Qatar’s insurance penetration is expected to remain stable at 0.9% over the five-year period (from 2021) with density expected to grow at a CAGR of 2.7% to $618.3 by 2026, according to Alpen Capital.
The life insurance segment in the country is estimated to grow at a CAGR of 4.7% during the forecast period, largely driven by increasing awareness among the locals and a relatively stable population growth of 2.0% CAGR between 2021 and 2026.
In its latest report on ‘GCC Insurance Industry’ Alpen Capital said the insurance market in Qatar is estimated to reach $1.9bn in 2026, growing at a CAGR of 4.7% from 2021.
The non-life segment is estimated to grow at a CAGR of 4.7% to reach $1.8bn by 2026, aided by expected recovery in economic activity, tourist arrivals during the 2022 FIFA World Cup, infrastructure developments in the run up to the mega event, and roll out of a new health insurance plan for expatriates and their families.
The FIFA World Cup, which is estimated to attract 1.2mn visitors from across the globe, will provide a massive boost to the economy and an uptick in business activity.
Visitors during the event will also be required to purchase a health insurance plan, helping the segment grow.
Property and fire insurance business lines will continue to benefit as World Cup-related infrastructure projects are currently valued at $300bn.
Further projects such as the development of airports, metropolitan network, along with emerging cities are likely to boost insurable assets and aid gross written premium (GWP) growth.
Qatar recently rolled out a new plan for health insurance, to be implemented in 2022, wherein employers in Qatar are required to provide health insurance coverage for expatriates and their families.
The plan also requires all visitors to Qatar to purchase a health insurance plan while in the country. This will provide a big push to the insurance sector in Qatar in the coming years as the country is expected to welcome tourists from all over the world during the 2022 FIFA World Cup, Alpen Capital noted.
The life insurance segment in the country is estimated to grow at a CAGR of 4.7% during the forecast period, largely driven by increasing awareness among the locals and a relatively stable population growth of 2.0% CAGR between 2021 and 2026.
In its latest report on ‘GCC Insurance Industry’ Alpen Capital said the insurance market in Qatar is estimated to reach $1.9bn in 2026, growing at a CAGR of 4.7% from 2021.
The non-life segment is estimated to grow at a CAGR of 4.7% to reach $1.8bn by 2026, aided by expected recovery in economic activity, tourist arrivals during the 2022 FIFA World Cup, infrastructure developments in the run up to the mega event, and roll out of a new health insurance plan for expatriates and their families.
The FIFA World Cup, which is estimated to attract 1.2mn visitors from across the globe, will provide a massive boost to the economy and an uptick in business activity.
Visitors during the event will also be required to purchase a health insurance plan, helping the segment grow.
Property and fire insurance business lines will continue to benefit as World Cup-related infrastructure projects are currently valued at $300bn.
Further projects such as the development of airports, metropolitan network, along with emerging cities are likely to boost insurable assets and aid gross written premium (GWP) growth.
Qatar recently rolled out a new plan for health insurance, to be implemented in 2022, wherein employers in Qatar are required to provide health insurance coverage for expatriates and their families.
The plan also requires all visitors to Qatar to purchase a health insurance plan while in the country. This will provide a big push to the insurance sector in Qatar in the coming years as the country is expected to welcome tourists from all over the world during the 2022 FIFA World Cup, Alpen Capital noted.