The Qatari insurance and Takaful market is undergoing a slowdown with local firms, mainly operating in the non-life sector.
According to reports, total profits for the whole market only grew by 2% in the first half of 2011, compared to a 9% rise in 2010 in the same period.
The report, which includes Qatar Islamic Insurance and al Khaleej Takaful, as well as conventional firms, Qatar General Insurance & Reinsurance, Qatar Insurance and Doha Insurance, was aggregated by Qatar Exchange.
One of the primary reasons cited by the insurers with regards to the lower than expected profits in the first half of 2011 is due to the rise in premiums yielded to reinsurance companies.
Reinsurance premium yielding has risen by 8% for Qatar's insurance companies in 2011, with three companies actually yielding more than 55% of total written premiums to reinsurers.
© The Islamic Globe 2011
