The Insurance Industry in Qatar, Key Trends and Opportunities to 2017

Date: 2015-09

The Qatari insurance industry grew at a CAGR of 1.0% during the review period (2008โ€“2012), due to weak demand for personal accident and health insurance and the emergence of takaful insurance. However, the industry is expected to register faster growth at a CAGR of 6.7% over the forecast period (2012โ€“2017). Growth will be driven by projected infrastructure spending ahead of the 2022 FIFA World Cup and investment in non-oil sectors. Growth in the industry can be attributed to factors like the rise in the expatriate population, regulatory changes and the countryโ€™s economic strength. The size of the Qatari insurance industry is comparatively smaller than other countries in the Gulf region; the industryโ€™s penetration stood at 0.4% in 2012, significantly lower than the global average of 6.7%. This provides an opportunity for existing and new entrants to scale-up their businesses in the uninsured Qatari insurance industry.

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