Oman: Premiums rise by 6% to US$315 million in 1Q
Source: Middle East Insurance Review | Jul 2015
Total direct premiums of the insurance sector in Oman in the first quarter of 2015 rose by 6% to OMR121.25 million (US$315 million), compared to the corresponding period last year, according to unaudited preliminary results for the insurance market.
Claims paid by insurance firms increased by 36% in the first quarter to reach to OMR38.76 million.
Health premiums grew the fastest at 28%, compared to the same quarter last year. Health insurance now accounts for 22% of the total direct premiums. Liability insurance rose by 18%, collective life insurance 16%, transportation 7%, and third-party vehicle insurance 3%, while other products like property insurance saw a decrease in premiums.
The data also showed that the retention rate of insurance companies increased to 51% in the first quarter, as compared to 47% a year ago. Retention rates in the property, engineering, and transport branches were the lowest compared to other branches, reaching 9%, 23% and 21%, respectively. The vehicle, health, and life lines showed the largest retention rates reaching 84%, 59%, and 41%, respectively.
OMR1 = US$2.60