Qatar Chamber's insurance committee discusses ways to develop insurance sector

The Qatar Chamber's Insurance Committee held a meeting headed by HE Chairman of the Chamber's Board of Directors and Chairman of the Committee, Sheikh Khalifa bin Jassim Al-Thani, in the presence of Director of the Insurance Supervision Department at the Qatar Central Bank (QCB) Sheikh Mohammed bin Ahmed bin Saif Al-Thani and a number of the QCB's experts.

The meeting discussed several topics and challenges facing insurance companies, including compulsory insurance such as vehicle insurance, the role of insurance companies in compulsory health insurance for residents, the role of insurance brokerage companies in insurance work, matters related to digital insurance, electric car insurance, and other topics.

HE Sheikh Khalifa bin Jassim Al-Thani welcomed the attendees, praising the important role played by the QCB in regulating and developing the insurance sector in the country. He pointed out the importance of dealing with the changes that occurred in the insurance sector after the end of the FIFA World Cup Qatar 2022 and keeping pace with the future strategy of insurance companies to serve the direction of the Qatari market, especially the industrial and services sectors.

For his part, Sheikh Mohammed bin Ahmed bin Saif Al-Thani extended his gratitude to the Qatar Chamber for the fruitful cooperation and pointed to the QCB's intention, according to the FSS3, to raise the insurance sector's contribution to the gross product through the increase of the Gross Written Premium percentage to reach to 3.5 percent of the non-hydrocarbon sector, noting the cooperative approach that QCB adopted in the insurance sector, through conducting surveys for the insurance companies on several topics related to the insurance industry in the State of Qatar. However, the QCB is keen to consult with insurance companies and conduct the necessary studies to develop the insurance market.

Sheikh Mohammed bin Ahmed bin Saif Al-Thani expressed the importance of cooperation between insurance companies and the QCB to find the necessary mechanisms to develop and promote the sector.