Qatar: Takaful operators register $41m surplus in 2020

Source: Middle East Insurance Review | Oct 2021

Takaful operators in Qatar reported annual surpluses of QAR149m ($41m) for 2020, according to a report by Bait Al-Mashura Finance Consultations.

All takaful providers achieved surpluses in 2020 with Qatar Islamic Insurance leading the list with a surplus of QAR73m, followed by Damaan Islamic Insurance with a surplus of QAR45m, General Takaful QAR12m, Al-Khaleej Takaful QAR11.9m and lastly Doha Takaful generating a surplus of QAR6.6m.

The report revealed that the total assets of takaful providers operating under the supervision of the Qatar Central Bank amounted to QAR4.1bn in 2020, while the assets of policyholders reached QAR2.2bn. Gross contributions for the market reached QAR1.3bn in 2020 with Doha Takaful achieving the highest growth rate of insurance contributions by 42.1%.

Over the past five years (2016-2020), the CAGR of policyholders’ assets in Qatari takaful operators was 4.3%. During the same period, the market’s gross contributions achieved a CAGR of 1.5% with Doha Takaful achieving the highest rate at 11%, followed by QII at 5.1% and Al-Khaleej Takaful at 0.1%. M

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