To identify and provide details of the insurance companies operating in Qatar, and to detail sponsorships or connections between the companies and sport teams or sporting events.
Insurance companies in Qatar operate in one of two regulatory environments: within the Qatar Financial Centre (QFC) or outside of the QFC. The larger insurance companies reside outside of the QFC's governance while international firms make up the majority of those under QFC guidance. Qatar is slated to host the 2020 FIFA World Cup, and its 'Big Five' (domestic) insurance companies are directly involved in the event.
Insurers within the QFC are able to compete for in-country business in the wider business market, which has made it a popular destination for foreign insurers, and large international issuers such as AXA, Allianz, Chartis and MitsuiSumitomo.
Oxford Business Group reports, "Qatar’s insurance sector currently comprises just 12 companies, eight of which are domestic and four that are branches of international firms. The latter are Arabia Insurance, Libano-Suisse Insurance, American Life and Misr Insurance. Among all firms in Qatar there are eight conventional insurers and five takaful (Islamic insurance) operators."
They also report, "Data from the Qatar Central Bank (QCB) notes that GWP (gross written premium) in the country increased by 7.5% in 2018 to QR15.5bn ($4.3bn), after registering growth of 14.5% in 2017. The five largest domestic insurance firms – QIC, Qatar General Insurance and Reinsurance Company, Doha Insurance Company, Qatar Islamic Insurance Company and Al Khaleej Takaful Insurance Group – account for around 90% of GWP."
It is estimated that QIC now accounts for approximately 29% of the domestic market with $11 billion in total assets, but "there is no agreement as to the absolute size of the domestic market due to the differing reporting standards of non-listed active insurers and the widespread accounting practice of including international business with locally derived premium."
Qatar General Insurance and Reinsurance Company is reported as the second-largest domestically licensed insurer with approximately $2 billion in total assets, "followed by Doha Insurance Company with QR1.9bn ($521.8m), KTG with QR947.2m ($260.1m) and QIIC with QR940.1m ($258.2m). The latter two companies form part of a rapidly growing sharia-compliant segment."