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Qatar Insurance Pricing Trends Q1 2022

Pricing in the first quarter in the casualty insurance market remained generally stable, declining 1%, on average in Qatar.

West Bay on the Corniche in Doha Qatar

Qatar

Casualty: 

Pricing in the first quarter in the casualty insurance market remained generally stable, declining 1%, on average.

  • Clients requesting higher limits for general liability insurance were supported by regional/international reinsurers, as local market capacity was limited.
  • With the FIFA World Cup approaching, the requirement for professional indemnity insurance may increase in 2022
  • Auto liability (motor third party liability) is compulsory in Auto liability (motor third party liability) is compulsory in Qatar, there is no cap on liability, and the pricing is fixed depending on the capacity. On comprehensive coverages, there were some reductions in rates for clients with good claims history

Property: 

On average, property pricing increased 3% in the first quarter, compared to 13% in the prior quarter.

  • Clients requesting higher limits for general liability insurance were supported by regional/international reinsurers, as local market capacity was limited
  • Insurers generally increased deductibles and restricted coverage during the pandemic. They typically have not returned to pre-pandemic levels, and instead have maintained or increased deductibles, and did not offer extensions
  • Early discussions, claims free programs, and quality of risks continued to be the determining factors in discussions with the (re)insurance market. 

Property insurance pricing increased an average of 29% in the first quarter. Some insurers that experienced significant property insurance losses due to Cyclone Shaheen offered limited, if any, capacity in the first quarter.

Middle East and Africa Pricing - Q1 2022