Oman: Takaful accounts for 7% of insurance market in 1H

Source: Middle East Insurance Review | Oct 2015

Oman’s two takaful companies reported combined GWP of OMR17.4 million (US$45.2 million) for the first half of this year, representing 7% of total premiums in the Omani insurance market.

Al Madina Takaful, which was converted from a conventional insurer in January last year, posted gross contributions during the first half of OMR13.6 million, compared to OMR11.7 million for the corresponding period last year. Its net profit jumped 76% y-o-y to OMR1.4 million.

Takaful Oman, which started operations in May last year, reported gross contributions of OMR3.8 million for the first half. It recorded a net profit of OMR814,316 for the same period, reversing from the net loss of OMR96,366 in the corresponding period in 2014.

Total premiums written in the first half of this year in the Oman’s insurance market rose by 9% y-o-y to OMR246 million.

OMR1 = US$2.60

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