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Insuring FIFA World Cup 2022: Goals and highlights

With Qatar hosting the World Cup later this year – the first Middle Eastern country to do so – a new set of challenges and risks must be addressed to ensure a smooth tournament in a world that is still dealing with the fallout of COVID-19. We find out more about what is involved in covering such a momentous event.

Insuring FIFA World Cup 2022: Costs and covers

As far back as 2013 pessimists were asking if Qatar really was ready to host the world’s biggest soccer tournament. Soccer fans of the world are some of the most unforgiving and are likely to be highly critical of every aspect of its organisation if it falls short. That Qatar managed to secure hosting rights for the World Cup this year is a monumental development in many ways, not least because it is the first time that the soccer tournament will be held in the Arab world.

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Harmonising regulations

The Qatar Central Bank is responsible for the supervision of the insurance sector and hopes better regulation will increase the efficiency of the sector’s performance, improve the penetration rate and reduce the protection gap.

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A good time for Qatar general insurers

Despite an eventful 2021, the Qatar insurance industry managed to record a respectable profit. Now with the largest sporting event in the world coming to their shores, the industry has more to look forward to than ever before.

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Bright days ahead for Qatar's insurance industry

The six listed Qatari insurers, which together account for nearly 90% of market premiums, have achieved back-to-back growth in GWP and earnings in 1Q2022 and 2021. The uptrend looks set to extend further this year on the back of the roll out of a new compulsory health insurance scheme, tourist arrivals during the 2022 FIFA World Cup and infrastructure developments in the run up to the mega event.

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New law set to trigger growth and expansion

The L&H sector in Qatar has grown over the last few years and this is expected to accelerate with the mandatory health insurance law that came into force earlier this year. Moody’s Mr Mohammed Ali Londe gives us his thoughts on what we might expect to see based on similar laws implemented previously in other GCC markets.

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Disrupting health insurance through AI

Health insurers in Qatar are largely reliant on third-party administrators to process claims. One InsurTech firm is looking to disrupt that with self-diagnostic engines to automate the process. Middle East Insurance Review spoke to Rimads’ Dr Mohammad Hammoud to find out how new technologies can grow in the country.

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Aug 2022

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Insuring FIFA World Cup 2022: Goals and highlights