Qatar: Auto premiums to more than double by 2019
Source: Middle East Insurance Review | Dec 2015
Motor vehicle premiums in Qatar will be in excess of US$2.6 billion in 2019, compared to $567 million in 2014 and $1.06 billion in 2015, on the back of the general growth in the economy coupled with massive infrastructure investments, which will be conducive for non-life insurance growth, according to BMI Research, a unit of the Fitch group.
The motor vehicle insurance sub-sector will be boosted by significantly higher volumes and prices in 2015, 2016 and 2017 as the national vehicle fleet grows. The transport insurance sub-sector will also witness a rise in volumes and prices.
In addition, the general growth of the economy, coupled with massive infrastructure investments, will be conducive for the non-life insurance growth. By the end of this year, medical insurance will be mandatory for both white-collar and blue-collar expat workers, noted BMI.