Insurances - Qatar

Qatar

The Insurances market in Qatar is projected to reach a market size (gross written premium) of US$4.34bn in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$2.70bn in 2024.
The average spending per capita in the Insurances market in Qatar amounts to US$1.59k in 2024.
When compared globally, it is evident that the highest nominal value is reached the United States, with a projected market size of US$3,788.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2029) of 2.91%, resulting in a market volume of US$5.01bn by 2029.
In global comparison, the United States is expected to generate the highest gross written premium in 2024, with a projected market size of US$3,788.0bn.
Qatar's insurance market is experiencing a surge in demand for health insurance due to the country's growing population and emphasis on healthcare.

Market

Region

Region comparison

Currency

Analyst Opinion

The Insurances market in Qatar has been experiencing significant growth and development in recent years. Customer preferences in the insurance market in Qatar are shifting towards more comprehensive coverage options that provide a wide range of benefits. Customers are increasingly looking for insurance products that not only offer financial protection but also additional services such as wellness programs and digital platforms for easy access and management. Trends in the market in Qatar indicate a growing demand for health and medical insurance, driven by an increasing awareness of the importance of healthcare coverage. Additionally, there is a rising interest in property and casualty insurance as the construction and real estate sectors continue to expand in the country. The market is also witnessing a surge in demand for life insurance products, reflecting a growing focus on long-term financial planning and security. Local special circumstances in Qatar, such as the government's efforts to diversify the economy and promote foreign investment, have had a positive impact on the insurance market. The country's strategic initiatives to develop key sectors like healthcare, infrastructure, and tourism have created opportunities for insurance companies to offer specialized products to cater to the evolving needs of businesses and individuals. Underlying macroeconomic factors, including Qatar's stable economic growth, high per capita income, and young population, have contributed to the growth of the insurance market. The country's robust regulatory framework and efforts to enhance transparency and governance in the insurance sector have also instilled confidence among customers and investors, driving further expansion and innovation in the market.

Methodology

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.