Qatar Chamber committee discusses ways to develop insurance sector

Qatar Chamber’s Insurance Committee recently held a meeting to discuss several topics and challenges facing insurance companies in the country.

Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani, who is also chairman of the Insurance Committee, presided over the meeting in the presence of Sheikh Mohamed bin Ahmed bin Saif al-Thani, director of the Insurance Supervision Department at the Qatar Central Bank (QCB), and several QCB experts.

The meeting also discussed 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; and matters related to digital insurance, and electric car insurance, among other topics.

Sheikh Khalifa lauded the important role played by the QCB in regulating and developing the insurance sector in Qatar, pointing out the importance of dealing with the changes in the insurance sector post-FIFA World Cup 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 Mohamed explained the QCB’s intention, citing FSS3, which is to raise the insurance sector’s contribution to the gross domestic product through the increase of the Gross Written Premium percentage to reach 3.5% of the non-hydrocarbon sector.

He also explained the co-operative approach that the QCB adopted in the insurance sector, through conducting surveys for the insurance companies on several topics related to Qatar’s insurance industry. However, the QCB is keen to consult with insurance companies and conduct the necessary studies to develop the insurance market, he said.

Sheikh Mohamed underscored the importance of co-operation between insurance companies and the QCB to find the necessary mechanisms to develop and promote the sector.