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Qatar Insurance Report 2010
Business Monitor International, Dec 2009, Pages: 48
Business Monitor International's Qatar Insurance Report provides industry professionals and strategists, corporate analysts, insurance associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Qatar's insurance industry.
BMI forecasts gross written premiums in Qatar to contract slightly, from QAR3,612mn in 2008 to QAR3,599mn in 2009. This is because the results released by the five local and listed insurance companies in respect of the first nine months of 2009 suggest that the gross premiums of Qatar General Insurance & Reinsurance are likely to fall from QAR719mn in 2008 to around QAR509mn this year. It also appears likely that the gross premiums of Qatar Islamic Insurance Company will slip from QAR168mn to QAR159mn. However, the premiums of the other three local companies – Al Khaleej Insurance & Reinsurance, Doha Insurance and Qatar Insurance – appear set to achieve modest growth. In very general terms, net premiums have moved in line with gross written premiums. This matters, because the insurers typically buy reinsurance amounting to 50-75% of gross written premiums. Nevertheless, the publisher continues to be optimistic about the prospects for insurance in Qatar. This is partly due to the high likelihood that the country will remain one of the world’s fastest growing (and, indeed, in terms of per capita income richest) economies, notwithstanding the fact that 2009 has been a difficult year. The government is committed to diversifying the economy away from energy. The development of the Qatar Financial Centre (QFC), which is overseen by a highly respected regulator, is a part of this process. Various foreign suppliers and distributors of insurance-related products have been given approval to commence operations in Qatar.
As is the case in other Gulf Co-operation Council (GCC) countries, it is probably fair to say that excitement about Islamic insurance – takaful – exceeds the reality. Nevertheless, it remains true that takaful contributions are growing from a small base. In 10 years time it is quite possible that Qatar will be one of the world’s leading Islamic financial centres. Nevertheless, in the meantime – in both Islamic and conventional finance – Qatar continues to face competition from other regional centres such as Dubai and Bahrain.
Key Features Of This Report This report is structurally similar to its predecessor. However the publisher has updated information to take into account developments over the course of 2009. In particular, the publisher has incorporated the various press releases issued by the QFC Authority and the financial results of the five listed local insurance companies in periods ending September 30 2009.
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