The Insurance Industry in Qatar, Key Trends and Opportunities to 2017

Published: Feb, 2014 | Pages: 195 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)


Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Qatar, including:
The Qatari insurance industry's growth prospects by insurance segments and categories 
The competitive landscape in the Qatari insurance industry
The current trends and drivers of the Qatari insurance industry
Challenges facing the Qatari insurance industry
The detailed regulatory framework of the Qatari insurance industry
A benchmarking section on the Qatari insurance industry in comparison to other countries in the Middle East region 

Summary
The Qatari insurance industry grew at a CAGR of 1.0% during the review period (2008-2012), due to weak demand for personal accident and health insurance and the emergence of takaful insurance. However, the industry is expected to register faster growth at a CAGR of 6.7% over the forecast period (2012-2017). Growth will be driven by projected infrastructure spending ahead of the 2022 FIFA World Cup and investment in non-oil sectors. Growth in the industry can be attributed to factors like the rise in the expatriate population, regulatory changes and the country's economic strength. The size of the Qatari insurance industry is comparatively smaller than other countries in the Gulf region; the industry's penetration stood at 0.4% in 2012, significantly lower than the global average of 6.7%. This provides an opportunity for existing and new entrants to scale-up their businesses in the uninsured Qatari insurance industry. 
Scope
This report provides a comprehensive analysis of the insurance industry in Qatar:
It provides historical values for the Qatari insurance industry for the report's 2008-2012 review period and projected figures for the 2012-2017 forecast period.
It offers a detailed analysis of the key segments and categories in the Qatari insurance industry, along with forecasts until 2017.
It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
It profiles the top insurance companies in Qatar, and outlines the key regulations affecting them. 
Reason To Buy
 Make strategic business decisions using in-depth historic and forecast industry data related to the Qatari insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Qatari insurance industry.
Assess the competitive dynamics in the Qatari insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Qatari insurance industry and its impact on companies and the industry's future. 
Key Highlights
 The Qatari insurance industry grew at a CAGR of 1.0% during the review period, due to weak demand for personal accident and health insurance and the emergence of takaful insurance
The size of the Qatari insurance industry is comparatively smaller than other countries in the Gulf region
Third-party motor insurance, engineers' professional liability insurance and health insurance are compulsory in Qatar
By the end of 2014, the entire population is expected to be covered under health insurance, providing the health insurance category with strong growth avenues, which will be ignited by lifestyle changes
Construction activities are expected to increase in the country over the forecast period, as Qatar prepares to host the FIFA World Cup in 2022
There are six leading insurance providers in Qatar; Qatar Insurance Company is the market leader with 43.5% market share, followed by Qatar General Insurance and Reinsurance (QGIRCO) with 18.7%

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Middle East Region Market Dymics
3.1 Overview
3.1.1 Market Trends
3.1.2 Market Size
3.2 Non-Life Insurance - Regiol Benchmarking
3.2.1 Scale and Penetration
3.2.2 Growth
3.2.3 Efficiency and Risk
3.3 Persol Accident and Health Insurance - Regiol Benchmarking
3.3.1 Scale and Penetration
3.3.2 Growth
3.3.3 Efficiency and Risk
4 Qatari Insurance Industry Overview
4.1 Qatari Insurance Industry
4.2 Key Industry Trends and Drivers
4.3 Challenges
5 Non-Life Insurance
5.1 Non-Life Insurance Growth Prospects by Category
5.1.1 Property insurance
5.1.2 Fire and allied perils insurance
5.1.3 Engineering insurance
5.1.4 Other property insurance
5.2 Motor Insurance
5.2.1 Motor hull insurance
5.2.2 Motor third-party insurance
5.3 General Third-Party Insurance
5.4 Marine, Aviation and Transit Insurance
5.4.1 Marine insurance
5.4.2 Transit insurance
6 Persol Accident and Health Insurance
6.1 Persol Accident and Health Insurance Growth Prospects by Category
7 Reinsurance
7.1 Reinsurance Segment Size by Type of Insurance, 2008-2017
8 Alysis by Distribution Channel
8.1 Non-Life Insurance
8.1.1 Direct marketing
8.1.2 Bancassurance
8.1.3 Agencies
8.1.4 Brokers
8.2 Persol Accident and Health Insurance
8.2.1 Direct marketing
8.2.2 Bancassurance
8.2.3 Agencies
8.2.4 Brokers
9 Governce, Risk and Compliance
9.1 Legislation Overview and Historical Evolution
9.2 Legislation and Market Practice by Type of Insurance
9.2.1 Life insurance
9.2.2 Property insurance
9.2.3 Motor insurance
9.2.4 Marine, aviation and transit insurance
9.2.5 Persol accident and health insurance
9.3 Compulsory Insurance
9.3.1 Motor third-party liability insurance
9.3.2 Health insurance
9.4 Supervision and Control
9.4.1 Intertiol Association of Insurance Supervisors
9.4.2 Qatar Fincial Centre Regulatory Authority
9.4.3 Qatar central Bank
9.5 Non-Admitted Insurance Regulations
9.5.1 Overview
9.5.2 Intermediaries
9.5.3 Market practices
9.5.4 Fines and pelties
9.6 Company Registration and Operations
9.6.1 Types of insurance organization
9.6.2 Establishing a local company
9.6.3 Foreign ownership
9.6.4 Types of license
9.6.5 Capital requirements
9.6.6 Solvency margins
9.6.7 Reserve requirements
9.6.8 Investment regulations
9.6.9 Statutory return requirements
9.6.10 Fee structure
9.7 Taxation
9.7.1 Insurance premium or policy taxation
9.7.2 Withholding taxes on premium paid overseas
9.7.3 Corporate tax
9.7.4 VAT
9.7.5 Captives
9.8 Legal System
9.8.1 Introduction
9.8.2 Access to court
9.8.3 Altertive dispute resolution (ADR)
10 Competitive Landscape
10.1 Overview
10.2 Leading Companies
10.2.1 Qatar Insurance Company - company overview
10.2.2 Qatar General Insurance and Reinsurance Company - company overview
10.2.3 Doha Insurance Company - company overview
10.2.4 Al Khaleej Insurance & Reinsurance Company QSC - company overview
10.2.5 Qatar Islamic Insurance Company - company overview
10.2.6 Arabia Insurance Company - company overview
11 Economic Indicators
11.1 GDP at Constant Prices (US$)
11.2 GDP per Capita at Constant Prices (US$)
11.3 GDP at Current Prices (US$)
11.4 Market Capitalization Trend - Doha Securities Market
11.5 Inflation Rate
11.6 Exports as a Percentage of GDP
11.7 Imports as a Percentage of GDP
11.8 Total Population
11.9 Size of Labor Force (Million)
11.1 Gross tiol Disposable Income
12 Appendix
12.1 Methodology
12.2 Contact Timetric
12.3 About Timetric
12.4 Timetric's Services
12.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Middle East Region - Insurance Penetration (% of GDP), 2011
Table 3: Middle East Region - Life Expectancy, 2000 and 2012
Table 4: Qatari Insurance - Overall Written Premium by Segment (QAR Billion), 2008-2012
Table 5: Qatari Insurance - Overall Written Premium by Segment (US$ Billion), 2008-2012
Table 6: Qatari Insurance - Overall Written Premium by Segment (QAR Billion), 2012-2017
Table 7: Qatari Insurance - Overall Written Premium by Segment (US$ Billion), 2012-2017
Table 8: Qatari Insurance - Segmentation (% Share), 2008-2017
Table 9: Qatari Non-Life Insurance - Written Premium by Category (QAR Million), 2008-2012
Table 10: Qatari Non-Life Insurance - Written Premium by Category (US$ Million), 2008-2012
Table 11: Qatari Non-Life Insurance - Written Premium by Category (QAR Million), 2012-2017
Table 12: Qatari Non-Life Insurance - Written Premium by Category (US$ Million), 2012-2017
Table 13: Qatari Non-Life Insurance - Earned Premium (QAR Million), 2008-2012
Table 14: Qatari Non-Life Insurance - Earned Premium (QAR Million), 2012-2017
Table 15: Qatari Non-Life Insurance - Paid Claims by Category (QAR Million), 2008-2012
Table 16: Qatari Non-Life Insurance - Paid Claims by Category (US$ Million), 2008-2012
Table 17: Qatari Non-Life Insurance - Paid Claims by Category (QAR Million), 2012-2017
Table 18: Qatari Non-Life Insurance - Paid Claims by Category (US$ Million), 2012-2017
Table 19: Qatari Non-Life Insurance - Incurred Loss by Category (QAR Million), 2008-2012
Table 20: Qatari Non-Life Insurance - Incurred Loss by Category (US$ Million), 2008-2012
Table 21: Qatari Non-Life Insurance - Incurred Loss by Category (QAR Million), 2012-2017
Table 22: Qatari Non-Life Insurance - Incurred Loss by Category (US$ Million), 2012-2017
Table 23: Qatari Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 24: Qatari Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 25: Qatari Non-Life Insurance - Commissions and Expenses (QAR Million), 2008-2012
Table 26: Qatari Non-Life Insurance - Commissions and Expenses (QAR Million), 2012-2017
Table 27: Qatari Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 28: Qatari Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 29: Qatari Non-Life Insurance - Fraud and Crimes (QAR Million), 2008-2012
Table 30: Qatari Non-Life Insurance - Fraud and Crimes (QAR Million), 2012-2017
Table 31: Qatari Non-Life Insurance - Total Assets (QAR Billion), 2008-2012
Table 32: Qatari Non-Life Insurance - Total Assets (QAR Billion), 2012-2017
Table 33: Qatari Non-Life Insurance - Total Investment Income (QAR Million), 2008-2012
Table 34: Qatari Non-Life Insurance - Total Investment Income (QAR Million), 2012-2017
Table 35: Qatari Non-Life Insurance - Retentions (QAR Million), 2008-2012
Table 36: Qatari Non-Life Insurance - Retentions (QAR Million), 2012-2017
Table 37: Qatari Property Insurance - Written Premium by Sub-Category (QAR Million), 2008-2012
Table 38: Qatari Property Insurance - Written Premium by Sub-Category (US$ Million), 2008-2012
Table 39: Qatari Property Insurance - Written Premium by Sub-Category (QAR Million), 2012-2017
Table 40: Qatari Property Insurance - Written Premium by Sub-Category (US$ Million), 2012-2017
Table 41: Qatari Fire and Allied Perils Insurance - Written Premium (QAR Billion), 2008-2012
Table 42: Qatari Fire and Allied Perils Insurance - Written Premium (QAR Billion), 2012-2017
Table 43: Qatari Engineering Insurance - Written Premium (QAR Million), 2008-2012
Table 44: Qatari Engineering Insurance - Written Premium (QAR Million), 2012-2017
Table 45: Qatari Other Property Insurance - Written Premium (QAR Million), 2008-2012
Table 46: Qatari Other Property Insurance - Written Premium (QAR Million), 2012-2017
Table 47: Qatari Motor Insurance - Written Premium by Sub-Category (QAR Million), 2008-2012
Table 48: Qatari Motor Insurance - Written Premium by Sub-Category (US$ Million), 2008-2012
Table 49: Qatari Motor Insurance - Written Premium by Sub-Category (QAR Million), 2012-2017
Table 50: Qatari Motor Insurance - Written Premium by Sub-Category (US$ Million), 2012-2017
Table 51: Qatari Motor Hull Insurance - Written Premium (QAR Million), 2008-2012
Table 52: Qatari Motor Hull Insurance - Written Premium (QAR Million), 2012-2017
Table 53: Qatari Motor Third-Party Insurance - Written Premium (QAR Million), 2008-2012
Table 54: Qatari Motor Third-Party Insurance - Written Premium (QAR Million), 2012-2017
Table 55: Qatari General Third-Party Insurance - Written Premium (QAR Million), 2008-2012
Table 56: Qatari General Third-Party Insurance - Written Premium (QAR Million), 2012-2017
Table 57: Qatari Marine, Aviation and Transit Insurance - Written Premium by Sub-Category (QAR Million), 2008-2012
Table 58: Qatari Marine, Aviation and Transit Insurance - Written Premium by Sub-Category (US$ Million), 2008-2012
Table 59: Qatari Marine, Aviation and Transit Insurance - Written Premium by Sub-Category (QAR Million), 2012-2017
Table 60: Qatari Marine, Aviation and Transit Insurance - Written Premium by Sub-Category (US$ Million), 2012-2017
Table 61: Qatari Marine Insurance - Written Premium (QAR Million), 2008-2012
Table 62: Qatari Marine Insurance - Written Premium (QAR Million), 2012-2017
Table 63: Qatari Transit Insurance - Written Premium (QAR Million), 2008-2012
Table 64: Qatari Transit Insurance - Written Premium (QAR Billion), 2012-2017
Table 65: Qatari Persol Accident and Health Insurance - Written Premium (QAR Million), 2008-2012
Table 66: Qatari Persol Accident and Health Insurance - Written Premium (QAR Million), 2012-2017
Table 67: Qatari Persol Accident and Health Insurance - Earned Premium (QAR Million), 2008-2012
Table 68: Qatari Persol Accident and Health Insurance - Earned Premium (QAR Million), 2012-2017
Table 69: Qatari Persol Accident and Health Insurance - Paid Claims (QAR Million), 2008-2012
Table 70: Qatari Persol Accident and Health Insurance - Paid Claims (QAR Million), 2012-2017
Table 71: Qatari Persol Accident and Health Insurance - Incurred Loss (QAR Million), 2008-2012
Table 72: Qatari Persol Accident and Health Insurance - Incurred Loss (QAR Million), 2012-2017
Table 73: Qatari Persol Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 74: Qatari Persol Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 75: Qatari Persol Accident and Health Insurance - Commissions and Expenses (QAR Million), 2008-2012
Table 76: Qatari Persol Accident and Health Insurance - Commissions and Expenses (QAR Million), 2012-2017
Table 77: Qatari Persol Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 78: Qatari Persol Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 79: Qatari Persol Accident and Health Insurance - Fraud and Crimes (QAR Million), 2008-2012
Table 80: Qatari Persol Accident and Health Insurance - Fraud and Crimes (QAR Million), 2012-2017
Table 81: Qatari Persol Accident and Health Insurance - Total Assets (QAR Billion), 2008-2012
Table 82: Qatari Persol Accident and Health Insurance - Total Assets (QAR Billion), 2012-2017
Table 83: Qatari Persol Accident and Health Insurance - Total Investment Income (QAR Million), 2008-2012
Table 84: Qatari Persol Accident and Health Insurance - Total Investment Income (QAR Million), 2012-2017
Table 85: Qatari Persol Accident and Health Insurance - Retentions (QAR Million), 2008-2012
Table 86: Qatari Persol Accident and Health Insurance - Retentions (QAR Million), 2012-2017
Table 87: Qatari Premium Ceded to Reinsurance by Type of Insurance (QAR Billion), 2008-2012
Table 88: Qatari Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2008-2012
Table 89: Qatari Premium Ceded to Reinsurance by Type of Insurance (QAR Billion), 2012-2017
Table 90: Qatari Premium Ceded to Reinsurance by Type of Insurance (US$ Billion), 2012-2017
Table 91: Qatari Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 92: Qatari Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 93: Qatari Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Table 94: Qatari Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Table 95: Qatari Non-Life Insurance - Written Premium Through Direct Marketing (QAR Billion), 2008-2012
Table 96: Qatari Non-Life Insurance - Written Premium Through Direct Marketing (QAR Billion), 2012-2017
Table 97: Qatari Non-Life Insurance - Written Premium Through Bancassurance (QAR Million), 2008-2012
Table 98: Qatari Non-Life Insurance - Written Premium Through Bancassurance (QAR Million), 2012-2017
Table 99: Qatari Non-Life Insurance - Written Premium Through Agencies (QAR Billion), 2008-2012
Table 100: Qatari Non-Life Insurance - Written Premium Through Agencies (QAR Billion), 2012-2017
Table 101: Qatari Non-Life Insurance - Written Premium Through Brokers (QAR Million), 2008-2012
Table 102: Qatari Non-Life Insurance - Written Premium Through Brokers (QAR Million), 2012-2017
Table 103: Qatari Persol Accident and Health Insurance - Written Premium Through Direct Marketing (QAR Million), 2008-2012
Table 104: Qatari Persol Accident and Health Insurance - Written Premium Through Direct Marketing (QAR Million), 2012-2017
Table 105: Qatari Persol Accident and Health Insurance - Written Premium Through Bancassurance (QAR Million), 2008-2012
Table 106: Qatari Persol Accident and Health Insurance - Written Premium Through Bancassurance (QAR Million), 2012-2017
Table 107: Qatari Persol Accident and Health Insurance - Written Premium Through Agencies (QAR Million), 2008-2012
Table 108: Qatari Persol Accident and Health Insurance - Written Premium Through Agencies (QAR Million), 2012-2017
Table 109: Qatari Persol Accident and Health Insurance - Written Premium Through Brokers (QAR Million), 2008-2012
Table 110: Qatari Persol Accident and Health Insurance - Written Premium Through Brokers (QAR Million), 2012-2017
Table 111: Qatar - Life Insurance Regulatory Framework
Table 112: Qatar - Property Insurance Regulatory Framework
Table 113: Qatar - Motor Insurance Regulatory Framework
Table 114: Qatar - Corporate Tax Rates for the Fincial Year 2013
Table 115: Leading Insurance Providers in Qatar - Market Shares (%), 2011
Table 116: Qatar Insurance Company, Main Products
Table 117: Qatar Insurance Company, Key Employees
Table 118: Qatar General Insurance and Reinsurance Company, Main Products
Table 119: Qatar General Insurance and Reinsurance Company, Key Employees
Table 120: Qatar Insurance Company, Main Products
Table 121: Qatar Insurance Company, Key Employees
Table 122: Al Khaleej Insurance & Reinsurance Company QSC, Main Products
Table 123: Al Khaleej Insurance & Reinsurance Company QSC, Key Employees
Table 124: Qatar Islamic Insurance Company, Main Products
Table 125: Qatar Islamic Insurance Company, Key Employees
Table 126: Arabia Insurance Company, Main Products
Table 127: Arabia Insurance Company, Key Employees