General Liability Insurance - Qatar

The General Liability Insurance market market in Qatar is projected to reach a market size (gross written premium) of US$178.90m in 2024.
The average spending per capita in the General Liability Insurance market market is expected to amount to US$65.38 in 2024.
The gross written premium is projected to show an annual growth rate (CAGR 2024-2029) of 3.14%, resulting in a market volume of US$208.80m by 2029.
In global comparison, the United States will generate the highest gross written premium, amounting to US$178.4bn in 2024.
Qatar's General Liability Insurance market is experiencing a surge in demand due to the construction boom and increased focus on risk management in the country.

Definition:

General liability insurance is a type of coverage that offers protection to businesses and individuals against financial losses resulting from third-party claims of bodily injury, property damage, or personal injury. When you have general liability insurance, you pay regular premiums to an insurer, and in return, the insurer helps cover legal costs, settlements, and damages if you or your business are found liable for causing harm to others. This insurance is vital for shielding individuals and businesses from the financial repercussions of legal claims and liabilities arising from accidents or incidents that occur on their premises or as a result of their actions.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, and the share of insureds in the total population for over 50 countries.

Liability insurance booked for individuals and businesses

Motor vehicles liability
Aircraft liability
Liability for ships
Reinsurance

The General Liability Insurance market in Qatar has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Qatar are increasingly seeking comprehensive General Liability Insurance coverage to protect their businesses from potential risks and liabilities. With the growing awareness of the importance of insurance in mitigating financial losses, businesses are actively looking for tailored insurance solutions that meet their specific needs.

Trends in the market: One prominent trend in the General Liability Insurance market in Qatar is the increasing demand for specialized liability coverage, such as product liability and professional liability insurance. As businesses diversify and expand their operations, the need for these specific types of coverage has surged. Additionally, there is a noticeable trend towards digitalization in the insurance sector, with more customers opting to purchase insurance policies online for convenience and efficiency.

Local special circumstances: In Qatar, the rapid pace of infrastructure development and construction projects has led to a higher demand for General Liability Insurance among contractors and construction companies. The stringent regulatory environment in the country also plays a crucial role in shaping the insurance market, as businesses are required to comply with specific insurance requirements to operate legally.

Underlying macroeconomic factors: The overall economic stability and growth in Qatar have positively impacted the General Liability Insurance market. As the economy diversifies and expands, businesses are looking to safeguard their interests through insurance coverage. Additionally, the government's focus on promoting the insurance sector and enhancing regulatory frameworks has created a conducive environment for the growth of the General Liability Insurance market in the country.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.