Oman: Insurance sector sees premiums grow by 7% in 1Q

Source: Middle East Insurance Review | Jul 2016

The Omani insurance market grew by 7% during the first quarter with total written premiums reaching OMR130 million (US$337.7 million), compared to the corresponding quarter last year, according to data from the Capital Market Authority.

Growth during the quarter was varied with the transport, property and miscellaneous insurance branches showing a decline, while life, health and liability segments expanded, reported the Oman Daily.

Motor and health insurance lines still represent the largest part of the insurance market in the Sultanate with market shares of 34% and 27%, respectively.

Total compensation paid by the insurance industry soared by 26% to OMR49 million during the first quarter of this year compared to OMR38.8 million in the corresponding quarter last year.

In 2015, direct premiums written by the Omani insurance sector grew by 11% y-o-y to OMR446 million.

OMR1 = US$2.60

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