Boston, MA -- (SBWIRE) -- 12/19/2013 -- As of late 2013, Qatar's insurance sector appears to be living up to its promise. The combination of strong economic growth and an official desire to promote financial services through the Qatar Financial Centre (QFC) has provided a positive environment in which premiums have surged strongly over the last year or so.

Key Insights And Key Risks

As of late 2013, Qatar's insurance sector appears to be living up to its promise. The combination of strong economic growth and an official desire to promote financial services through the Qatar Financial Centre (QFC) has provided a positive environment in which premiums have surged strongly over the last year or so. In absolute terms, the growth has been strongest for Qatar Insurance Company (QIC), the market leader, which accounts for over 60% of premiums written. However, most of the other indigenous insurance companies have also achieved respectable growth. Impressively, this increase appears to have taken place in spite of downwards pressure on prices and margins in most lines. Key drivers include: greater coverage of large scale construction and industrial risks by the domestic insurance companies; innovative marketing initiatives; and, development of an embryonic indigenous reinsurance sub-segment.

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While Qatar needs and values insurance, Qataris neither need nor value life insurance. Three of the five main indigenous insurance companies, including QIC, are pure non-life players. Family Takaful products are provided by the two Takaful operators - Al Khaleej and Qatar Islamic Insurance Company (QIIC), but they represent a small, and not necessarily rapidly growing, element of those companies' overall businesses. In essence, the local citizens enjoy the protection afforded by a generous social security system, as is the normal situation in the Gulf Cooperation Council (GCC) countries.

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