Page 32 - Turkinsurance Digital Magazine

30 country profile

Age Structure in Qatar Volume of exports standing at 30.7 bil-

3.5% lion USD
1.1%
Qatar’s volume of exports stands at 67.5 billion USD. Major ex-
12.9% 0-14 years port partners include Japan, South Korea, India, China, Singapore,
and United Arab Emirates; and major export products are liquefied
15-24 years natural gas, petroleum products, fertilizer and steel. With an im-
11.8% port volume of 30.7 billion USD, Qatar mainly buys machinery and
25-34 years shipment tools, food, and chemicals from other countries. Major im-
port partners are USA, United Arab Emirates, Germany, England,
55-64 years India, Japan and Italy. The country is known to hold over 15 billion
USD worth of FX and gold reserves.
70.7% 65 years and over
Insurance market in Qatar

Enjoying the world’s largest gas reserves today, the economy of the
GDP per capita is 124,100 USD Qatari region used to focus on fishing and pearl hunting before the

discovery of those reserves. Following the discovery of their reserves
Qatar has proven natural gas reserves of over 25 trillion cubic me- in 1940s began to change the standards of living for its legal citi-
ters. In addition to oil and natural gas reserves, Qatar’s economy is zens. As the share of Qatari insurance market is under 1 percent in
further strengthened by sectors such as construction and financial global pie of insurance, the country has a significant potential for
services; GDP standing at 166.9 billion USD. The country is consid- insurance. Insurance premiums written by Qatari insurance market
ered as the second richest country in terms of GDP per capita, which are mostly produced in the non-life segment. However, increasing
stands at 124,100 USD. As to the distribution of GDP by sectors, population is estimated to expand the insurance market in near fu-
agriculture gets a share of 0.2 percent, industry accounts for 50.3 ture.
percent, and service sector for 49.5 percent. According to the sta-
tistics by CIA World Factbook, inflation rate stands at 0.4 percent, According to the Sigma Report by Swiss Re, total premium pro-
and unemployment rate at 8.9 percent. duction of Qatari insurance market stood at 3,038 million USD

Total premium volume (millions USD)

2,833 2,935 2,941 3,038
2,183
1,471

2013 2014 2015 2016 2017 2018