Qatar's takaful insurance industry 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.
Strong economic fundamentals and favorable demographics
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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Companies adopted marketing and product strategies to remain competitive and penetrate the industry
Qatar’s takaful insurance industry is a customer demand-driven industry, which created a competitive environment where the existing companies better understand the dynamics for each market and know how to find new ways to reach individual and business customers in order to offer customized products.
Companies are formulating strategies based on understanding customer needs and created takaful insurance products or services to provide risk management solutions suited to these needs. As a solution, companies started to implement in-house customer relationship management programs and joint ventures with Qatar’s commercial banks in order to understand the customer problem and to create solutions.
Strong presence of expatriates to drive the growth of personal accident and health insurance segment
Growth in the Qatari takaful personal accident and health insurance segment surpassed the conventional personal accident and health insurance segment. The gross written premiums of the segment increased from QAR75.5 million (US$20.8 million) in 2007 to QAR629.0 million (US$173.0 million) in 2011, at a CAGR of 69.91% during the review period. This value is expected to increase further from QAR722.2 million (US$198.6 million) in 2012 to QAR1.3 billion (US$350.4 million) in 2016, after registering a CAGR of 15.25% over the forecast period. The increasing demand for health insurance products among expatriates drove the growth of the segment.
Growing automobile industry to drive the demand for takaful motor insurance
The country is witnessing an unprecedented growth in the automobile industry and the number of vehicles on the road has significantly increased in recent years. The number of registered vehicles reached 814,373 in 2011, an increase of 5.6% over the previous year, leading to a higher volume of traffic accidents in the country.
Table Of Contents
1 Analysis of Qatari Takaful Market Dynamics
2 Benchmarking Analysis of Global Takaful Industries
3 Takaful Life Insurance Segment Trends
3.1 Policies and Premiums
4 Takaful Overall Non-Life Insurance Segment Trends
4.1 Policies and Premiums
4.2 Non-Life Insurance Categories
5 Takaful Property Insurance Category Trends
5.1 Premiums - Overview
5.2 Fire and Allied Perils Insurance
5.3 Engineering Insurance
5.4 Other Property Insurance
6 Takaful Motor Insurance Category Trends
6.1 Premiums - Overview
6.2 Motor Hull Insurance
6.3 Motor Third-Party Insurance
7 Takaful Marine, Aviation and Transit Insurance Category Trends
7.1 Premiums - Overview
8 Takaful Personal Accident and Health Insurance Segment Trends
8.1 Policies and Premiums
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Strong economic fundamentals and favorable demographics
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.
Get a copy of this report @ http://www.rnrmarketresearch.com/market-attractiveness-and-future-prospects-of-the-qatari-takaful-insurance-industry-market-report.html
Companies adopted marketing and product strategies to remain competitive and penetrate the industry
Qatar’s takaful insurance industry is a customer demand-driven industry, which created a competitive environment where the existing companies better understand the dynamics for each market and know how to find new ways to reach individual and business customers in order to offer customized products.
Companies are formulating strategies based on understanding customer needs and created takaful insurance products or services to provide risk management solutions suited to these needs. As a solution, companies started to implement in-house customer relationship management programs and joint ventures with Qatar’s commercial banks in order to understand the customer problem and to create solutions.
Strong presence of expatriates to drive the growth of personal accident and health insurance segment
Growth in the Qatari takaful personal accident and health insurance segment surpassed the conventional personal accident and health insurance segment. The gross written premiums of the segment increased from QAR75.5 million (US$20.8 million) in 2007 to QAR629.0 million (US$173.0 million) in 2011, at a CAGR of 69.91% during the review period. This value is expected to increase further from QAR722.2 million (US$198.6 million) in 2012 to QAR1.3 billion (US$350.4 million) in 2016, after registering a CAGR of 15.25% over the forecast period. The increasing demand for health insurance products among expatriates drove the growth of the segment.
Growing automobile industry to drive the demand for takaful motor insurance
The country is witnessing an unprecedented growth in the automobile industry and the number of vehicles on the road has significantly increased in recent years. The number of registered vehicles reached 814,373 in 2011, an increase of 5.6% over the previous year, leading to a higher volume of traffic accidents in the country.
Table Of Contents
1 Analysis of Qatari Takaful Market Dynamics
2 Benchmarking Analysis of Global Takaful Industries
3 Takaful Life Insurance Segment Trends
3.1 Policies and Premiums
4 Takaful Overall Non-Life Insurance Segment Trends
4.1 Policies and Premiums
4.2 Non-Life Insurance Categories
5 Takaful Property Insurance Category Trends
5.1 Premiums - Overview
5.2 Fire and Allied Perils Insurance
5.3 Engineering Insurance
5.4 Other Property Insurance
6 Takaful Motor Insurance Category Trends
6.1 Premiums - Overview
6.2 Motor Hull Insurance
6.3 Motor Third-Party Insurance
7 Takaful Marine, Aviation and Transit Insurance Category Trends
7.1 Premiums - Overview
8 Takaful Personal Accident and Health Insurance Segment Trends
8.1 Policies and Premiums
Inquire for a discount on this report @ http://www.rnrmarketresearch.com/contacts/discount?rname=76361
