Oman: GWP rises 10% to US$1 bln for 2014

Source: Middle East Insurance Review | Mar 2015

Oman’s insurance industry reported total premiums of OMR400.4 million (US$1 billion) for 2014, 10% higher than the OMR364 million registered for 2013, according to unaudited data from the Capital Market Authority (CMA).

A big boost to the growth came from medical insurance, which increased by 31.5% to OMR82.9 million compared to OMR63 million the previous year.

Mr Abdullah bin Salem Al Salmi, Executive President of the CMA, noted the significant growth in health insurance and the need to develop health services and private hospitals to cope with this growth, reported the Argaam business news website.

Motor insurance accounts for about 50% of total premiums. While demand for medical insurance is growing, demand for other types of non-motor insurance such travel or home insurance remains modest.

Last year’s overall growth rate was the same as that for 2013. Then, Oman’s insurance companies posted a 10.4% increase in total direct premiums from OMR329.6 million in 2012.

OMR1 = US$2.60

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