Qatar: Central Bank developing digital insurance framework
Source: Middle East Insurance Review | Jun 2024
The Qatar Central Bank (QCB) last month issued instructions to digital insurance companies, aimed at drawing up the regulatory framework for digital insurance activities in the country.
These instructions are in line with Qatar’s Third Financial Sector Strategic Plan and are a part of the QCB’s constant endeavours to regulate and develop the financial sector and to stimulate innovation in financial technology.
The central bank, in a statement, said that digital insurance companies offer a range of benefits, that include increasing cost efficiency, processing claims faster while improving risk assessment through data analysis and enhancing competitiveness in the sector to provide the best services at a lower cost. M