The Qatar Central Bank (QCB) yesterday issued instructions to digital insurance companies, aimed at drawing up the regulatory framework for digital insurance activities in the country.
Price increases, regulatory enforcement, M&A activity and generally favourable economic conditions have boosted the insurance revenue of 76 listed insurers in the GCC region for a second consecutive year in 2023 (FY2023).
Qatar's listed insurance companies posted a combined net loss of QAR360m ($99m) for the financial year ended 31 December 2023, according to annual financial statements lodged by the companies with the Qatar Stock Exchange.
Qatar's listed takaful operators have reported promising preliminary results in the past year, according to statements by the companies lodged with the Qatar Stock Exchange.
Qatar Insurance Company (QIC Group, QIC), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported net profits of QAR615m ($169m) for 2023, compared to a net loss of QAR1,183m for 2022, according to a statement issued by the company.
Rapid economic growth, ongoing infrastructure projects and improved geopolitical conditions are expected to fuel the growth of Qatar's insurance market at a CAGR of 4.8% from $2.0bn in 2023 to $2.5bn in 2028, says UAE-based Alpen Capital in its latest "GCC Insurance Industry" report released last week.
GIG Gulf, one of the largest insurance providers in the MENA region, has announced the launch of an online capability aimed at simplifying and streamlining motor insurance purchases for micro-SMEs in the UAE, Bahrain, Qatar, and Oman.
The underwriting results of Qatar Insurance Company (QIC) have been unprofitable and volatile in recent years, with a five-year (2018-2022) weighted average combined ratio (including discontinued operations) of 107% and a standard deviation of 6%, according to a commentary by AM Best.
Qatar's insurance industry will launch climate insurance products, according to the Qatar Central Bank's (QCB) recently launched its third financial sector strategy.
Sidra Medicine, a Qatar Foundation entity, and GlobeMed Qatar, a healthcare benefits management company, have signed an agreement to offer eligible insured members of payers contracted with GlobeMed Qatar access to Sidra Medicine's women's and paediatric medical services.