Qatar – QR 11.2 billion insurance premiums locally
Wednesday, 08 24 2016, Category: Insurance and Reinsurance, Country: Qatar
“Business Monitor International” expects insurance premiums in Qatar to grow by approximately 19% by year 2020 i.e. increasing from QR 9.4 billion in the current year 2016 to QR 11.2 billion in year 2020.
The company which is part of the “Fitch” international group confirmed that the insurance market in Qatar grew at steady rates in the past years. It will also grow faster than regional countries due to the strong economic growth related to infrastructure spending, which is considered to be the main driver of insurance demand in a market still controlled by the first five companies in the country.
The report also says that the focus of the Qatari insurance market is still on non-life insurance whereas life insurance is still in its early stages of development where life insurance demand is still governed by the expatriate workforce.