Qatar Insurance Market Report
Arabicinsurance.com brings you the Qatar insurance market report.
Qatar's insurance market consists of ten insurance and re-insurance companies: five are Qatari (all listed in the DSM)1, two are from Lebanon2, and one each from Egypt, United Kingdom, and the United States.3 In 2001, 430 persons were engaged in the subsector. The total number of insurance policies issued in Qatar increased from 204,182 in 1997 to 252,659 in 2002 (85.6% were car insurance), while the value of written premiums went from QR 529,672 to QR 691,460.
The market is dominated by a few large companies: in 2002, Qatar Insurance Company (QIC) had over 50% of Qatari premium income1; Qatar Insurance and Re-Insurance Company, the second largest, accounted for about 35% of the Qatari market; and Alkhaleej Insurance Company had 15% of the market.2
The insurance subsector in Qatar is supervised and regulated by QCB in terms of banking affairs, and by MEC regarding commercial registration. The minimum capital required is QR 10 million.
Qatar Insurance Players
There are a few Qatar insurance companies in the Qatar insurance market presently. The first being established in 194 and the last being established in 1999. The market is still underdeveloped but is expect to experience signifcant growth in the short term.
Year of establishment: Qatar Insurance Company (1964), Qatar General Insurance and Re-Insurance Company (1978), Al-Khaleej Insurance Company (1978), Qatar Islamic Insurance Company (1993), and Doha Insurance Company (1999)
Foreign Investment In Qatar Insurance Market
Right now foreign investment is still not allowed in insurance. Foreign insurance firms can operate in Qatar only by establishing branches and upon prior approval by the QCB. Under the GATS, Qatar has frozen the number of branches of foreign insurance suppliers at the level existing in March 1995 (five firms).