Oman: Life premiums more than double to $87 mln in 2016
Source: Middle East Insurance Review | Apr 2017
Oman’s life sector reported a 213.3% growth to OMR33.4 million (US$86.8 million) in 2016, marking the fastest increase among the different classes of business, the Capital Market Authority said in a report.
Life business, though, contributed 7.3% to the insurance market’s overall volume last year. Insurers posted a 1.9% growth in total gross direct premium income to OMR454.6 million in 2016, from OMR446.2 million for the previous year.
Net direct premium income of insurers in Oman stood higher at OMR258.3 million in 2016, against OMR249.2 million for the previous year.
Health insurance saw a 12.5% increase y-o-y to OMR121.4 million, as medical cover become increasingly a top priority for local businesses in the Sultanate.
However, motor premiums declined to OMR157.9 million from OMR162.8 million during the year, following a fall in vehicle sales in the country. Motor insurance still had the biggest share of direct premium income at 34.7%, followed by medical insurance.
Gross premiums from property insurance fell to OMR43.2 million in 2016 from OMR47.0 million in 2015, while engineering premium income was significantly lower at OMR20.11 million compared to 2015’s OMR25.46 million.
The Sultanate has 22 insurance ventures, which include almost 10 locally incorporated insurers. Of these, four companies, including two takaful operators, are listed on the Muscat Securities Market.
OMR1 = US$2.60