar Science and Technology Park, the last of which is Qatar’s high-tech free zone.
Major Players
The seven listed insurance and takaful companies on the QSE are led in terms of market capitalisation and total assets – by Qatar Insurance Company (QIC). QIC’s market capitalisation as of mid-April 2025 was QR6.2bn ($1.7bn), while the company reported total assets of QR26.9bn ($7.4bn) at the end of the fourth quarter of 2024.
QIC is the oldest Qatari insurer, having been founded by Amiri decree in 1964. Listed on the QSE since 1997, it is also the largest insurance group in terms of total assets and equity in the MENA region. The group has direct operations in the UAE, while also operating in Oman and Kuwait via the Oman Qatar and Kuwait Qatar insurance companies. Meanwhile, its Antares brand operates in international Lloyd’s insurance and reinsurance. QIC had an “Strong/A-” rating from S&P’s and “Excellent/A-” from AM Best for FY 2024. QIC’s major shareholders are the government of Qatar (14.4%), the QIC board of directors (10.5%) and members of the Qatari royal family (8.9%). Foreign institutional investors make up a further 7.1%, while the remaining shares are held by a variety of other individuals and entities.
The second-largest company was QIIC, which had a market capitalisation of QR1.3bn ($356.8m) in April 2025 and reported total assets of QR1.4bn ($284.3m) at the end of the fourth quarter of 2024. QIIC has been in business since 1995. The company, which operates on a cooperative basis, was also the first Qatari insurer to offer insurance products online. QIIC has close relations with Qatar International Islamic Bank, Al Ahli Hospital, and Ezdan Real Estate. For FY 2024, AM Best assigned it an Islamic financial services rating of “A- (Excellent).”
Another major player is Doha Insurance Group (DIG), which had a market capitalisation of QR1.2bn ($328.4m) and total assets of QR3.3bn ($905.8m) as of mid-April. DIG was incorporated in 1999 and has a number of subsidiaries, including Doha Takaful, founded in 2018; and the Dubai-based Mena Re, the group’s non-life reinsurance arm founded in 2015. It also owns Lebanon-based Mena ReLife, its life reinsurance arm, founded in 2018.
Rounding out the remaining QSE-listed insurers are Qatar General Insurance and Reinsurance, which had a market capitalisation of QR953m ($261.6m) in April 2025 and total assets of QR5.7bn ($1.6bn) in 2024; Damaan Islamic Insurance Company, or Beema, which had a market capitalisation of QR770m ($211.3m) and total assets of QR1.6bn ($439.2m); Qatar Life and Medical Insurance Company, which had a market capitalisation of QR670.3m ($184m) and total assets of QR1.4bn ($384.3m); and Al Khaleej Takaful, with a market capitalisation of QR582m ($159.7m) and assets of QR1.1bn ($301.9m).
Qatar General Insurance and Reinsurance is among Qatar’s oldest insurers, established in 1979. The company listed in 1997 and has three branches in Qatar. The company also owns an 87% direct and 13% indirect stake in General Takaful, which runs the company’s sharia-compliant activities, as well as a number of other companies chiefly active in real estate and construction.
Beema, meanwhile, was incorporated in 2009 and is a sharia-compliant insurance company. In 2022, the insurer converted to a public shareholding company, with an initial public offering of 25% of its shares leading to its listing on the stock exchange in January 2023. In the third quarter of that year it commenced international underwriting activities on a facultative basis. Its principal shareholders include the Barwa Real Estate Company, Masraf Al Rayan, Qatar Islamic Bank, QIC and QInvest.
Qatar Life and Medical Insurance Company, which provides group life, individual life, credit life and medical insurance, was incorporated more recently – in 2018 – and began trading on the QSE in 2021. The company has one subsidiary, QLM Services, which runs the management of offices.
Al Khaleej Takaful is a more veteran sharia-compliant insurer, incorporated by Amiri decree in 1978. The company has two subsidiaries – Qatar Takaful and Mithaq Investments – with the former in the process of liquidation under a QCB 2023 circular.
Other Firms
In addition to these insurers, there are a range of non-QSE listed, QFC-based insurers and takaful companies operating in the country. As of April 2025, nine companies based in QFC were authorised to conduct business in or from the centre. These included SEIB Insurance, Zurich Insurance and Zurich International Life, Sharq Insurance, Oman Reinsurance, MedGulf Takaful and Gulf Insurance Group. Six insurance intermediaries were also licensed to conduct business in or from QFC, including Marsh, Lifecare International, Aon Qatar, Nasco Qatar and Chedid and Associates.
Performance
Overall, SHMA Consulting figures for 2023 showed that conventional business accounted for some 95% of the market by revenue and takaful 5%. Among the conventional insurers back then, QIC held a 65.9% market share, Doha Insurance Group, 14.3%, Qatar Life and Medical Insurance Company, 11.7% and Qatar General Insurance and Reinsurance, 8%.
By the time of its third quarter 2024 report, however, those market shares had shifted. Conventional insurers were responsible for 93% of the market by revenue, while takaful accounted for 7%. At the same time, among the conventional insurers, QIC had a 70% share, Doha Insurance Group 13%, Qatar Life and Medical Insurance Company 10% and Qatar General Insurance and Reinsurance 7%.
The recent period has therefore seen higher growth in takaful than in conventional insurance, along with a consolidation in the position of the largest conventional insurer, QIC. Combined ratios between the two segments have also been converging. In the third quarter of 2023, the takaful segment’s combined ratio was 67%, the conventional segment, 73%. In the same period of 2024, the respective numbers were 70% and 72%. Comparing those time periods, net profit was also up for both segments – by 12% for takaful companies and 19% for conventional insurers.
Indeed, leading the conventional insurers, in 2024 QIC saw its net profit up 19% to around QR735m ($201.7m), despite a 15% decline in insurance revenue to around QR8.6bn ($2.4bn). This fall was attributed by QIC to its unwinding of some of its less profitable overseas operations outside the GCC. In 2024 QIC conducted around 50% of its business within the bloc, up from around 20% in 2020.
Doha Insurance Group, meanwhile, was also doing more business overseas in 2024. Bassam Hussein, group president, told Middle East Insurance in March 2025 that 30-40% of the group’s profits now came from investments outside Qatar. In 2024 Doha Insurance Group signed a deal with Bupa Global to introduce its private health insurance products into the Qatari market and launched a reinsurance branch in India. Doha Insurance Group also reported 36% growth in gross written premium in 2024 – with $100m of this outside Qatar – while net profit jumped 26% to QR190.4m ($52.3m).
Qatar Life and Medical Insurance Company maintained its position as Qatar’s leading life and medical policy issuer, with a market share of over 50% in those lines of business in December 2024, according to a report from Qatar National Bank Group (QNB Group). The bank also reported that Qatar Life and Medical Insurance Company had a more than 90% retention rate for its policies from its customers.
In March 2025 Qatar Life and Medical Insurance Company signed a strategic master agreement with QNB Group to provide a one-stop shop for small and medium-sized enterprise life and medical insurance solutions. The company reported a 9% hike in revenue for 2024, from QR1.1bn ($301.9m) to QR1.2bn ($329.4m), although net profit fell from QR76.3m ($20.9m) to QR65.2m ($17.9m).
Healthy Developments
Ahead of the full rollout of Qatar’s new compulsory medical insurance plans, many of the country’s insurers have been making agreements with local and international health and medical providers. These are designed to cover the new requirements that all non-Qatari nationals who are either residents or visitors have health insurance coverage. Employers are now required to enrol non-Qatari employees and their families in these schemes – a requirement that along with the need for tourists to have health and medical coverage, should see a major expansion of the market.
Doha Insurance Group’s deal with Bupa Global is one of the new international private medical insurance deals, with existing Bupa Global customers in Qatar now transitioning to Doha Insurance Group plans during the course of 2025. Two other recent agreements between health care providers and Qatari insurers were Qatar Life and Medical Insurance Company and UnitedHealthcare (UHC) Global, and Al Khaleej Takaful with Cigna Healthcare. The first of these is a strategic alliance announced in June 2024. UHC Global simultaneously announced that it was also working with QIC to provide locally-compliant health care coverage in the UAE. The latter deal between Al Khaleej and Cigna began in October 2023 and is a strategic partnership under which the sharia-compliant company acts as domestic insurer, leveraging its expertise in the Qatari market to serve Cigna customers.
Outlook
Qatar’s insurance sector demonstrates strong fundamentals, supported by prudent regulations, robust financial performance, and growing demand across key segments. In 2024 and early 2025 the market benefitted from continued macroeconomic expansion, government-led infrastructure development and demographic growth. Looking to the future, market size in terms of gross written premium is set to reach $1.4bn in 2025, up 7% from $1.3bn the previous year. Meanwhile, sector players posted healthy returns and maintained sound underwriting discipline, solidifying Qatar’s position as a leader in the sphere.
While general insurance continues to dominate, momentum is gradually building in the lie, health and family takaful segments. Regulatory updates mandating visitor health insurance, along with a growing awareness of long-term financial planning tools, are expected to foster more balanced growth across business lines in the medium term.
The sector remains highly regulated, with oversight led by the QCB and the QFCRA for firms operating in QFC. This multi-layered framework has created a stable and transparent operating system, bolstered further by Qatar’ alignment with international standards. The recent introduction of digital insurance and digital takaful regulations also reflects Qatar’s commitment to fostering innovation and improving accessibility for policyholders.
While market share remains relatively concentrated in large, established insurers, newer entrants including QFC-licensed firms are steadily carving out niches, contributing to growing competition and diversification in product offerings. Looking ahead, insurers and takaful providers are expected to continue capitalising on regional opportunities, with several already expanding their footprints across the GCC and beyond. Meanwhile, improved retention rates, a more favourable regulatory climate and increased update via mandatory coverage are set to underpin growth further.
Despite global economic headwinds, Qatar’s insurance sector appears resilient and increasingly well positioned to scale both its financial and operational capacities. The sector’s outlook remains positive for 2025 and beyond, buoyed by sustained local demand, enhanced regulatory sophistication and a concerted push to embrace digital transformation.
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