BMI's Executive Summary

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The last two years have seen a spectacular boom in Qatar’s insurance sector, with gross premiums rising
by 50-60% annually. This has not, however, produced a bonanza for the shareholders in the five listed
Qatari insurance companies that dominate the industry. This is partly because claims and expenses have
also been surging. It is also because Qatari insurers have had to pass on a lot of risks to reinsurers. In
other words, it appears that – although they are well run, well regulated and, by Middle Eastern standards,
transparent – the Qatari insurers do not have the capital to bear all the risks of clients who want
fire/general insurance.

This is only a part of the challenge faced by a sector that should continue to grow reasonably strongly
through our 2007-2012 forecast period. Other challenges are increasing competition from foreign groups
who, like AIG, are attracted to the Qatar Financial Centre (QFC) and, indeed, increasing competition
faced by the QFC from its peers in other nearby countries (such as Bahrain’s Financial Harbour and the
Dubai International Finance Centre).

Another challenge is that the excitement surrounding Islamic insurance is enormous relative to the
premiums actually being written. Qatar’s experience to date is similar to that of almost all other Islamic
countries in that Islamic insurance (Takaful) accounts for only a tiny percentage of total premiums.
Specialist Takaful operators have been enjoying high growth rates and should continue to do so. In
absolute terms, though, opportunities (both present and future) from conventional insurance will be much
greater.

Five years hence it is probable that the Qatari insurers will be earning considerably more from their
foreign operations than they are today. It is possible that they will be writing more business outside Qatar
than they are at home.

Contents of the Qatar Insurance Report

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Chapter 1 - The Sector At A Glance

Table: Qatar Insurance Sector Overview (In Millions Of Currency Specified)

Key features Of This Report And Likely Future Changes

Chapter 2 - Latest News

Recent Developments

Chapter 3 - Evolution Of The Insurance Sector

Table: Evolution Of Qatars Insurance Sector (In Millions Of Currency Specifed)

Evolution

Chapter 4 - Projections And Forecasts

Table: BMI Projections For Qatars Insurance Sector (In Millions Of Currency Specified)

Projections And Drivers Of Growth

Chapter 5 - Macroeconomic Outlook

Table: Qatar Economic Activity

Chapter 6 - Country Update

Political Risk Glacial Movement Towards Democracy

Economic Risk Oil Boom Continues

Business Environment Not Yet An FDI Paradise

Chapter 7 - Analysis Of Competitive Conditions

Table: Middle East And Africa Non-Life Segment Rankings of Markets

Table: Middle East And Africa Presence Of Cross-Border Insurers Non-Life Segment

Table: Middle East And Africa Selected Local Non-Life Insurers

Country Overview Qatar Life Segment

Table: Middle East And Africa Life Segment Rankings Of Markets

Table: Middle East And Africa Presence Of Cross-Border Insurers Life Segment

Table: Middle East And Africa Selected Local Life Insurers

Chapter 8 - Regional Context

Table: Middle East And Africa: Regional Context 2004 Premiums

Table: Middle East And Africa Regional Context Total Premiums 2004

Chapter 9 - Methodology And Objectives

Introduction

Background

Forecasts

Chapter 10 - Appendix

Table: Latest Estimates / Actual Figures For 2005

Table: Latest Estimates For 2010

Table: Latest Estimates For 2005-2010 (Growth In US Dollar Terms)

Competitive Landscape for The Middle East and Africa Insurance
    Reports: Sample of Companies Ranked

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A cross-border overview of key players and their insurance market share across the Middle East and Africa. Tables and graphs show country presence of multinationals across the region. Comparative company analyses and rankings by premium income (life and non-life). Company SWOTS for leading life and non-life insurers, covering network of offices, presence of foreign stakeholders, strategic relationships, joint ventures; portfolio of clients; diversity of product range; profit growth, investment strategy and risk exposure.

Network of Insurance Sources

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BMI's Middle Eastern and African Insurance Reports are based on an extensive network of multilateral organisations, government departments, insurance industry associations, chambers of commerce and company reports. Information sources include:

Read about our other Insurance Reports