Qatar Chamber's Insurance Committee reviews pricing of insurance services

Doha, Qatar: The Insurance Committee of the Qatar Chamber discussed several key topics, including the pricing of mandatory insurance for residents, th...

Doha, Qatar: The Insurance Committee of the Qatar Chamber discussed several key topics, including the pricing of mandatory insurance for residents, the participation of insurance companies in the pricing of insurance services, the commission rate of insurance brokerage firms and the scope of their work, digital transformation, insurance for electric cars, and other topics.

Qatar Chamber's Chairman and Chairperson of the Committee HE Sheikh Khalifa bin Jassim Al-Thani stressed the importance of dealing with the changes took place in the insurance sector after the 2022 World Cup. He also underscored that insurance companies' future strategies need to adapt to serve the Qatari market, especially the industrial and service sectors.

For his part, Director of the Insurance Supervision Department at Qatar Central Bank (QCB) HE Sheikh Mohamed bin Ahmed bin Saif Al-Thani lauded the fruitful cooperation with the Chamber, emphasizing QCB's commitment to boosting the insurance sector's contribution to GDP to 3 percent.

He reviewed the findings of a survey of insurance companies on various topics, noting that these findings have been shared with HE the Governor, the Executive Office, and other relevant stakeholders. He further pointed out that QCB conducts several actuarial studies to ensure the best pricing for insurance services.

He also thanked insurance companies for their response and views, noting that direct meetings will be held with all parties to discuss the consultative paper before its approval by the relevant authorities.