The property insurance market in Qatar is expected to remain the largest in the non-life insurance sector at QR6.4 billion ($1.8 billion) over the next three years, said a report.

A new report from Timetric predicts a bright future for property insurance in Qatar, fuelled by projected infrastructure spending ahead of the 2022 Fifa World Cup, and investment in the non-oil sectors in order to diversify the economy, stated The Peninsula.

In the last five years, the category’s gross written premium skyrocketed from QR1.8 billion ($500 million) in 2010 to QR4.3 billion ($1.2 billion) in 2014, at a compound annual growth rate of 24 per cent, it stated.

According to the report, investment in construction projects will drive property insurance.

The upcoming Fifa World Cup is playing a key role in accelerating large-scale infrastructure projects such as metro and light rail systems besides the construction of roads, ports, stadia and related sporting infrastructure.

The growth of property insurance will be influenced by an increased investment in construction activity, propelled by real estate and infrastructure and development in particular.

The country is also looking to diversify its economy, with the government planning to spend QR546.1 billion ($150 billion) on infrastructure projects, as well as allocating more budget to non-oil sectors, it said.

The size of the Qatari insurance industry is comparatively smaller than other countries in the Gulf region with six leading insurance providers.

Qatar Insurance Company is the market leader with 43.5 per cent market share followed by Qatar General Insurance and Reinsurance (QGIRCO) with 18.7 per cent share, the report added.