Health, life and climate insurance to get boost from Qatar Central Bank insurtech expansion strategy

Health, life and climate insurance to get boost from Qatar Central Bank insurtech expansion strategy

Plans are afoot in the Qatar's insurance industry to expand the product offerings such as life and health and launch climate insurance as well as tailored insurance services for priority sectors as logistics and manufacturing.

These, among other suggestions, were made in the Qatar Central Bank's (QCB) recently launched third financial sector strategy, which called for strong regulatory measures to position insurance and provide effective management of financial and economic risks as Qatar's economy expands and diversifies.

The QCB is set to implement reforms to “digital leapfrog” in the insurance sector by developing Insurtech in the country so as to enhance the universe of insurtech players. The strategy suggested "laying out the fundamentals to become the recognised Insurtech hub in the Middle East and North Africa (Mena) through necessary reforms and incentivising ventures."

Insurtech includes the use of technology innovations to bring in savings and efficiency to the insurance industry model. According to a survey conducted by the Qatar Financial Centre, around 82% of insurance executives in Qatar considered Insurtech to be a significant driver of change in the industry.

The financial sector strategy sought to identify select growth areas through expansion of product offerings to cover the full range of insurable risks, which