Mubasher: The Qatari insurance sector’s gross written premium (GWP) rose 14.5% year-on-year for the full-year 2017, according to Qatar Central Bank’s (QCB) recent report.
GWP amounted to QAR 14.4 billion for the year ended 31 December 2017, the central bank’s financial stability report showed.
The contribution of domestic contributors in the gas-rich nation reached QAR 12.3 billion, while that of international branches recorded QAR 0.3 billion.
"Though the gross income increased by 6.4 percent during 2017 as compared to the previous year, the net profit, though positive, recorded a sharp decline,” the report highlighted.
In the same vein, the report noted that the return on equity and return on assets witnessed a drop over the previous year.
The solvency coverage of insurance firms remained unchanged, above the regulatory requirement, as the average solvency ratio stood at 271% on a consolidated basis.
It is worth noting that the Qatari insurance sector includes 12 firms, divided into 9 domestic companies and 4 branches of international companies.
Since 5 June 2017, Qatar has been facing outflows of foreign customers' deposits after four Arab countries led by Saudi Arabia cut their diplomatic and trade ties with the world’s biggest supplier of liquefied natural gas (LNG), accusing Qatar of financing terrorism. Doha forcefully denies the charges.
