Magazine date:
Apr 2017 The insurance turnover of Qatari insurance amounted to approximately 3 billion USD in 2016 while the penetration rate stagnates paradoxically at 1.5% at a time when this indicator is of 6% on the global level.
The new requirements of health insurance will partly improve this rate. In fact, the deficit can only be offset by a substantial increase in life insurance, an activity that accounts for just 10% of the market for the time being whereas the global average rate is set at 60%.
Life insurers are facing major cultural and institutional obstacles that are hindering the development of this class of business. These issues may be resolved through the promotion of takaful products and by optimizing the legislative framework.
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