Non-life insurances - Qatar | Statista Market Forecast

The Non-life insurance market in Qatar is set to achieve a remarkable milestone, with its projected market size (gross written premium) expected to reach US$2.70bn in 2024.
Looking at the numbers, it is evident that the average spending per capita in the Non-life insurance market will amount to US$987.30 in the same year.
Furthermore, the sector is anticipated to experience a steady annual growth rate (CAGR 2024-2029) of 4.48%, resulting in a substantial market volume of US$3.36bn by 2029.
When compared globally, it becomes evident that the United States will dominate the market in terms of gross written premium, generating a staggering US$2.5tn in 2024.
This showcases the significant scale of the Non-life insurance market, both locally in Qatar and on a global level.
Qatar's non-life insurance market is experiencing substantial growth due to increasing infrastructure projects and government initiatives.

Definition:

Non-life insurance, also known as general insurance, covers a wide range of insurance products that protect against financial losses related to events other than death. Non-life insurance is designed to provide policyholders with financial support and protection in various circumstances, like car accidents, property damage, and medical expenses.

Structure:

The non-life insurance market covers the following insurance types: health, motor vehicles, property, general liability, and legal.

Additional information:

The market contains the following KPIs: gross written premium aggregated for all countries and regions, gross written premium per capita, gross claim payments, and the loss ratio – calculated as gross claim payments divided by gross written premium.

Health insurances
Motor Vehicle insurances
Property insurances
General Liability insurances
Legal insurances

Live insurances
Other non-live insurances, such as travel insurance, freight insurance, and accident insurance
Reinsurance

The Non-life insurance market in Qatar is experiencing a steady growth trajectory driven by various factors.

Customer preferences: Customers in Qatar are increasingly seeking comprehensive insurance coverage that not only protects their assets but also provides additional benefits such as roadside assistance and medical coverage. The demand for tailored insurance products that cater to specific needs and preferences is on the rise, leading to a shift towards more personalized and flexible insurance offerings.

Trends in the market: One notable trend in the Non-life insurance market in Qatar is the growing adoption of digital channels for purchasing insurance policies and managing claims. Insurers are leveraging technology to streamline processes, enhance customer experience, and offer innovative insurance solutions. Additionally, there is a noticeable trend towards green insurance products that promote sustainability and environmental responsibility.

Local special circumstances: Qatar's strategic location as a hub for trade and commerce in the region has contributed to the growth of the Non-life insurance market. With a focus on infrastructure development and economic diversification, the country presents opportunities for insurers to expand their portfolios and tap into emerging sectors such as construction, energy, and transportation. The increasing awareness of the importance of insurance coverage among businesses and individuals in Qatar is also shaping the market dynamics.

Underlying macroeconomic factors: The stable economic environment in Qatar, supported by government initiatives and investments in key sectors, provides a conducive backdrop for the growth of the Non-life insurance market. The country's robust regulatory framework and efforts to enhance transparency and consumer protection further boost confidence in the insurance sector. Moreover, the resilience of the Qatari economy amidst global challenges contributes to the overall positive outlook for the Non-life insurance market.

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.