Q-Life & Medical, a newly formed insurance group based in Qatar, has targeted a promising market in the region. Initially part of Qatar Insurance Co., Q-Life & Medical was formed around the need for life and medical insurance in the nation. According to company officials, the market for life and medical insurance in Qatar is untapped, which translates into a unique opportunity for tremendous growth. Whether the company can capitalize on this potential growth, however, is yet to be seen.
As of now, the company is not offering any insurance policies. Q-Life is still in the final stages of transitioning away from Qatar Insurance Co. and has only recently been granted approval by insurance regulators to sell policies within the country. Company officials expect to begin selling policies by the end of this year.
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Qatar is a rapidly developing nation in the Middle East. As such, there are many markets ripe with potential growth due to the relatively small number of companies, both foreign and domestic, that have been able to enter these markets effectively. Q-Life has targeted the medical and life insurance sector hoping to appeal to consumers that have, until now, only had limited access to such insurance coverage.
Of Qatar’s 1.6 million population, only 200,000 have health insurance today. This is more than a 100% increase from two years ago.