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Qatar’s motor vehicle premium to double to USD2.6b

18 Oct 2015

(MENAFN) Motor vehicle premium in Qatar will more than double to USD2.6 billion in 2019 on the back of the general growth in the economy coupled with massive infrastructure investments.

This year, Qatar’s insurance firms are expected to write motor vehicle premiums worth USD1.06 billion, BMI Research said in a report. Last year, motor vehicle premiums totaled USD567 million in Qatar.

According to BMI, Qatar has posted strong premium growth in 2015 and this “confirms its belief that the Qatari non-life insurance sector is one of the fastest growing segments that we monitor.”

The boom in Qatar’s economy will be conducive for the non-life insurance growth. Qatar’s insurance sector resembles those of other neighboring Gulf Cooperation Council (GCC) countries.

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