Qatar Takaful insurance market: Gross written premiums reach $274 million in 2011

Press Release   •   Feb 28, 2013 14:33 GMT

Qatar's takaful insurance market has emerged as one of the key markets in the Middle East Islamic financial services industry. The gross written premiums of the overall takaful insurance industry in the country grew at a CAGR of 51.13% during the review period, to reach the value of QAR995.6 million (US$273.8 million) in 2011. This positive growth rate dynamic surpassed that of the conventional insurance industry, which is encouraging financial institutions to penetrate the industry with similar types of products.

The major drivers observed for continuous growth in the insurance industry include rapid economic growth, regulatory initiatives such as compulsory insurance policies, government expenditure on infrastructure, and product awareness campaigns conducted by the government. Overall, the gross written premiums in the Qatari takaful industry are expected to grow at a CAGR of 16.49% over the forecast period, to reach QAR2.1 billion (US$585.2 million) in 2016.

Qatar demonstrated strong economic growth during the review period, a trend which is expected to continue over the forecast period. The country's GDP grew at a CAGR of 16.25% during the review period and a similar trend is expected over the forecast period where it will record a projected CAGR of 5.90%. Factors such as rapid economic growth, extensive infrastructure investments, a growing population and increasing annual disposable income are expected to result in an increase in insurable assets in the country.

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