Qatari insurance market forecasts 2023-2028

IPOBased on forecasts by Alpen Capital, the Qatari insurance market's turnover is expected to reach 2.5 billion USD in 2028, against 2 billion USD in 2023. The average annual growth rate over the period 2023-2028 is estimated at 4.8%.

The non-life business is projected to record a 4.9% average annual increase in written premiums, underpinned by rapid economic growth, ongoing infrastructure projects and favourable geopolitical conditions.

The World Aquatics Championships, scheduled to take place in Doha from 2 to 18 February 2024, are likely to boost demand for health, travel and liability insurance policies.

The introduction of mandatory health insurance for expatriates and visitors to Qatar should also have a positive impact on the sector's premium income.

The life insurance business is expected to see a 2.7% increase in turnover. This growth would be attributable to a growing awareness of the importance of insurance and a steadily rising population.

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